Live Markets, Charts & Financial News

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

28

Worldcoin, a project backed by Openai CEO Sam Altman, has launched the World app to complement the issuance of World ID. The app aims to democratize decentralized identities and finances by utilizing the world’s identifier to enable users to log into various websites and cryptographic applications and share personal data in a privacy-focused manner.

Worldcoin unveils a global app

The Worldcoin project filed a file advertisement On May 8th, 2023, they reveal the launch of their new global app. The app, called the Simple Wallet, is designed to bring “identity and decentralized 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 revealing the global app, Worldcoin introduced World ID, an identification protocol based on iris recognition that claims to be resistant to AI tampering. The project uses zero-knowledge (ZK) proofs associated with biometric data surveys. The new World app will contain a crypto wallet that will use the original Worldcoin token (which has not yet been launched), as well as bitcoin (BTC) and ethereum (ETH).

Worldcoin has launched a global app to promote decentralized identity and funding for mass adoption
world application.

The announcement revealed that more than 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 referred to as Phase 1, with plans to expand the app into a comprehensive toolkit in the future. The ultimate goal of the project is to provide Universal Basic Income (UBI) to verified users.

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

The universal app is available on both iOS and Android operating systems and has been developed by Tools for Humanity (TFH), a technology company “created to ensure a fairer economic system”. According to TFH web portal, the company is dedicated to using Worldcoin technology to achieve this goal.

The announcement highlights the minimalist design of the wallet, which includes core features of both Worldcoin and Ethereum. At first, he encountered the Worldcoin project controversy When it was first announced because of the eyeball scanning component. Moreover, former NSA contractor and whistleblower Edward Snowden criticized the project.

Collecting iris scans can pose a potential threat to personal autonomy if used for non-consensual monitoring. there they about the potential for exploitation, task infiltration, and misuse of vital data by private companies and governments alike. Biometric information is highly personal and unique to each individual, unlike passwords or PINs which can be changed if hacked.

tags in this story

Biometrics, Cryptocurrency Wallet, Decentralized Identities, Democratization, Finance, Global Offering, Openai, Privacy Focused, Sam Altman, Global App, World ID, Worldcoin, Worldcoin World App

What do you think about Worldcoin launching the global app? Share your thoughts on this topic in the comments section below.

Jimmy Redman

Jamie Redman is the Chief News Officer at Bitcoin.com News and a financial and technology journalist based 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 disruptive protocols emerging today.




Image credits: shutterstock, pixabay, wikicommons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Comments are closed.