Introduction
Picture this: free money and a secure digital ID, all in exchange for a glimpse into your soul, or at least your eye. If you've ever thought that the solution to global inequality was as simple as staring into a shiny orb, well, you might want to keep reading.
The Vision of Worldcoin
Worldcoin is a digital currency project officially launched on July 24th of this year after two years of testing and development. It was co-founded by Sam Altman and Alex Blania, who are both prominent figures in the tech industry.
Altman is in charge of Open AI as the CEO, while Blania is an entrepreneur and investor who has started multiple companies that work with blockchain technology, including Buy Taxes and Trust Lines Network.
The vision of Worldcoin is to create a collectively owned global currency that will be distributed fairly to as many people as possible. According to the company's website, their big idea is to give everyone a piece of the global economic pie in hopes of boosting opportunity, cutting down the gap between rich and poor, and laying down the groundwork for an AI-funded Universal Basic Income (UBI).
UBI is the idea of handing out a fixed amount of money to everyone, no matter if they're working or how much they earn, to keep them financially secure in our robot-filled world.
The Role of the Orb
To accomplish their goal, Worldcoin uses a device known as an orb. The orb is a round metal object containing a camera and a light. This orb scans people's irises, which are different for every person, and can act as a way to recognize them biologically.
When people scan their irises using the orb, they show that they are a real unique human being and they receive a digital identity known as a World ID. The World ID itself is not the person's biological information; it's an identifier made through a cryptographic technique known as zero knowledge proofs. This allows the World ID to confirm a person's identity without exposing any personal details.
The Benefits of the World ID
What can you do with this brand new World ID? Well, pretty much anything online that requires proving your social media, online shopping, banking, voting, etc. Worldcoin believes this little orb will magically sweep away all the internet's problems like fraud, annoying spam emails, fake robot accounts, lies, and stolen identities. Because of course, introducing a new gadget is always the cure for what ails the internet, right?
Free Money or Hidden Price?
But there's even more to it. Worldcoin also provides its own digital currency token known as WLD and gives it away for free to anyone who scans their iris with the orb. So, free money just for being human. Or is there a hidden price we are paying?
The amount of WLD tokens given depends on factors like how many tokens are available on the market and where the user is located. Users can only scan their irises once every six months. According to the Worldcoin website, 1 WLD token was valued at roughly two dollars, meaning that users could get around fifty dollars in WLD tokens for a single scan of their iris.
Criticism and Concerns
While the idea of Worldcoin may seem intriguing, there are serious concerns about this concept. Many critics, including privacy advocates, regulators, and ethical researchers, argue that Worldcoin is invasive and could be a threat to personal privacy.
The idea of surrendering one's biometric data to a private company with uncertain goals is a major issue. Even Altman admitted there's a significant "ick" factor to the concept. Worldcoin's promises about privacy protection, such as not storing or sharing biometric data and allowing users to opt out and delete their World ID, have not eased these concerns.
Reliability and Security Concerns
Worldcoin's reliability has been questioned due to several concerning incidents and practices. An article by MIT Technology Review in April 2022 exposed that Worldcoin used dishonest marketing, collected more personal information than they acknowledged, and failed to secure clear permission from users. They also secretly used people's biometric data to train AI models.
In May 2023, TechCrunch reported that hackers stole login details from Worldcoin operators, allowing them full access to the operator dashboard, all without any form of two-factor authentication or encryption. The orb device, designed to be tamper-proof, is thought by many to be vulnerable to hacking and manipulation.
Exploitation and Ethical Concerns
Doubts have been raised about Worldcoin's ability to prevent duplicate or fraudulent scans or even to protect users from being misled into scanning their irises. Examples of exploitation are emerging. A report in July 2023 showed that some users in Kenya sold their WLD tokens for a fraction of their value, while others were charged fees for scanning their irises.
In India, users were found to have created fake IDs or used others' irises to scan multiple times, receiving more tokens. There's also a deeper ethical problem with Worldcoin. People are angry that a wealthy entrepreneur from Silicon Valley is collecting biometric data from poor people in developing countries, offering them free money in return. Accusations of exploitation, digital colonialism, and imposition of Western values are flying.
Regulatory Challenges and Bans
Worldcoin's activities have been banned or restricted in some countries due to legal or ethical issues. France's data protection authority warned Worldcoin in June 2023 for violating the EU's General Data Protection Regulation, as its iris scanning system did not obtain user consent or provide adequate information on its security and purpose. They ordered it to cease operations in France until compliance was met.
Similarly, the UK's Financial Conduct Authority declared in July 2023 that Worldcoin's crypto token, WLD, required authorization, warning potential investors of significant risks. Finally, in August 2023, Kenya's Central Bank prohibited banks from dealing with Worldcoin, citing threats to financial stability, safety, and consumer privacy.
The Future of Worldcoin
Worldcoin's response to these regulatory challenges has been disappointing. Rather than addressing these regulations, the company has often chosen to ignore or evade them, insisting they are irrelevant to its technology. Blania even dismissed these regulations as mere noise and stated that the network's decentralized nature means it's not subject to any jurisdiction.
This dismissive approach doesn't seem practical in the long term. As Worldcoin continues to grow, it will inevitably encounter more legal and political challenges. Authorities and stakeholders will demand increased accountability and transparency, and they will have to comply or face the consequences.
Conclusion
Worldcoin is far from the simple and benevolent entity it presents itself as. It has faced criticism, resistance, and significant regulatory challenges. Various groups and regulators have raised serious concerns about its technology, methods, and motives, making its operation a complex issue.
While some may believe in Worldcoin's vision for a global currency and the benefits it claims to offer, others see it as invasive, exploitative, and potentially dangerous. Its reliability and security have been called into question, and its treatment of regulatory challenges has been dismissive at best.
There are two potential outcomes for Worldcoin's future: success or failure. On one hand, we're expected to believe that the creators are basically modern-day Mother Teresas, hoping for world peace, health, and everyone having a few extra bucks in their pockets. The more realistic and concerning view, however, is that Worldcoin's real goal is to become a pocket watch for the digital age, hypnotizing the masses into submission.
With its elusive plans and dodgy approach to regulations, the idea behind Worldcoin isn't just unrealistic; it's a paradox worthy of Zeno himself.
Thank you for reading!
.jpg)
0 Comments