Worldcoin, supported by OpenAI CEO Sam Altman, has introduced the World App in conjunction with the release of World ID. The application aims to make decentralized identities and finance accessible to everyone while maintaining privacy-focused data sharing.
Introducing the World App
On May 8, 2023, the Worldcoin project announced the launch of its World App, a “minimalist wallet” aimed at bringing decentralized identity and finance to the masses. Worldcoin, first unveiled in October 2021, is backed by Sam Altman, the CEO of OpenAI.
Before the release of the World App, Worldcoin presented the World ID, a biometric identification protocol that uses iris recognition technology and is claimed to be resistant to AI manipulation. The system incorporates zero-knowledge (ZK) proofs linked to biometric scans. The newly launched World App features a cryptocurrency wallet that supports Worldcoin’s native token (which has not yet been released), as well as Bitcoin (BTC) and Ethereum (ETH).
According to the announcement, over 1.5 million people participated in the World App’s beta phase, and the application is now available in more than 80 countries. This initial launch, referred to as Phase I, will be followed by developing a comprehensive toolkit. Ultimately, the project aims to provide verified users with universal basic income (UBI).
The World App, designed with a user-friendly interface, offers support for private digital identity and a new financial system. Users can authenticate with World ID to confirm their real identity, obtain Worldcoin tokens, and send digital money anywhere. The application is available on iOS and Android platforms and was developed by Tools For Humanity (TFH), a technology firm committed to creating a more equitable economic system using Worldcoin technology.
Controversy and potential risks
When Worldcoin was introduced, it faced criticism due to the eyeball-scanning component involved in the identification process. Former NSA contractor and whistleblower Edward Snowden was among those who expressed concerns about the project.
There are potential risks associated with the collection of iris scans, such as non-consensual surveillance and the possibility of exploitation, mission creep, and misuse of biometric data by private corporations and governments. Biometric information is highly personal and unique, unlike passwords or PINs that can be changed if compromised. The Worldcoin project will need to address these concerns as it moves forward with its ambitious plans for decentralized identity and finance.
