CryptoCurrency

UNITED KINGDOM information Regulator Examining Blockchain-Based Biometric Project Worldcoin

UK’s Information Authority Assessing Biometric Function Created by Sam Altman of OpenAI
The biometric job created by OpenAI CEO Sam Altman, in which users submit iris scans in exchange for free cryptocurrency and computer recognition, is being investigated by the UK’s information authority. The challenge was launched on Monday and has over 2 million participants from 20 countries, including the UK. It is a blockchain-based project called Worldcoin, created by Tools for Humanity, a company with locations in Berlin and the Bay Area. The World ID account is free of charge, and its purpose is to establish a global community for identity.

The most significant development in the cryptocurrency space, according to Magnates, was that Binance published the Worldcoin token (WLD) on its platform and allowed it to be traded against USDT and Bitcoin. It was also mentioned regarding the OKX cryptocurrency transition. According to CoinMarketCap, the price of WLD reached its highest point on Monday at USD $3.3 before falling to USD $2 on Tuesday.

In a statement, the UK’s Suggestions Commissioner’s office (ICO) informed Reuters that the regulator was going to inquire over Worldcoin. The ICO further stated that companies that collect personal data must do so legally and with the consent of the individuals whose data they are collecting. In addition, the regulator argues that individuals ought to have the option to decline such agreements.

Co-founder of Worldcoin Alex Blania commended the biometrics task, saying that since only humans are able to receive the electronic identifier, World IDs are crucial in differentiating humans from artificial intelligence (AI) bots. Blania feels that the use of blockchain technology completely ensures the privacy of personal data.

In a blog post published yesterday (Monday), Vitalik Buterin, the co-founder of Ethereum, the second-largest blockchain, recognised the necessity of Worldcoin in enabling people to demonstrate their individuality. He mentioned a few issues with the technology, namely privacy violations and the internet leak of customer data.

In Might, Blockchain Capital led a $115 million fundraising round for Tools for Humanity. In terms of the Worldcoin ecosystem, the company plans to create World App, an electronic digital wallet that makes payments, expenses, and resource transfers easier.

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