Tech
Everything you need to know
Artificial intelligence continues to grow at a frenetic pace. Although there are many advantages TO THEsuch as saving time and writing tips, there are also some challenges and dangers, including deepfakes and fraud.
On July 24, 2023, OpenAI CEO Sam Altman introduced Worldcoin like New cryptocurrency which offers a new and unique identification method to reduce the risk of fraud and all eyes are on it, literally.
The new cryptocurrency determines “personhood” with an eye scan, helping to prove that someone is a person and not a robot.
What is Worldcoin?
Altman, along with Alex Blania and Max Novendstern, co-founded the cryptocurrency initiative and online platform known as Worldcoin. Combine AI technologies with cryptocurrencies and blockchain in an open source protocol to give anyone access to a global economy.
Worldcoin is decentralized, like other cryptocurrencies, meaning that decisions are made by users and not by a centralized entity, such as a bank. It took two years to develop this project. Seeks to address income inequality through a unique World ID.
The World ID proves that someone is a person and not some form of bot or artificial intelligence. There are three parts to this project:
- A unique digital identity for use globally.
- A global currency via Worldcoin token.
- An app for payments, transfers and purchases using cryptocurrency or traditional assets.
Find out more about pros and cons of cryptocurrency.
How does Worldcoin work?
Worldcoin is different from other popular cryptocurrencies, such as Bitcoin AND Ethereum, because it offers people a token for the future without requiring any upfront investment funds. The Worldcoin project aims to help create a global economy for everyone, regardless of country or economic status.
To get Worldcoin, people have to scan their eyes through a sphere-shaped device called an Orb to make sure everyone is human and only signs up once. The unique identifier is taking center stage as artificial intelligence continues to grow, and proving that someone is a person and not a machine is vital with the rise of artificial intelligence.
Irises are distinct for each person, similar to fingerprints. The iris structure of the subject’s eyes is used by the Orb to generate a special identification code that serves as a unique identifier of the person. The code is then saved on the Worldcoin decentralized blockchain to prevent others from replicating your code. The scans are anonymized so they cannot be traced back to that person after the identifier is created.
Here are the main differences between a decentralized blockchain and a centralized blockchain. Worldcoin uses a decentralized blockchain.
The Orb does not store biometric data but does store an IrisHash, which is a set of numbers generated to identify the person based on the scan. After a person receives their IrisHash and crypto walletthey get their world identity card or digital passport.
People can find an Orb scanning center in facilities in 35 countries. The Orb is about the size of a bowling ball and scans a person’s iris at these centers. There are spheres in several major cities in Africa, Asia, Europe, South America, and North America, including locations in New York and California.
Discover the positions of the spheres Here.
SMPC and storage of iris scans
On May 15, 2024, Worldcoin announced its new Secure Multi-Party Computing (SMPC) system, which will improve the security and privacy of biometric data, including iris scans. Using the new SMPC protocol, iris codes are encrypted in various parts and sent to multiple parties for storage, creating a decentralized identity. Stored iris codes remain encrypted and data cannot be decrypted from just one storage location. All storage components are required to calculate the results to decrypt the biometric data.
According to Worldcoin, this approach is effective against quantum computing. The SMPC system generally needs too many resources to solve complex and large calculations, so they have not been used for biometric template protection.
World currency She said all old iris codes that used the previous system will be deleted once migrated to the new SMPC system.
The SMPC system is located in a GitHub repository and is open source for use by other data protection standards organizations.
3 steps to Worldcoin
To complete the Worldcoin process, there are three steps:
- Download the worldwide application. Users can create a Worldcoin account and get a crypto wallet called WalletConnect to connect to other cryptocurrencies, such as Bitcoin and Ethereum, and more conventional currencies, such as stablecoins. WalletConnect also works with social media apps, such as Instagram and X.
- Sign up for World ID. Users can use the World App without the World ID, but cannot obtain their free share of Worldcoin tokens without visiting a Worldcoin operator center and scanning their iris with the Orb to verify identity.
- Receive a free share of Worldcoin and other digital currencies. A person can use their World ID in the World app to get their free Bitcoin and Ethereum flips after confirming their distinct identity. In countries where Worldcoin tokens are available, users enter their World ID to claim the free tokens.
User privacy concerns
There have been concerns from both regulators and privacy advocates about Worldcoin’s data collection, including users’ informed agreement to have one company handle all of their data.
According to Worldcoin, its project is completely confidential as biometric data is deleted or stored in encrypted format.
There are fears that iris scans will be available for purchase on the black market, allowing people to access Worldcoin accounts.
The future of Worldcoin
Worldcoin creates a new consumer base for cryptocurrency products. You are trying to change the authentication issue in the file Web3 cryptocurrency sphere, where user data and assets are tradable cryptocurrencies.
Worldcoin plans to expand and sign up more global users. It also plans to allow other organizations to use its iris scanning technology for identification verification prevent fraud and scams.