Gov’ts & Businesses to Utilize Worldcoin’s ID-Verifying Tech

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Worldcoin has recently launched its native token WLD on its mainnet on July 24, 2023, but the project has faced criticism from several quarters due to concerns about data privacy. Most recently, the Kenyan government suspended Worldcoin citing security issues.

Ricardo Macieira, General Manager for Europe at Tools For Humanity, the team behind the crypto project, said that the company is on a mission to “build the biggest financial and identity community”. To this end, Worldcoin plans to open-source its iris-scanning technology, allowing other third parties to benefit from it.

Sam Altman, co-founder of the project, has denied allegations that the project is having difficulty attracting users, posting videos of people queuing up for iris scans. Worldcoin intends to monetize its digital identity system by allowing companies and governments to pay for its use. This way, they can implement localized systems without having to collect personal data.

Regulatory bodies around the world have expressed concern about data collection methods used by Worldcoin. France’s privacy watchdog has called the project “questionable”, while German and UK regulators have launched or are considering launching investigations into it.

Despite the difficulties, Worldcoin is still on its mission to build the largest financial and identity community worldwide. Whether it will succeed in this ambitious goal remains to be seen.

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