This week’s Crypto Biz looks at Worldcoin’s expansion plans, GameStop’s exit from crypto, MicroStrategy’s quarterly results and Nomura’s crypto license in Dubai.
The launch of the controversial digital ID crypto project, Worldcoin, has stirred up a wave of attention and debate. Led by Sam Altman, the CEO of OpenAI, Worldcoin made headlines with its promise to introduce a futuristic digital identity system based on iris scanning, differentiating humans from artificial intelligence entities.
The process — proof-of-personhood — generates a unique World ID, with all biometric data stored on a decentralized blockchain. The innovation lies in the zero-knowledge proof mechanism, which enables human verification without divulging the underlying data. Despite generating controversy from its inception, Worldcoin secured an impressive $115 million in funding in May and amassed over 2 million sign-ups before its debut. The official launch, which took place on July 24, was met with aCritics of the project, however, have raised concerns about data privacy, questioning Worldcoin’s approach to securing and managing personal information.
Finally, the project’s avoidance of launching its token in the United States illustrates a keen understanding of potential legal hurdles. With attention from regulatory bodies in the United Kingdom and the European Union, as well as concerns raised by industry experts, Worldcoin’s path forward is complex. The delicate balance between innovative digital identity solutions and individual rights will likely dictate the project’s fate in an ever-evolving landscape of data and privacy regulations.
to allow governments and businesses to utilize its iris-scanning and identity-verifying technology to boost user sign-ups. According to Worldcoin developer Tools For Humanity, the company is on a mission of “building the biggest financial and identity community” possible, enabling third parties to use its iris-scanning technology. Worldcoin intends for companies to pay to use its digital identity solution if they want to implement localized systems without gathering personal data.
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Regulatory scrutiny increases for Sam Altman-backed iris-scanning crypto WorldcoinAuthorities worldwide have grown skeptical of OpenAI CEO Sam Altman's newest cryptocurrency project, which scans user irises in exchange for tokens, to the point of at least one country suspending operations.
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After suspension, Worldcoin says it will temporarily pause Kenya servicesWorldcoin, the identity-focused crypto project co-created by Sam Altman, confirmed that it has temporarily paused services in Kenya.
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Worldcoin says will allow companies, governments to use its ID systemWorldcoin will expand its operations to sign up more users globally and aims to allow other organisations to use its iris-scanning and identity-verifying technology, a senior manager for the company behind the project told Reuters.
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Kenyan Government Says It Has 'Suspended' Worldcoin Activities – Africa Bitcoin NewsThe ministry said the suspension would allow government agencies to assess the crypto project’s potential risks to public safety. biometricdata worldcoin
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Worldcoin co-founder Alex Blania talks about orbs, AI and aliensWorldcoin co-founder Alex Blania, delves into decentralized orb production, the $WLD token launch, and the future of the Worldcoin project.
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Worldcoin's plan to decentralize orb production sparks illicit data harvesting concernsManufacturing and operating Worldcoin's iris-scanning orbs could become a decentralized and incentivized process like Bitcoin mining, the co-founder claimed. But experts have concerns about that plan.
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