Bitcoin

Worldcoin Launches World App to Bolster Decentralized Identity and Finance for Mass Adoption

Worldcoin, the project supported by Openai CEO Sam Altman, has launched the World App to complement the release of World ID. The application aims to democratize decentralized identities and finance by utilizing World ID to enable users to sign into different websites, crypto applications, and share personal data in a privacy-focused manner.

Worldcoin Unveils World App

The Worldcoin project made an announcement on May 8, 2023, revealing the launch of their new World App. The application dubbed the “minimalist wallet” is designed to bring “decentralized identity and finance” to the masses. The Worldcoin project, which was introduced to the public in October 2021, is backed by Sam Altman, CEO of Openai.

Before unveiling the World App, Worldcoin introduced the World ID, an identification protocol that relies on iris recognition and claims to be resistant to AI manipulation. The project employs zero-knowledge (ZK) proofs that are linked to biometric data scans. The new World App will feature a crypto wallet that will utilize Worldcoin’s native token (which has yet to launch), as well as bitcoin (BTC) and ethereum (ETH).

The announcement revealed that over 1.5 million people have already joined the World App’s beta phase, and the app will now be available in more than 80 countries. This initial rollout is being referred to as Phase I, with plans to expand the application into a comprehensive toolkit in the future. The project’s ultimate goal is to provide universal basic income (UBI) to verified users.

“World App, the first wallet for the Worldcoin ecosystem, is launching today,” the announcement states. “It’s designed to be friendly, and it supports private digital identity and a new financial system. You can use it to authenticate with World ID to prove you’re a real person, get your Worldcoin tokens and send digital money anywhere.”

The World App is available on both iOS and Android operating systems, and it was developed by Tools For Humanity (TFH), a technology company “built to ensure a more just economic system.” According to the TFH web portal, the company is dedicated to using Worldcoin technology to achieve this goal.

The announcement highlights the wallet’s minimalistic design, which incorporates the essential features of both Worldcoin and Ethereum. Initially, the Worldcoin project faced controversy when it was first announced due to the eyeball scanning component. Moreover, former NSA contractor and whistleblower Edward Snowden criticized the project.

The collection of iris scans could be a potential threat to personal autonomy if used for non-consensual surveillance. There’s concern over the potential for exploitation, mission creep, and misuse of biometric data by both private corporations and governments. Biometric information is highly personal and unique to each individual, unlike passwords or PINs that can be changed if compromised.

Tags in this story
biometric data, cryptocurrency wallet, decentralized identities, democratization, Finance, global rollout, openai, privacy-focused, Sam Altman, World App, world id, Worldcoin, Worldcoin World App

What do you think about Worldcoin launching the World App? Share your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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