Worldcoin is planning to expand its global user base and offer its iris-scanning and identity verification technology to other organizations, according to a senior manager at the company. Worldcoin, co-founded by OpenAI CEO Sam Altman, recently launched its platform, which requires users to provide iris scans in exchange for a digital ID and free cryptocurrency in some countries. The company has already signed up 2.2 million users during a trial period over the past two years. Worldcoin intends to continue its operations in Europe, Latin America, Africa, and other regions that are open to its services.
Ricardo Macieira, the general manager for Europe at Tools For Humanity, the company behind Worldcoin, stated, “We are on a mission to build the largest financial and identity community possible.” Worldcoin has raised $115 million from venture capital investors and sees potential applications for its technology in distinguishing humans from AI, enabling global democratic processes, and providing a potential path to universal basic income.
While privacy concerns have been raised regarding Worldcoin’s data collection and handling practices, the company assures that it complies with all laws governing personal data and is committed to cooperation with regulatory bodies. Data watchdogs in Britain, France, and Germany have stated that they are investigating the project.
In terms of revenue, Worldcoin plans to allow companies to utilize its digital identity system. For example, a coffee shop could use Worldcoin’s technology to ensure that customers do not claim more than one free coffee without the shop having to gather personal data. Worldcoin’s long-term vision includes making the technology behind its iris-scanning orb open-source so that it can benefit the wider community.
In summary, Worldcoin aims to expand its user base, offer its iris-scanning technology to other organizations, and provide various applications for its platform’s capabilities. While privacy concerns have been raised, the company asserts its compliance with data protection laws and its willingness to cooperate with regulatory bodies.
Privacy concerns:
Regulators and privacy campaigners have raised concerns about Worldcoin’s data collection and handling practices, questioning if users have given informed consent and if one company should be responsible for managing the data. The Worldcoin Foundation, based in the Cayman Islands, asserts its compliance with privacy and data protection laws and its commitment to cooperating with authorities’ requests for information.
© Thomson Reuters 2023
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