Sam Altman, the founder of Open AI, announced the launch of Worldcoin’s own blockchain on Wednesday. This move is aimed at promoting the adoption of “World ID” – a digital identity platform. While some may criticize this as another example of Silicon Valley’s questionable practices, it’s worth considering the potential benefits.
Worldcoin is linked to Altman’s massive OpenAI venture, which has been making headlines for its employees scanning people’s eyes around the world (including celebrities like Leonardo DiCaprio). The goal is to create unique biometric identifiers that can prove one’s humanity in a world where AI and bots are becoming more prevalent. This World ID acts as a digital passport, allowing individuals to participate in various networks and conduct transactions that require identity verification.
One reason to support this initiative is that governments are already implementing similar systems. According to Matt Harris, a keen observer of the crypto and fintech scene, the inspiration behind WorldCoin comes from the Indian government’s biometric database. Harris believes that a centralized identity system is necessary for commerce and payments, and India’s system is the most advanced and cost-effective in the world.
When it comes to identity solutions in the crypto world, there has been much talk but little action. This is because the ultimate authority on identity verification lies with the government, not a crypto startup. However, WorldCoin offers a different approach – it is both decentralized and protects users’ privacy. As Harris points out, governments are not oblivious to successful systems and are looking to incorporate them for their own purposes.
While India may be ahead in terms of biometrics and identity, it is still a centralized system vulnerable to hacking and potential abuse of power. A decentralized platform like WorldCoin offers a better alternative, and governments that prioritize their citizens’ freedom should consider using it. As the saying goes, “If you can’t beat them, join them.”
In other news, the crypto market experienced a temporary dip, with Bitcoin falling below $60,000 and Ether dropping under $3,000. This has raised concerns among some analysts who believe a correction period may not be over yet.
Meanwhile, Hidden Road, a startup prime brokerage backed by Citadel Securities, is raising $120 million as the crypto and venture capital markets continue to soar. In addition, a review of the booming Bitcoin ATM business revealed that most machines are located in low-income areas and charge exorbitant fees, with some as high as 22%.
Kraken, a major exchange, has launched a self-custodial crypto wallet, and in a first for such a platform, the wallet’s code is open source. However, scammers are targeting phone store employees with text messages offering $300 to perform unauthorized SIM swaps – a popular tactic in crypto scams.
To end on a lighter note, a tweet showcasing Dubai’s “fair weather crypto friends” pokes fun at the city’s glamorous crypto scene.
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