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How OpenAI’s Worldcoin Project Can Affect Malaysians, According to Market Haven’s John Goldman

How OpenAI’s Worldcoin Project Can Affect Malaysians, According to Market Haven’s John Goldman

Based on a review of current crypto trends by Market Haven Senior Account Manager John Goldman, the Worldcoin project by OpenAI is likely to make a big impact on crypto sectors around the world, including Malaysia. Recently, OpenAI’s CEO, Sam Altman, announced that the company had launched the Worldcoin project in market regions of the world.  

It’s based on a model of scanning a user’s eyes to prove that they are unique, which would then give them their own Worldcoin ID. People who scan their eyes would also get some cryptocurrency in return. The Worldcoin Project’s website states that it’s currently building the biggest identity and financial public network.  

With this initiative, everyone who forms a Worldcoin ID can claim some stake in the digital economy. The project has deployed 1,500 Orbs around the world, along with volunteers known as Orb operators, to scan a person’s individual iris pattern and get their biometric information.  

Users Get Worldcoin By Signing Up For World ID  

Then, users would be able to get their own World ID from the World app, which also allows them to collect a cryptocurrency, Worldcoin. There are multiple reasons why people sign up with the network this way. By scanning their iris, users provide proof of personhood to prove that they’re not AI.  

Market Haven’s John Goldman explains that there are various benefits associated with this process as well, specifically for the country’s crypto sector. In Malaysia, the main regulator and central bank have teamed up to ensure that exchanges operate with a proper license.  

However, the country’s Securities Commission has taken highly strict measures, which can be quite restrictive for crypto investors. This is because it treats cryptocurrencies as a security instead of a commodity, which results in a very closed approach to regulating crypto. Moreover, the SC found that the anonymity surrounding crypto transactions can make it difficult to maintain transparency.  

World ID Can Help Reduce The Risks of Pseudonyms  

Due to the anonymous nature of blockchain transactions, people use pseudonyms when conducting transactions. This can make it difficult for the authorities to determine the recipient and sender of the cryptocurrency. In this situation, when cryptocurrency owners send or receive a transaction, regulators can trace where the tokens are going using the person’s World ID.  

It can increase the government’s trust in the asset class and lead to better guidelines that increase innovation. At the same time, it doesn’t compromise users’ security and ensures that their data doesn’t go anywhere.  

Co-founder Alex Blania explained that the World ID is designed in a way that blockchains can store them while still preserving privacy. Moreover, World ID can’t be shut down by any entity, which makes it a consistent way for network systems to keep track of different transactions. Overall, Market Haven Senior Account Manager John Goldman expects that World ID could be a helpful and effective tool for crypto investors in Malaysia. As the technology gains more traction, it can help local crypto firms and investors broaden their horizons. 

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