A lot of people want to have digital assets but do not want to invest a lot of money or effort. A new crypto token was launched and is free, as long as you are willing to have your iris scanned. Yes, you heard that right, you just have to let a private company scan your biometrics, and you will receive some tokens for your time and effort. Worldcoin (WLD) was launched last Monday, and according to its founder, Sam Altman, it was created to craft a “new identity and financial network that is owned by everyone”.
What is Worldcoin?
If the name Sam Altman rings a bell, then that is because he is also the CEO of OpenAI, creator of ChatGPT. The project’s other founder is Alex Blania, a former engineer at Google and Stripe.
Worldcoin’s creators believe that the project could increase economic opportunity and can be a reliable solution for distinguishing humans from AI while preserving privacy.
Its technology is based on a biometric device called the orb. The orb is a metallic object that can scan the iris of individuals. Each user is given a unique identifier that is stored on a blockchain network with zero-knowledge proofs. According to the Worldcoin team, the system captures the image and iris of each person. Since individuals have unique images and irises, it would be impossible to fake an identity.
If you think it sounds like a biometric passport, then you are right, except this one gives crypto tokens, does not have your name and address, and instead of an elected government, a company/foundation has access to the data. But if we are to believe the Worldcoin developers, all data are safe, encrypted, and will never be sold or shared.
WLD is an ERC-20 token, which means it was built to leverage the security and speed of the Ethereum (ETH) Network.
Is It a Good Idea to have your Eyes Scanned?
People may have different opinions on whether it is worth giving up their biometrics for some WLD tokens. However, available data may help us decide whether this project is good or bad.
- Worldcoin captures a person’s image and Iris but does not take any other data like name or address.
- Developers are claiming that all data are safe and will never be sold.
- Currently, the project is under the stewardship of the Worldcoin Foundation. The goal is for the project to evolve to become self-sufficient and decentralized over time.
Having your image and iris and image scanned for some tokens looks harmless at first glance. However, this raises some red flags for security-conscious individuals. Having your biometrics taken by a private entity is also not ideal. Though they committed to safeguarding all collected data, what is stopping them from breaking their promise?
One of the main goals of Worldcoin is to achieve decentralization, which means that the project would be governed by its token holders. However, this raises some questions about how fair and democratic the voting process would be. According to reports, each person who scans their iris with the orb device will receive 25 tokens as a reward. But if the voting power is proportional to the token balance, then those who have more tokens will have more influence over the project’s direction. And as we know from the history of crypto, early investors and developers often get a large share of the tokens, which could create a power imbalance.
WLD is trading at around $2 at the time of writing. So you will receive approximately $50 with a probability of it increasing in value if you decide to HODL. Is it worth it? Maybe this question will help you out. Is the juice worth the squeeze?
Information and image (edited) Source: Worldcoin / FAQ
Worldcoin is still unclear for many. But let me watch and see.