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A newcomer has landed - Worldcoin. Its controversial debut on July 24 has caused quite a stir, as the blockchain-driven platform introduced a digital passport system that has sparked an intense debate over security, privacy, and centralization issues.
Worldcoin did not just launch a new token named WLD that users get after setting up a wallet. It brought something more intriguing to the table. In a letter explaining the project, the brains behind the idea, Alex Blania and Sam Altman, explained that the platform's novelty is World ID - a digital identity system preserved in privacy that users receive by offering an iris scan.
To prove a user's online individuality without revealing too much about themselves, they can now use an Orb - a special piece of hardware developed by Worldcoin. A scan from this device provides cryptographic assurance of their identity, which Worldcoin's founders have called "proof-of-personhood".
This proof doesn't float around in cyberspace. Instead, it stays secure and local on a mobile device, letting the user confirm their identity in a privacy-focused way whenever needed. Leveraging zero-knowledge proofs, the World ID keeps all underlying data such as biometrics, Know Your Customer and Anti-Money Laundering information confidential.
To make the World ID even user-friendlier, Worldcoin lets users "reserve" their unique IDs using their phone numbers in specific countries. This reservation process involves an iris scan to obtain the World ID.
Industry influencers, including Ethereum's co-founder Vitalik Buterin, have taken note of Worldcoin and its trailblazing method of providing biometric proof of personhood. The platform's potential and impact on privacy and identity verification systems are generating an ongoing conversation among blockchain enthusiasts, with no clear consensus.
But the question remains: is the allure of assured digital privacy enough to balance the potential security concerns of centralized personal data? Only time, and perhaps the evolving cryptocurrency community, will tell.
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