The UK’s data regulator is reportedly examining the biometric project created by OpenAI’s CEO, Sam Altman, where users provide the scans of their irises in exchange for free cryptocurrencies and digital identification. The project launched yesterday (Monday) has over 2 million users across 20 countries, including the UK.
Dubbed Worldcoin, the blockchain-based project was created by Tools for Humanity, a company based in San Francisco and Berlin. The project reportedly aims to create a global identity network by issuing users with an account dubbed World ID.
Worldcoin Debuts on Crypto Exchanges
Finance Magnates reported on Monday that the top cryptocurrency exchange, Binance had listed the Worldcoin token (WLD)on its platform to be traded against Bitcoin and USDT. Additionally, the digital currency was listed on the cryptocurrency exchange, OKX. On Monday, the price of WLD peaked at USD $3.3 before dropping to USD $2 on Tuesday, according to CoinMarketCap.
In a statement shared with Reuters, the UK’s Information Commissioner’s Office (ICO) said that the regulator was planning to conduct inquiries about Worldcoin. The ICO added that the companies collecting personal data must do so with permission from their users and must adhere to the law. Additionally, the regulator maintains that users must have the freedom to opt out of such agreements.
Alex Blania, Worldcoin’s Co-Founder, praised the biometrics project, saying that the World IDs were important in differentiating humans from Artificial Intelligence (AI) bots because only humans get the digital identity. Additionally, Blania believes that with blockchain technology, the privacy of personal data is guaranteed.
Buterin Weighs In on Worldcoin
Vitalik Buterin, the Co-Founder of the second-largest blockchain, Ethereum, acknowledged the importance of Worldcoin in enabling users to prove that they are human in a blog post published yesterday (Monday).
However, Buterin said that although Worldcoin is unique as it relies on sophisticated biometrics, there are still some challenges related to the technology, including users’ data being leaked on the internet and breach of privacy.
In May, Tools for Humanity raised USD $115 million in a funding round led by Blockchain Capital. The company plans to develop World App, a digital wallet for the Worldcoin ecosystem that facilitates payments, purchases, and funds transfers.
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This article was written by Jared Kirui at www.financemagnates.com.
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