Worldcoin Amid Controversy – Will this new crypto and personal identification solution find widespread adoption?

It's Sam Altman again with the 2nd time to shake up the world technology scene after his ChatGPT was widely released and brought a lot of value along with many harsh criticisms from experts in many different industries’ professions.

This time, the appearance of another tool that can identify people just through scanning iris eyes called Worldcoin has also attracted a lot of public attention.

The special feature of this product comes from the combination of both the latest and most advanced technologies today, blockchain and artificial intelligence.

However, this project also caused many controversies about security and privacy around the world. Let's find out with FinFan about this project and its importance in the future in how to identify real people and bots based on the above technology.

Interesting information about Worldcoin

With the original purpose of distinguishing real people from bots, Worldcoin was created with iris scanning technology (something modern technology cannot fake and is much easier to take than fingerprints).

Over 2.2 million individuals worldwide have signed up for Worldcoin, undergoing iris scans to obtain a digital ID. The retrieval of information from the iris is done by a machine called Orbs.

For each digital ID that we collect, Worldcoin will return to the user 25 Worldcoins (WLD) in their wallets, valued at around US$60 based on market prices.

As of launch, Worldcoin Orbs are available in London, Hong Kong, Tokyo, Singapore, Seoul, Paris, Lisbon, Mexico City, São Paulo, Nairobi, New York, San Francisco and 25 other cities around the world.

The project intends to market 10 billion WLD coins and currently has more than 120 million (1.2% of total) coins in circulation through the recent iris scanning experience.

Expert opinion on the Worldcoin project

Talking about Worldcoins, the expert who created Ethereum Vitalik Buterin thinks that this WLD coin has a lot of serious problems.

Vitalik emphasized that it is very difficult to apply the identity verification system by iris. This expert also thinks that this orb may be able to capture more information than at first glance. Such information can be so detailed that the founders of Worldcoin can know a person's medical condition, not just personal background information.

He thinks that some national governments (typically Europe) which are very strict about information security will be very strict when a company holds too much private information of citizens living in their countries.

The next thing this young programmer worries about is data centralization. At this time, Worldcoin's Orbs machines will become the biggest security hole for hackers who can break into their backdoors and can create various fake identities to serve malicious intentions (just like the iPhone's facial ID scanning technology has been bypassed many times before by just one photo).

This lack of security also leads to many people taking advantage of this technology flaw to commit fraudulent acts on the darknet.

Explaining this, the founder of Worldcoin, Mr. Samuel Altman made the following comments to Time magazine:

“If World IDs catch on, then holders could theoretically use them to sign on to all websites, just like Google offers single sign-on services.

The difference, Altman argues, is that a Worldcoin login will be more secure and unlinked to other information, including a user’s email, name or photograph.

If the zero-knowledge proof aspect of the tech works properly, Worldcoin would allow ID holders to log into a website without that action being traceable by other people or any government.”

Will this new crypto and personal identification solution find widespread adoption?

With the current spreading speed and an untested new solution that has won the trust of many people since the early days in many different countries, Worldcoin is recorded to grow more and more soon.

However, the skepticism of security experts as well as the ability to identify the virtual ID of the Orbs machine is still a question mark and quite a big problem for the founders of Worldcoin to find a solution.

Moreover, we still don't know whether users who have supported Worldcoin recently really believe in this project or just see this as an airdrop game to hunt free tokens from the founder, and whether customers know about the risks of leaking your personal information are still extremely big questions.

The second thing worth noting is that until now, the fact that each user holds 25 WLD coins has not really brought into full play the intention that the founder wanted when WLD has not been mainnet on any exchange. which translation. This also makes investors worry that a similar project Pi coin will happen.

However, that is highly likely not because Worldcoin has partly introduced its products and features, unlike the Pi coin chicken project which does not have a product and service to bring to the market.

Anyway, up to now, it has been almost a month since the project was officially launched, there have not been any lawsuits or an announcement about the bogus usefulness of the products that the project is launching. With the Worldcoin project, users are still looking forward to the near future when the coin will be approved by mainnet exchanges.