According to Worldcoin executives, the ultimate goal is to create the largest database of authentic human beings. At registration sites around the world, people have been scanning the iris of their eyes with a glowing spherical “orb.” OpenAI creator’s cryptocurrency raised $115 million from venture capital investors.
Worldcoin, the cryptocurrency from the creator of OpenAI, will expand its operations to register more users around the world. Its leaders assured that it will allow other organizations to use its security technology.
Since its inception, Worldcoin has given a lot to talk about, as it is the cryptocurrency of the creator of OpenAI, Sam Altman. Project leaders spoke to Reuters and said they will allow other organizations to use their iris scanning, as well as identity verification technology.
OpenAI Creator’s Cryptocurrency Seeks to Expand around the World
According to the Reuters report, the idea is that companies or governments can access and use the Worldcoin digital identity system.
The cryptocurrency currently requires users to hand over their iris scans in exchange for a digital ID. They have also been giving away their free cryptocurrencies to those who come to the process. At registration sites around the world, people have been scanning the iris of their eyes with a glowing spherical “orb.”
For Ricardo Macieira, general manager for Europe at Tools for Humanity, the San Francisco and Berlin-based company behind the project, the ultimate goal is to create the “largest database of authentic human beings.” Therefore, they assure that they intend to have a registry free of bots and without the possibility of false identities.
“We are on this mission to build the largest financial and identity community that we can”
According to Macieira, Worldcoin will continue to implement operations in Europe, Latin America, Africa, and “in all parts of the world that accept us.”
Though the project’s co-founder, Sam Altman, has countered those claims with posts on X showing a video of people lining up for the iris scanner. Macieira says that in the future the orbs will be even more focused on the community.
Worldcoin’s Exponential Growth
Worldcoin has seen significant interest, crossing 2 million digital ID registrations with around 40,000 daily registrations. The OpenAI creator’s cryptocurrency raised $115 million from venture capital investors including Blockchain Capital, a16z crypto, Bain Capital Crypto, and Distributed Global in a funding round in May.
However, the foregoing has generated some criticism, because some express concern about the subsequent use that may be given to said biometric data.
Worldcoin has an important justification for its security methods. The Worldcoin website mentions several possible applications, including distinguishing humans from Artificial Intelligence, enabling “global democratic processes”. In addition to showing a “potential path” toward universal basic income.
Worldcoin under Scrutiny
Worldcoin’s data collection methods have already come under scrutiny from regulators around the world.
France’s privacy watchdog has already stated that it considers them “questionable,” while German regulators launched an investigation into Worldcoin’s operations in 2022. UK regulators are also considering opening an investigation into the company. Furthermore, on August 2, the Kenyan Minister of Homeland Security announced that Worldcoin is not allowed to operate in the country.
However, the Worldcoin website claims that it is “completely private” and that users can choose to have their biometric data stored in encrypted form or to have it deleted.
By Marina Meza
