Worldcoin expands operations but faces privacy concerns

A worldcoin, founded by the CEO of OpenAI, Sam Altman, is expanding its operations globally to create an “identity and financial network”. To sign up for the platform, users provide iris scans in exchange for a digital ID and, in some cases, free cryptocurrency.

What is Worldcoin, a platform that wants to globalize cryptocurrency?

Worldcoin is a startup that aims to develop a global, collectively owned cryptocurrency.

The company attracted 2,2 million signups during a two-year trial period, but is also facing concerns from privacy activists and regulators investigating the project. Worldcoin plans to launch its operations in multiple regions around the world and offer its iris scanning technology to other companies as a solution to ensure identity and transaction authenticity.

Worldcoin officially launches its cryptocurrency project that uses iris scanning

Worldcoin, a cryptocurrency project that uses iris scanning to create unique digital identities, was officially launched this Monday (24).

Although the Worldcoin project mentions several potential applications, such as distinguishing between humans and artificial intelligence, global democratic processes, and universal basic income, its implementation raises privacy concerns.

Regulators and activists have expressed concerns about the large-scale collection of biometric data and the company's responsibility for handling this data.

Worldcoin claims that its project is “completely private” and that biometric data can be deleted or encrypted for storage. However, regulatory bodies such as the Bavarian State Office for Data Protection Supervision are investigating the company to ensure compliance with data protection laws.

The Cayman Islands-based Worldcoin Foundation said it complies with personal data laws and will continue to cooperate with government bodies regarding privacy and data protection.

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