OpenAI CEO Sam Altman recently co-founded a startup called Worldcoin, the ambition of which is to offer free tokens of cryptocurrency to people who agree to have their irises scanned by an Orb in order to ensure a secure and bot-proof digital currency. Altman raised $100 million for the startup, according to the Financial Times.
Worldcoin describes itself as an “open-source protocol” that is available to all. However, some have raised concerns about the start-up’s handling of personal biometric data and its implementation in different countries. The company began in 2021, and was co-founded by Altman, Alex Blania, and Max Novendstern.
Worldcoin is providing cryptocurrency in exchange for biometric data. This is to ensure the distinction between humans and bots in its understanding of exchanges. It is also providing a form of universal basic income, and currently has 1.7 million users, most of whom are from the Southern Hemisphere. Worldcoin claims it will also have tens of millions of users by 2025.
To acquire more users, the company is offering free access to their currency. This is done by using gig workers equipped with the Orb, who can claim a token from Worldcoin and use one of several iris scanners to verify their identity. However, there has been some backlash against Worldcoin’s methods, as some have pointed out the lack of consent or informed understanding by users of the company’s harvesting of biometric data.
Altman is also known for creating the popular AI-powered chatbot, ChatGPT. Altman recently testified before Congress, calling on legislators to create an agency to regulate and license AI-powered products.
Given its implications for personal data, users should be mindful when signing up for Worldcoin and consider potential risks to privacy. Due to the company’s current practices, it may be essential for the company to ensure that it acquires more informed consent from its users to foster trust between the two parties. Worldcoin should also consider creating a team of people who understand the various aspects of the start-up and its affected countries. Finally, it should consider creating a more effective solution to the black market of its users’ biometric data.
