Sam Altman, the pioneering mind behind the AI software ChatGPT, has unveiled his latest venture: Worldcoin. Launched in 2020, this ambitious project aims to establish a network that combines identity and finance, owned and accessible by all. To achieve this, Worldcoin plans to collect biometric data, including facial and iris recognition, as a means of distinguishing genuine human users from AI.
Altman believes that Worldcoin could revolutionize economic opportunities for individuals if it proves successful. In addition, he envisions a future where this cryptocurrency could play a pivotal role in supporting a universal basic income (UBI) system funded by AI. While the potential of Worldcoin has generated excitement, some experts within the crypto sphere have expressed concerns.
One prominent voice of caution is Glen Goodman, author of The Crypto Trader. Goodman highlights the privacy implications and unknown security risks associated with Worldcoin’s “orb” device. He questions whether users should trust a company based in the Cayman Islands, a renowned tax haven, with their personal identifying data.
Furthermore, Goodman raises doubts about the long-term value of Worldcoins. While the initial promise of free tokens has attracted millions of participants, the increasing supply of tokens may push the market value downward over time, posing a risk to investors.
The concept of a future AI-funded UBI, proposed by Altman, has intrigued many. However, the precise mechanism by which Worldcoin would facilitate such a system remains unclear. Nonetheless, Anna Stone, director of GoodDollar, a nonprofit project focused on providing financial access to the impoverished, applauds Altman’s vision and believes it can bring about positive change.
Despite the enthusiasm surrounding Worldcoin, notable figures like Vitalik Buterin, the founder of Ethereum, have voiced concerns. Buterin questions the scanning of irises and the potential invasion of users’ privacy, including the disclosure of sensitive information like gender, ethnicity, and medical conditions. Similarly, Jack Dorsey, the founder of Twitter and a crypto advocate, has also raised privacy concerns regarding Altman’s project.
The UK’s Information Commissioner’s Office (ICO), responsible for safeguarding data privacy, has stated its intention to examine Worldcoin’s operations in relation to data protection. The ICO emphasizes the need for organizations to conduct comprehensive assessments of high-risk data processing procedures and ensure transparent and lawful handling of personal data.
Overall, the launch of Worldcoin has generated a mix of excitement and skepticism, with its potential benefits and risks still being evaluated.
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