Wordcoin Orb is not to be joked around
Investment in crypto-assets is unregulated, may not be suitable for retail investors and the entire amount invested may be lost. It is important to read and understand the risks of this investment, which are explained in detail here.
If you're even remotely interested in cryptocurrency, you're already aware of Sam Altman's crazy project, Worldcoin.
According to data on its website, over 2.1 million users have already scanned their irises into the Worldcoin Orb. Yes, that's right, scanned their irises. But why does a bowling ball-sized device that scans users' irises exist?
To ensure this newfound prosperity benefits all of humanity, Worldcoin proposes the idea of a universal basic income (UBI) distributed through their cryptocurrency by scattering over 2,000 Worldcoin orbs around the world.
Worldcoin Orb's conundrum of proof
The concept of a global UBI is noble, but it raises questions about how to guarantee that the tokens reach actual human beings and not AI-driven entities or bad actors aiming to exploit the system. Worldcoin's team grappled with this challenge and ultimately embraced the idea of biometric verification using the Worldcoin Orb.
While they were reluctant to take this path due to its controversial nature, they recognized it as the most viable solution to distinguish humans from AI systems effectively. The Orb's ability to scan irises emerged as a crucial safeguard against potential fraud and manipulation, albeit with unsettling optics reminiscent of Sauron's eye from the Lord of the Rings and some even thought that it is evil.
One cryptocurrency to rule them all!?
Worldcoin's vision transcends national borders and socioeconomic backgrounds. The Worldcoin Orb serves as the gateway to a new digital identity – the World ID – which certifies users as real and unique individuals while preserving their privacy.
This innovative approach paves the way for a more democratic and inclusive global economy, granting everyone access to financial services and opportunities, irrespective of their origin or status. As the Worldcoin protocol continues to gain traction, millions of users have already signed up, eagerly embracing this ambitious initiative.
All sound too good, right? Well, scanning your eyeballs with the Worldcoin Orb presents several potential risks that users should consider before participating in the cryptocurrency venture.
One of the primary concerns associated with the Worldcoin Orb is the potential privacy implications of having your biometric data, specifically, your iris scan, stored and linked to your digital identity. While Worldcoin claims to use advanced cryptography techniques like zero-knowledge proofs to ensure anonymity and decentralization, there is still a risk that personal data could be compromised or accessed by unauthorized entities.
Storing biometric data comes with inherent risks. Any data breach or hack could potentially lead to the exposure of sensitive information, including iris scans. As with any online service, the security of the infrastructure and databases holding the data is critical, and the consequences of a breach could be severe.
Another potential risk is the concentration of power and control in the hands of Worldcoin or the company operating the Orb. As more users submit their biometric data, Worldcoin gains significant control over their digital identities, potentially raising concerns about user dependence on the platform and the extent of data ownership and usage.
Worldcoin's unique approach to identity verification also raises questions about regulatory oversight and accountability. The Information Commissioner's Office in the UK has already expressed interest via Reuters in the project and plans to conduct further inquiries.
Now you: Would you share your biometric data with a company to receive WLD?Advertisement