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Worldcoin Launches Innovative Platform, for Users to Undergo Iris Scans in Exchange for a Digital ID

CIO Insider Team | Thursday, 3 August, 2023
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Worldcoin, co-founded by OpenAI CEO Sam Altman, just unveiled its ground-breaking platform, requiring users to submit to iris scans in exchange for a digital ID and, in some locations, free bitcoin, in an effort to build a massive identity and financial network.

The company estimates that 2.2 million customers have already signed up, mostly during a two-year trial period, in spite of worries from privacy campaigners. With a goal of enabling other organizations to use its cutting-edge iris-scanning and identity-verification technology, Worldcoin intends to expand its services globally.

The Cayman Islands-based Worldcoin Foundation reaffirmed its dedication to upholding data protection regulations and working with government entities to address privacy issues. Worldcoin intends to make its digital identification system available to businesses, enabling a range of applications without collecting personal data. As an illustration, a coffee shop may employ Worldcoin's technology to guarantee that each customer only receives one free coffee.

While they aspire to contribute to universal basic income, their primary focus is on creating the necessary infrastructure for governments or other entities to implement such programs.

The goal of Tools for Humanity, the San Francisco and Berlin-based firm that created Worldcoin, was to create a sizable financial and identification community, according to Ricardo Macieira, General Manager for Europe. In May, venture capital investors like Blockchain Capital, a16z crypto, Bain Capital Crypto, and Distributed Global contributed a sizeable fundraising round of $115 million to the company.

Macieira exclaims that Worldcoin would continue to roll out operations in Europe, Latin America, Africa and all the parts of the world that will accept us. Worldcoin's website outlines several potential applications, ranging from distinguishing humans from artificial intelligence to facilitating global democratic processes and even suggesting a potential path to universal basic income, though these outcomes are not guaranteed.

Macieira clarified that while they aspire to contribute to universal basic income, their primary focus is on creating the necessary infrastructure for governments or other entities to implement such programs.

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