Worldcoin: The Crypto Project That Scans Your Eyes and Gives You Free Money

What is Worldcoin and how does it work?

Worldcoin is an open-source protocol that uses iris scans to generate unique digital IDs for its users, called World IDs. These IDs are not the biometric data itself, but an identifier created using a cryptography method called zero-knowledge proofs. Worldcoin says that this method ensures the privacy and security of the users’ data, and that the iris scans are deleted after the ID is created.

Worldcoin also distributes its own cryptocurrency, called WLD, to its users. The amount of WLD that each user receives depends on the country they live in, the total supply of WLD, and the number of verified users. Worldcoin says that its goal is to provide universal access to the global economy, no matter the country or background of the user.

To sign up for Worldcoin, users need to visit one of the orb devices that are located in various cities around the world. The orb is a spherical device that has a camera and a screen, and can scan the user’s iris in a few seconds. The user then needs to download the World App, a mobile wallet that is compatible with World ID, and receive their WLD tokens.

Why is Worldcoin controversial?

Worldcoin has faced criticism and scrutiny from various quarters, including privacy experts, regulators, and the public. Some of the main issues raised by the critics are:

• The collection and storage of biometric data: Worldcoin says that it deletes the iris scans after the ID is created, but some critics doubt the veracity and security of this claim. They also question the need for such invasive and sensitive data to create a digital identity, and the potential risks of data breaches, hacks, or misuse.
• The distribution and value of WLD tokens: Worldcoin says that it gives free money to its users, but some critics argue that this is a misleading and exploitative marketing strategy. They point out that the value of WLD is volatile and uncertain, and that the users have no control or ownership over the supply or distribution of the tokens. They also warn that the users may be exposed to legal, financial, or tax liabilities by accepting WLD.
• The social and ethical implications of Worldcoin: Worldcoin says that it aims to create a more human and inclusive economic system, but some critics challenge the validity and desirability of this vision. They argue that Worldcoin may create more inequality and exclusion, by favoring certain countries or regions over others, or by creating a digital divide between those who have access to the orb devices and those who do not. They also question the motives and intentions of the founders and backers of Worldcoin, and the transparency and accountability of the project.

What is the status and future of Worldcoin?

Worldcoin is still in its early stages of development and adoption, and faces many challenges and uncertainties. The project has been suspended in some countries, such as Kenya, where the government launched a multi-agency investigation into its practices. The project has also faced technical issues, such as glitches, delays, or errors in the orb devices or the World App.

However, Worldcoin also has some supporters and advocates, who believe that the project has the potential to revolutionize the digital identity and financial landscape. The project has raised over $100 million in funding from prominent investors, such as Andreessen Horowitz, Coinbase, and Reid Hoffman. The project has also attracted over 2.6 million users, who have received over 300 million WLD tokens.

Worldcoin says that it plans to expand its network and reach, by manufacturing more orb devices, partnering with local organizations, and launching new features and services. The project also says that it welcomes feedback and suggestions from the community, and that it is committed to improving its technology and governance.