INSUBCONTINENT EXCLUSIVE:
differentiate humans from AI or robots through iris scans for cryptocurrency transactions, is facing skepticism from governments around the
world, according to a Wall Street Journal report.
What is Worldcoin?
Worldcoin is an ambitious initiative co-founded by OpenAI CEO Sam
Altman, aimed at creating a global identity and financial network that leverages biometric data, specifically iris scans, to establish a
unique digital identity for individuals
allows users to participate in the digital economy by claiming a stake through a cryptocurrency known as Worldcoin (WLD).
Worldcoin has
conducted scans and verifications for over six million individuals in nearly 40 countries
This data is used to create a World ID, which functions as a digital identity for users.
Upon scanning, individuals receive WLD tokens,
which they can use for transactions or hold as an investment
individual can only claim their unique identity once.
Worldcoin aims to facilitate financial inclusion, particularly in regions with
limited access to traditional banking systems
The total value of WLD is approximately $15 billion, with Worldcoin holding 97 per cent of it
Worldcoin?
Worldcoin, which is incorporated in the Cayman Islands, has faced significant regulatory challenges across various regions
It has been raided in Hong Kong, banned in Spain, fined in Argentina, and is under criminal investigation in Kenya
Additionally, its operations in the European Union (EU) are under scrutiny, with a potential ruling on its future in the region
pending.
Governments are particularly concerned about how Worldcoin manages user data, trains its algorithms, and ensures that it does not
capture images of children.
In response, Worldcoin asserts that its technology is entirely privacy-focused
The company claims that its orbs erase all images post-verification, and that iris codes do not contain any personal information unless
users explicitly allow Worldcoin to use their scans for algorithm training
The anonymised codes and images are stored on encrypted servers.
Worldcoin under global scrutiny
In Kenya, where Worldcoin quickly
amassed 500,000 sign-ups within the first three months of its launch, a criminal probe has been initiated regarding its biometric data
The Kenyan parliament also conducted a public inquiry into the matter, during which Altman and co-founder Alex Blania provided testimonies
the company was retaining iris images for up to a decade
practices.First Published: Aug 19 2024 | 5:07 PMIST
