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Worldcoin — Are third-world nations on an apocalypse with the iris-scanning crypto unicorn?
Worldcoin, which is yet to evolve, boasts of its altruistic motives, claiming the financial empowerment and autonomy of the third-world nations
Decentralisation and blockchains are no longer neologisms. You must have come across a plethora of blockchain initiatives that use the decentralisation mantra to serve diverse public utility services. And that’s good.
This article delves into the Worldcoin project, a similar 'altruistic' blockchain initiative that aims to magnanimously help third-world countries by scanning their irises.
With a growing number of scams, you need to take your decision with a pinch of salt. Sometimes, things appear too good to be true. And this one is weird as well. There are already instances of deceit and deception showing up. Third-world countries need to remain cautious and alert.
What is Worldcoin?
Backed by OpenAI Chief Sam Altman, Worldcoin is a decentralised open-source protocol aiming at creating the largest financial identity. The objective is to serve the global economy at large and ensure everyone receives benefits.
The protocol uses a concept of World ID, which it calls a unique digital identity declaring that you are a real unique person while safeguarding your privacy. Worldcoin has its native token (WLD), which is the first token to be distributed free globally and just for your being an individual.
Worldcoin’s World App lets you make payments and transfers globally using digital assets, the Worldcoin token, and traditional currencies.
What is Worldcoin up to?
Worldcoin, which is yet to evolve, boasts of its altruistic motives, claiming the financial empowerment and autonomy of the third-world nations. Upholding the importance of decentralisation and privacy-centric protocol, it aims to carve the largest financial identity network in the world. With the Universal basic income (UBI) underpinning the initiative, Worldcoin claims to foster financial inclusion in the third-world unbanked economies, making their payments and transfers more manageable.
As mentioned earlier, it uses the idea of a World ID, which the open-source protocol plans to implement by embedding crypto wallets and digital currency into smartphones worldwide. This, in turn, requires ascertaining the identity of each unique individual. That said, Worldcoin intends to capture the irises of each person as an identity instrument in its device named the Orb.
Having a unique identity parameter, especially when you need to provide a public utility, makes the effort more effective and focused. However, what raises the alarm is the redundant unique World ID and biometrics (the irises) stored in the Orb device. Let’s assume that Worldcoin, being a decentralised initiative, wants to keep all government-based ID proofs aside (Aadhaar, SSN, etc.) and is focused on crafting its ID from scratch.
But is that all, or does the protocol have some ulterior motives?
Why should third-world countries stay vigilant?
First, Worldcoin is targeting developing nations like Kenya and Sudan, as these are low-income economies that need financial inclusion. Point apart, nations hold huge amounts of sensitive and confidential data. Worldcoin is capturing information in its device, opening the gateway to exploit crucial information of these developing countries.
Second, while Worldcoin claims to retain anonymity and privacy, the blockchain community is skeptical of its principles. Worldcoin brags about its objectives of decentralisation, leveraging Web 3.0, and more; what raises concerns is its excessive focus on identity. It’s contradictory for an entity resting on decentralisation to prioritise identity, which defaces the significance of anonymity.
Third, instances of data breaches with Orb operators' systems being hacked exist. These further create doubts about whether to rely on the protocol network.
Finally, with Worldcoin forcing nations to collaborate and join the initiative, there’s a growing concern about what will be the repercussions on those who don’t. Will the impact of exclusion be something severe?
Wrapping up
Regardless of all speculations, Worldcoin is growing with funding of $100 million. The word of caution is that developing countries should be wary of such initiatives. There’s a lot at stake as you would end up losing your people’s money, sensitive data, and much more as everything appears spurious.
In a single line: The national security will be in question.
— Shagun Sharma is an independent business journalist
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