Worldcoin’s Iris-Scan Verification Raises Privacy Alarm Bells

The launch of Worldcoin, a crypto project led by Sam Altman, the CEO, and founder of OpenAI, has been met with widespread criticism. Among the critics is the founder of the security agency Slow Mist, who has expressed skepticism about the project’s success.

Raising concerns regarding the controversial project and labeling it as a potential “evil product”, the founder shared a Twitter thread:

The project, developed by San Francisco-based Tools for Humanity, aims to provide a unique digital identity, known as “World ID,” to the estimated 4.4 billion people globally who lack one. This process involves iris scans, a feature that has raised significant privacy concerns.

Worldcoin’s mission is to distribute its digital currency, the Worldcoin (WLD) token, freely to unique human beings. The World App, the first application to support World ID, facilitates global transactions using digital assets and fiat-backed stablecoins. Despite its noble mission of extending verifiable digital identities using “open source, decentralized, and privacy-preserving solutions,” the project has faced backlash on social media.

ZachXBT, a well-known crypto investigator, has also expressed concerns about Worldcoin, criticizing the team for boasting about their user numbers while allegedly exploiting people in developing countries. He also pointed out the emergence of a black market for accounts, with prices as low as $1 per account on Telegram. Further, he criticized the increase in the amount allocated to insiders from 20% to 25%.

The privacy implications of using iris scans for identity verification have been a major point of contention. Critics have called the approach “Orwellian” and expressed anger over the potential misuse of biometric data. Even with Worldcoin’s emphasis on privacy in its advertisements, many observers remain unconvinced.

Despite the criticism, Worldcoin continues its operations, with its future success or failure yet to be determined. The project’s impact on privacy, security, and the broader cryptocurrency landscape will undoubtedly be closely watched.