The Worldcoin crypto project, founded by Sam Altman, the CEO of OpenAI, has caused a stir as people worldwide willingly get their eyeballs scanned in exchange for a digital ID and free cryptocurrency.
That’s despite concerns raised by privacy campaigners and data regulators.
The project aims to create a new “identity and financial network” by providing a digital ID that can prove users’ human authenticity online.
Despite privacy worries, people queued at locations in countries like Britain, Japan, and India to have their irises scanned, receiving 25 free Worldcoin tokens in return. While some users expressed concerns over data collection, many were intrigued by the innovative project, which claims to have issued IDs for over two million people in 120 countries during a two-year trial period.
Privacy concerns
Privacy campaigners, such as the Electronic Privacy Information Center, have labeled Worldcoin’s data collection as a “potential privacy nightmare,” and the company’s privacy policies are under scrutiny. Worldcoin asserts that the project is “completely private,” with biometric data either deleted or stored in encrypted form, though critics argue that biometric data could still be vulnerable to hacking or exploitation.
Notably, the promise of financial gains from the crypto coins enticed users to share their personal data. The Worldcoin tokens were trading around $2.30 on Binance, the world’s largest exchange. Some participants saw the opportunity for financial profit, making them overlook privacy concerns, while others were simply intrigued by the project’s AI and crypto connections.
Despite the enthusiasm, regulators and privacy groups are paying attention. Britain’s data regulator has initiated inquiries into the UK launch of Worldcoin, and privacy campaign group Big Brother Watch has warned about potential data hacking and exploitation risks. Nevertheless, many users remain undeterred, investing in the project despite not reading the privacy policy or expressing significant privacy concerns.
