World coin Initiative

 What is in the News?

• On July 24, OpenAI CEO Sam Altman took to Twitter to formally re-introduce Worldcoin, a project of his that was eclipsed by the popularity of ChatGPT. 
• The World coin Initiative venture runs on a simple model: allow your eyes to be scanned in order to prove your human uniqueness, and receive some crypto and an ID (called a World ID) in exchange. 
• Worldcoin claims it is building the “world’s largest identity and financial public network” open to people worldwide.

 About the Project

• The World coin Initiative involves scanning individuals’ irises through a device called “Orb” to collect biometric data and issue them a World ID.
• In exchange, participants receive a cryptocurrency called Worldcoin [WLD]. The goal is to build the “world’s largest identity and financial public network” accessible globally.
• To be a part of the Worldcoin network, individuals can become “Orb operators” and scan the irises of others, or they can get their own irises scanned to receive a World ID and WLD cryptocurrency.
• Worldcoin uses biometric data to ensure unique participation and avoid duplications. 
• The company claims to use zero-knowledge proofs (ZKPs) to maintain users’ privacy and comply with Europe’s General Data Protection Regulation (GDPR).
• WLD’s price fluctuates, and it was criticized, especially by NSA whistle-blower Edward Snowden, for using biometrics for verification.
• Worldcoin has been introduced in India, with Orb operators scanning people’s eyes at various locations in cities like Delhi, Noida, and Bangalore.

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