Worldcoin is a free, open protocol aiming to be the world’s largest identity and financial public network. It uses iris-scanning technology to authenticate users' "humanness" and provides a World ID, which is stored in the World App. Users are rewarded with Worldcoin tokens for scanning. However, the company has faced bans in several European countries over data harvesting concerns. The Worldcoin Foundation recently announced World Chain, a permissionless, open-source layer-2 expected to launch in mid-2024, which will be integrated with the Worldcoin protocol and prioritize users with a World ID.
Key takeaways:
- Tools for Humanity, the company behind Sam Altman’s Worldcoin, has hinted at potential collaborations with major tech and finance companies, including OpenAI and PayPal.
- Worldcoin is a free, privacy-preserving, open protocol that aims to authenticate one's 'humanness' by converting a biometric image into a unique code, which is then stored in the World App.
- Despite its innovative approach, Worldcoin has faced criticism and bans in various European countries over data harvesting concerns. Currently, Germany is the only market where Worldcoin can collect biometrics.
- The Worldcoin Foundation recently announced World Chain, a permissionless, open-source layer-2 expected to launch in mid-2024, which will be deeply integrated with the Worldcoin protocol and give preferential treatment to users with a World ID.