In this era of crypto projects, Worldcoin has emerged as another hot topic. Aiming to offer a worldwide ID system along with financial services, this project too seem to be floating in murky waters. With more than a hundred million USD in funding, this project has kick started with flying colours, but we remain sceptical! Why? Let’s dig the details.
Decentralised and still not anonymous?
The blockchain community thrives on anonymity. While the blockchain is all about decentralised finance, they believe in keeping the details anonymous. On the contrary, Worldcoin is all about creating a worldwide identity. This is a sharp slap to staying anonymous and makes us question how legitimate it is and if at all it will be fruitful!
As more and more awareness is raised regarding how safe the data truly is, we are left to contemplate the need for another identity tool? Aadhaar programme has been working just fine in India as it is government sponsored, it evokes the right trust factor. People are a lot more sceptical to such crypto projects that makes tall promises but we wonder how safe such large volume of data will actually be!
Along with this, there has already been several data breaches and some Worldcoin operators have had their devices compromised as well. If not taken care of, the whole Worldcoin dashboard may be compromised and one can imagine what would happen to the data!
As more details are unearthed, it remains to be seen what kind of benefits will the Worldcoin offer to those who are outside the network? It has been accused to be performative altruistic and a section of the privileged society may seek benefits at the expense of the other.
The methods and ethics being used by the Worldcoin seem largely questionable and one is not able to decipher the need for such an identity when every country has their government sponsored identity!
The kind and amount of data that will be piled is massive and one has to understand the risk at stake.
While at the underlying base, the concept is laudable, we have our reasons to doubt. The need for a unique identity has often been felt and this is what Aadhaar aspired to offer. By choosing to have a unique worldwide identity, financial transactions could definitely be a whole lot simpler, but at what cost will it come?
These days of Artificial Intelligence (AI) and ChatGPT are both exciting and dangerous. Technology often comes at a price and when there is so much sensitive data involved, we have to be sure where we are dipping our leg and how deep the water truly is.
With the right backing and massive funding, Worldcoin is definitely growing. However, is it truly ethical? It doesn’t want to back the government ID, it wants to create a unique one with the iris, some or. Operators have already been hacked, there is a lot of data at stake, it might harp on to inequality later, and so do we really need to blindly trust it?
We vote NO!