Technology Updates : Worldcoin

AI Summarisation

Worldcoin has garnered both praise and controversy. Let’s delve into the details:

1. Legitimacy:

   • Worldcoin is a legitimate venture co-founded by Sam Altman, the former president of Y Combinator and current CEO of OpenAI¹.
   • It aims to create a privacy-preserving human identity and financial network by verifying user accounts (World IDs) using biometric data captured by Worldcoin Orbs².
   • These World IDs can be used to verify accounts on other platforms, proving users are human².

2. Controversy:

   • Worldcoin’s approach involves collecting iris scans and other biometric data from users, which has raised privacy concerns³.
   • In Spain, the Agency for the Protection of Data ordered Worldcoin to stop data collection and processing, issuing a temporary ban on its operations⁴.
   • Regulators worldwide have also banned Worldcoin due to privacy fears⁵.

3. Singapore:

   • Worldcoin has been operating in Singapore since December 2023, with orbs in at least 10 locations islandwide².
   • Users queue up to get their eyes scanned for Worldcoin cryptocurrency, receiving tokens in return².
   • Each person can verify their account only once, and the amount of tokens varies².

In summary, while Worldcoin has notable support and technological backing, its controversial data collection practices and regulatory challenges warrant caution. Consider your privacy preferences and risk tolerance when engaging with it. 🌐💡🔍

My Thoughts

• Worldcoin has a good cause. At least theoretically in a world that's increasing driven by AI all around.
• Worldcoin technically adheres to the ethos of crypto, that is, it resides on a decentralised blockchain for everyone to see.
• The question though is not on the tech itself, but on the middlemen who's executing it i.e. organisers, businesses, etc.

https://www.straitstimes.com/singapore/queues-spotted-in-s-pore-as-people-get-their-eyes-scanned-for-cryptocurrency