crypto

Title: Worldcoin's Year One

As Worldcoin marks its first anniversary, the ambitious project co-founded by OpenAI CEO Sam Altman finds itself at a crossroads. Launched on July 24, 2023, Worldcoin aimed to establish a universal digital identity system and financial network, leveraging biometric data through its “orb” devices. Despite the project facing significant scrutiny and challenges over the past year, its innovative goals remain.

2. Controversies and Skepticism Towards Worldcoin’s Solution

However, Worldcoin’s journey has been anything but smooth. The project’s reliance on biometric data collection has sparked considerable controversy. Privacy advocates and regulatory bodies have expressed concerns about potential data misuse and security risks. The high degree of centralization in token distribution, with five market makers holding 91.74% of the total circulation, has also drawn criticism.

Moreover, the unique iris biometrics of the orb devices raised privacy concerns. Allegations of backdoor access and centralized manufacturing have attracted the attention of government regulators worldwide. In March 2024, Portugal’s data regulator ordered Worldcoin to halt biometric data collection for 90 days, citing potential damage to citizens’ data protection rights.