Worldcoin intended to broaden its global operations and make its iris-scanning and identity-verification technology available to other businesses.
Worldcoin (WLD), introduced on July 25, offers users a digital ID and free cryptocurrency in some countries in exchange for iris scans and is helping to build a unified “identity and financial network.”
Users all across the world have been submitting to facial scans by an attractive, spherical device known as the “orb.” 2.2 million people have taken part in this initiative, mostly during a two-year trial phase, despite privacy campaigners’ worries about possible exploitation of the biometric data.
Regulatory agencies are closely examining the project in Germany, France, and Britain. “Ours is a journey toward establishing the most extensive financial and identity community possible,” expressed Ricardo Macieira, general manager for Europe at Tools For Humanity, the San Francisco and Berlin-based organization behind Worldcoin.
The business was successful in raising $115 million from venture capitalists, including Blockchain Capital, a16z Crypto, Bain Capital Crypto, and Distributed Global in a funding round in May.
For Worldcoin, Macieira revealed ambitions to expand operations in Europe, Latin America, Africa, and “any part of the globe that embraces us.” The Worldcoin platform makes references to a variety of potential uses, however, these ends need to be clarified.
These include separating people from artificial intelligence, promoting “global democratic processes,” and showing a “probable trajectory” towards a universal basic income.
The promise of 25 WLD being made available to verified users was acknowledged as the main reason for enrolment by many participants last week in Britain, India, and Japan. We are unlikely to be the proponents of a universal basic income, Macieira clarified.
We will regard it as a win if we set up the infrastructure necessary for governments or other organizations to do so. Worldcoin could get payment from organizations for its digital identity system.
For instance, Worldcoin’s technology might control the distribution of complementary coffee to every consumer without acquiring personal data. According to Macieira, the future of this technology is open-source development, with plans for anyone to create their own “orb” to benefit their community.
However, privacy concerns are widespread. Critics question whether users give informed consent and whether it is wise to entrust such sensitive data to one company.
Worldcoin highlights its dedication to privacy by pledging to store or remove biometric data in an encrypted format. In November 2022, the Bavarian State Office for Data Protection Supervision opened an investigation against Worldcoin due to concerns over its extensive handling of sensitive data.
The head of the Bavarian regulator, Michael Will, reaffirmed the demand for “absolute clarity” with regard to data processing. Worldcoin’s technological use, according to Rainer Rehak, an AI and society researcher at the Weizenbaum Institute in Berlin, is “irresponsible” and lacks specific goals for fixing problems.
The Worldcoin Foundation, a Cayman Islands-based organization, responded to these worries by reaffirming its adherence to personal data laws and promising to cooperate with regulatory agencies’ requests for privacy and data protection information.
