Facts about Worldcoin

Facts about Worldcoin

Here are 10 facts about Worldcoin you should know.

Facts #1:  Worldcoin is both identification and a crypto token platform

Unknown to many people, worldcoin is not just a cryptocurrency project. It is a global identification platform whose aim is to introduce the concept of personhood.

Fact #2: Worldcoin was founded in 2019

Worldcoin was founded in 2019 by Sam Altman, the CEO of OpenAI, along with Max Novendstern and Alex Blania. It is backed by VC Andreessen Horowitz.

Fact #3: Worldcoin is owned by Tools for Humans

Contrary to the common belief, Worldcoin is neither owned by OpenAI nor Sam Altman. The company that developed the project is Tools for Humans –co-founded by Sam Altman.

Fact #4: Worldcoint assigns unique ID

Every person whose iris has been scanned by Orb should know that they now have a WorldID or GlobalID. The company hopes to scan the iris of all living persons on Earth.

Fact #5: Worldcoin wants to differential humans AI algorithms

Sam Altman believes the proof of personhood is the only way to improve participation in the digital financial system. If each person is assigned a WorldID, it will be possible to eliminate the dangers of deep fakes and counterfeits potentially propelled by AI.

Fact #6: Worldcoin’s business is scanning your iris

At the moment, Worldcoin’s business primarily involves scanning individuals’ iris in exchange for crypto. The business model is essentially bribery, right?

However, that’s not all. With over 2 million registered users and registration rates of 1 new user per 7.6 seconds, Worldcoin will store a huge deal of personal data.

Analysts believe the ownership of the biodata of billions of people around the world will allow Worldcoin to generate revenues in a variety of ways including selling personal data.

This is clearly a possibility although Worldcoin claims the IrisCode generated from iris scans are deleted from the company’s decentralized blockchain.

Fact #7: Worldcoin uses the World App

Worldcoin uses an application called World App. The mobile app serves as a two-factor authentication service to store users’ authentications. It also combines multiple cryptocurrency wallets.

With the World App, users can store Bitcoin, Ethereum, USDC, and other crypto tokens.

Fact #8: Worldcoin collects personal data without informed consent

Imagine someone just collecting your personal data without letting you know where that information will be stored or how it will be used. That’s what Worldcoin is doing right now.

Through deceptive marketing techniques, Worldcoin lures users into subscribing to its products. In Sudan, the company entices people with free AirPod, and in Kenya, individuals who agree to subscribe receive KE 7000.

What many people seem to be unaware of is that once the Orb scans your iris, Worldcoin will be able to control most of your personal data and use it to do anything they want.

Fact #9: Worldcoin’s database is not 100% secure

How about if you learned hackers can steal your bio data from Worldcoin database? If you didn’t know, know it now. Here is an example.

In May 2023, hackers installed malware in the Worldcoin ecosystem. The hackers accessed Worldcoin’s operators’ dashboard. It is thought that the hackers accessed the biometric data of users scanned by operators. The hackers could create false WorldIDs. Worldcoin denied the claims.

Fact #10: Dark faces behind Worldcoin

Sam Bankman-Fried –the founder of FTX, invested heavily in Worldcoin.

Sam is a cryptocurrency criminal accused of defrauding customers, and lenders, conspiracy to commit wire and securities fraud. His money laundering is also under investigation.

Denish Aloo

I'm a tech enthusiast with a deep-rooted passion for digital technology and an interest in entrepreneurship. I see endless business opportunities in the modern digital revolution.

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