• Wed. Jul 17th, 2024

The crypto community has been expressing mixed responses to the launch of Worldcoin (a digital passport company based on blockchain technology). Several community members have raised questions related to security, privacy, and centralization. On the 24th of July, the platform carried out the launch of its official protocol token.

Crypto Community Gives Mixed Responses to the Release of Worldcoin

Following that, Binance and other such crypto exchanges have also announced their support for the respective project. It comprises a privacy-focused digital identity called World ID. The project also consists of its linked ecosystem token named WLD. The respective token is provided to the consumers on creating a wallet.

 The consumers can join the platform’s ecosystem by going through their iris scan. This is done through the proficient Orb hardware devices of Worldcoin. The respective move offers proof of personhood that is secured cryptographically and utilized as a World ID, as mentioned by Sam Altman and Alex Blania (the founders of Worldcoin) in a letter concerning the launch.

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As noted by the founder, this permits the consumers to prove that they are unique and real persons online in addition to preserving their privacy. The worldwide digital passport is planned to be kept locally on the mobile devices of the clients. It would be utilized to prove the identity of the consumers in line with a privacy-centered approach.

The concept targets World ID’s role as proof concerning personhood. It also uses zero-knowledge proofs (ZK-proofs) to shield the underlying data, taking into account AML, KYC, and biometric data. In addition to this, Worldchain will permit the customers to keep their IDs in a standby position with the use of a phone number across the selected jurisdictions.

Ethereum Co-Founder Carries out a Detailed Discussion on the Project

Vitalik Buterin (the co-founder of Ethereum) also commented on this just like several industry figures who remarked on the Worldcoin’s launch. In this respect, the Ethereum co-founder wrote a long blog post to provide his opinion on this project. Particularly, Buterin elaborated on the technicalities related to the proof of personhood.

Moreover, he also highlighted the likely advantages and disadvantages of the projects dealing with its use cases. As per Buterin, a chief raison d’être for the protocols using this technology is to confirm human identity. He added that Worldcoin’s uniqueness is that the project depends on considerably precise biometrics and iris scanning with the efficient hardware named “the Orb.”

On the other hand, Jack Dorsey (a Bitcoin proponent and Twitter co-founder) categorized the project of Altman and Blania as a worldwide alignment. Another Bitcoin advocate called Anita Posch said that the project’s centralized nature could lead to a likely failure. The initial deployment of the Worldcoin protocol was conducted on Polygon, according to its white paper while now its latest version operates on Ethereum.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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