Context: Worldcoin is an initiative to create a digital network where individuals can claim a stake and join the digital economy. The project 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.