Worldcoin, a cryptocurrency project seeking to establish a global digital identity-based financial network, has been addressing privacy concerns raised about its iris-scanning technology in Malaysia. Co-founders Sam Altman and Alex Blania recently met with government officials, including Prime Minister Anwar Ibrahim, to discuss potential collaboration and expansion efforts.
Regulators worldwide have scrutinized Worldcoin’s model, in which users receive cryptocurrency in exchange for undergoing iris scans to create a unique “World ID.” To allay privacy concerns, Worldcoin implemented a “Personal Custody” system, allowing users to opt-out of biometric data storage. Existing users can also request permanent deletion of their iris codes.
These privacy-centric changes follow consultations with experts, and are meant to address questions raised by data protection authorities in various countries. Worldcoin emphasizes its commitment to user privacy and its focus on age verification to prevent minors from participating.
The meetings with Malaysian officials indicate Worldcoin’s proactive approach to working with governments and addressing regulatory issues. For what it’s worth, Ethereum co-founder Vitalik Buterin acknowledged Worldcoin’s efforts, stating they were “taking privacy critiques seriously” in improving their data-handling practices.
Just last week, Worldcoin announced the launch of World Chain, a blockchain platform that will be closely linked to its digital ID platform. World Chain is built on top of Ethereum, like an extra layer, to handle transactions faster and more efficiently, while still benefiting from Ethereum’s high security.
As cryptocurrency adoption grows, projects like Worldcoin navigate a complex landscape. Transparency, privacy measures, and engagement with governments will be key factors for the success of these initiatives in the long run.
Source: CryptoDaily
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April 24, 2024 — By Ali Nassar-Smith
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