Worldcoin Launch Divides Opinions - The Crypto Community Has Its Say

"What could go wrong? The Worldcoin decentralized ID protocol has been launched, receiving mixed reactions from the cryptocurrency community.

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The launch of the blockchain-based digital passport platform Worldcoin has polarized the cryptocurrency community, with people raising questions about its centralization, privacy, and security.

Worldcoin released its token, WLD, on July 24, with major exchanges such as Binance announcing support. The project consists of World ID, a privacy-preserving digital identity, and WLD, which users receive when creating a wallet.

The Worldcoin project is now online. pic.twitter.com/xZXG4w56Ps

— Worldcoin (@worldcoin) July 24, 2023

To join the ecosystem, users must provide an iris scan through one of Worldcoin's specialized Orb hardware devices. This step provides an encryption-secured "proof of personality" used as a global identifier, founders Alex Blania and Sam Altman wrote in a letter when the project was launched.

"It allows you to prove that you are a real and unique person online while remaining completely private."

The Global Digital Passport is configured to be stored locally on users' mobile devices and used to prove their identity in a privacy-centric manner. World IDs will use zero-knowledge proofs to protect the underlying data, including biometrics, Know Your Customer and Anti-Money Laundering.

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