Worldcoin is a new cryptocurrency project that aims to create a global identity and financial network for everyone. It uses a device called an orb that scans people’s irises to prove they are unique and human, and rewards them with Worldcoin tokens. The collection of iris data has got some people worried about their privacy and security. Is Worldcoin really a sinister scheme to spy on us and track our movements, or is it a revolutionary way to empower millions of people who are excluded from the current economic system? Let’s take a closer look at what Worldcoin is, how it works, and why it is not as fishy as it may seem.

What is Worldcoin?

Worldcoin is an open source protocol, or system, created to help give everyone access to the global economy. It’s designed to be decentralized, meaning that ultimately its supervision and decision making will rest with its community of users. Worldcoin hopes to provide a reliable way to authenticate humans online using World ID. The World ID is designed to counter bots and fake virtual identities facilitated by artificial intelligence. Using a distribution mechanism for its cryptocurrency similar to UBI, Worldcoin attempts to incentivize users to join its network by getting their iris scanned using Worldcoin’s orb-shaped iris scanner.

How does Worldcoin work?

Worldcoin uses a device called an orb that scans people’s irises to verify their identity and reward them with Worldcoin tokens. The orb is a spherical camera that captures a detailed image of the ridges in the coloured part of the eye, which are as unique and distinctive as a fingerprint. The scan takes less than a second and does not require any physical contact or personal information. The orb then encrypts the iris data and sends it to the Worldcoin network, where it is matched against a global database of irises to ensure that each person can only claim one World ID and one reward. The reward is then transferred to the user’s digital wallet, which can be accessed through the World App, the first World ID compatible wallet.

Why is Worldcoin not fishy?

Some critics have raised concerns about the privacy and security implications of Worldcoin’s iris scanning technology. They fear that Worldcoin could create a massive surveillance system that could track people’s movements, preferences, and behaviour without their consent or knowledge. They also worry that Worldcoin could expose people’s biometric data to hackers, identity thieves, or authoritarian regimes. However, these fears are largely unfounded, as Worldcoin has taken several measures to protect its users’ privacy and security.

First of all, Worldcoin does not collect or store any personal information from its users, such as their names, addresses, phone numbers, or social media accounts. The only data that Worldcoin collects is the iris scan, which is encrypted and anonymized before being sent to the network. The iris scan cannot be reverse-engineered to reveal any other information about the user, such as their ethnicity, gender, age, or health status. The iris scan is also not linked to any other biometric databases, such as those used by law enforcement or immigration agencies. Therefore, Worldcoin cannot identify or track its users by their real names or locations.

Secondly, Worldcoin does not share or sell its users’ iris data with any third parties, such as advertisers, marketers, or governments. The only purpose of the iris data is to verify the uniqueness and humanity of each user and prevent fraud or abuse of the system. The iris data is stored in a decentralized network of nodes that are run by independent operators who are incentivized to maintain the security and integrity of the system. The operators do not have access to the iris data themselves, as they only process encrypted hashes that cannot be decrypted without the user’s consent. The operators are also subject to strict rules and audits by the Worldcoin Foundation, which is the steward of the protocol and the community.

Thirdly, Worldcoin uses state-of-the-art encryption and security protocols to safeguard its users’ iris data and digital wallets from hackers or malicious actors. The iris data is encrypted using asymmetric cryptography, which means that it can only be decrypted by the user who holds the private key that corresponds to the public key that was used to encrypt it. The private key is stored in the user’s device and never leaves it. The digital wallet is also protected by a password or biometric authentication that only the user knows or has access to. The wallet can also be backed up or restored using a recovery phrase that only the user has.

It is clear from the above that Worldcoin is not a fishy project that collects your eyeball data for nefarious purposes. It is a visionary project that aims to create a more human economic system that gives everyone a stake in the future. It uses iris scanning technology as a means to achieve this goal, but it does so in a way that respects and protects its users’ privacy and security. Worldcoin is not a threat to your privacy, but an opportunity to participate in a new and exciting global network.

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