The Worldcoin orb, a shiny and futuristic device designed to scan and record your iris, is making headlines as it offers millions of dollars worth of cryptocurrency tokens to participants who undergo the eye scanning process. Founded by billionaire entrepreneur Sam Altman, the Worldcoin project aims to create a blockchain-based digital identity system to preserve our “humanness” in a world increasingly dominated by artificial intelligence.
What is the Worldcoin Orb and How Does It Work?
The Worldcoin orb, about the size of a large grapefruit and designed with the assistance of a top Apple designer, is primarily focused on scanning and recording users’ irises. The device converts the biometric image into an encrypted string of numbers, known as an IrisCode, which, when combined with an algorithm, verifies the uniqueness of each individual. The verification process takes place via an app on the user’s phone, ensuring a secure and private method of digital identity verification.
World App
The World App serves as the central hub for your World ID, offering a seamless and secure way to access various decentralized finance applications. While functioning as a cryptocurrency wallet, its main focus lies in safeguarding user credentials, allowing individuals to verify their identity across multiple third-party applications.
In addition to storing your World ID, the app also accommodates popular cryptocurrencies like Bitcoin, Ethereum, and USDC, with plans to include support for more digital assets in the future. Worldcoin assures users that the app prioritizes privacy, making it a convenient and safe gateway to the expanding world of decentralized finance.
What’s the Purpose?
Worldcoin is offering the orb service in 35 cities worldwide, including Nairobi and Kampala. The primary goal of the Worldcoin project, owned by parent company Tools for Humanity, is to provide blockchain-based digital identity tools accessible to everyone.
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According to the company, with the rise of bots and artificial intelligence, distinguishing between human and machine is becoming increasingly difficult. Utilizing the unique image of an individual’s iris, Worldcoin aims to offer a foolproof method of proving one’s “humanness” amidst a technologically advancing world.
Who is behind this?
The brainchild of Sam Altman, who is renowned for his role in running Silicon Valley incubator Y Combinator and founding OpenAI, the Worldcoin orb is his latest venture. Backed by venture capital funds such as Khosla Ventures and Bain Capital, Worldcoin has raised over $200 million to support its ambitious digital identity project.
The Crypto Angle: Worldcoin Tokens (WLD)
As an incentive for participants, Worldcoin is offering a cryptocurrency token called Worldcoin (WLD) to those who undergo the iris scanning process. Distributed through an airdrop directly to eligible recipients’ wallets. Everyone who signs up and gets verified, receives 26 WLD. These tokens currently hold a value of over $2 each, which means Kenyan who undergo the sign up process get around Ksh 7000.
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And that’s not all, Worldcoin is giving away a further 1 WLD every week in what they terming as Worldcoin Grants. This translates to Ksh 284 every week and around Ksh 1,136 a month. A couple of people have reported being able to withdraw their WLD coins via the Binance app since WLD is listed on the platform.
Safety Concerns and Future Prospects
While Worldcoin claims to utilize advanced privacy technology, called zero-knowledge proofs, to safeguard user data, critics have raised concerns about the potential risks of sharing biometric data with private companies.
The WLD craze has also caught the attention of the Office of the Data Protection Commissioner (ODPC) in Kenya and has asked Kenyans to be vigilant as they take part in the onboarding process. The ODPC has also added that it’s conducting its assessment of Worldcoin’s practices to ensure compliance with the law.
Office of the data protection commissioner on WorldCoin. pic.twitter.com/kArbQNhNL8
— Theo (@Theo_mwangi) July 28, 2023
Worldcoin emphasizes the importance of users’ privacy and claims that once its systems are fully optimized, it will take steps to anonymize and securely destroy users’ biometric data. However, despite having collected and stored numerous iris scans to train its algorithms, the company is yet to specify a definitive timeline for data deletion.
This approach raises questions about the concrete measures and transparency the company will implement to protect users’ sensitive information in the long term.
Conclusion
I must admit that I have some reservations about this project. The privacy issues and the questionable manner in which the project was launched are troubling aspects. Moreover, I find it hard to believe that the problems related to artificial intelligence, which the project aims to address, truly exist. It remains unclear to me how a cryptocurrency can effectively distinguish between human beings and machines in a meaningful way.
