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Worldcoin, the company co-founded by OpenAI CEO Sam Altman, has announced plans to expand its operations globally and offer other organizations access to its iris-scanning and identity-verifying technology. The company’s unique approach requires users to provide iris scans in exchange for a digital ID and, in some regions, free cryptocurrency, aiming to create an “identity and financial network.”
Despite concerns from privacy advocates about the potential misuse of biometric data, Worldcoin claims that 2.2 million users have already signed up, primarily during a two-year trial period. Regulatory bodies in the UK, France, and Germany are currently examining the project.
Ricardo Macieira, General Manager for Europe at Tools For Humanity, the company behind Worldcoin, stated that their mission is to build the largest financial and identity community possible. Worldcoin raised $115 million from venture capital investors in May, including Blockchain Capital, a16z crypto, Bain Capital Crypto, and Distributed Global.
Worldcoin aims to roll out its operations in Europe, Latin America, Africa, and other receptive regions. The company’s website lists various potential applications for its technology, from distinguishing humans from AI to facilitating “global democratic processes” and exploring the idea of universal basic income.
To address privacy concerns, Worldcoin claims to operate with complete privacy, stating that biometric data is either deleted or stored in encrypted form. The company intends to offer its technology to other companies, enabling them to use the digital identity system for various purposes. For instance, a coffee shop could use Worldcoin’s technology to ensure customers receive only one free coffee without collecting personal data.
Worldcoin envisions its iris-scanning technology becoming open-source in the future, allowing other entities to build their own orbs for the benefit of the community.
Privacy regulators and campaigners have expressed concerns about Worldcoin’s data collection practices, questioning whether users provide informed consent and if one company should handle the data. The Bavarian State Office for Data Protection Supervision is investigating Worldcoin due to concerns about its large-scale processing of sensitive data.
The company has emphasized its commitment to data protection and compliance with all relevant laws governing personal data. As Worldcoin expands and opens its technology to third parties, it faces the challenge of ensuring strict security measures and transparency in handling users’ data.
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