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Why is Ethereum’s Co-founder Buterin Concerned About Worldcoin?

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The introduction of Worldcoin to create a globally-inclusive identity and financial network stirred the crypto landscape. The digital asset assures high levels of privacy and verification using the concept of World ID, a digital passport, that offers more secure, faster, and low-cost services. Vitalik Buterin, Ethereum’s co-founder, expressed his concern over the newly launched digital asset’s authentication system, called Proof of Personhood (PoP).         

What Sparked Responses From Vitalik? 

Sam Altman, the chief of OpenAI introduced a new crypto project, Worldcoin, in the market. It offers a high level of security, accessibility, and centralization using the PoP mechanism. The entry of the project totally thrilled the crypto market and forced Vitalik Buterin to speak up about his views on Worldcoin. “The authentication system of Worldcoin faces issues related to accessibility, privacy, security, and centralization”, stated Buterin. According to him, the verification system requires iris scanning which potentially releases more information than we suppose. 

Worldcoin, on the other hand, claims that the authentication process does not store any personal information of the users, and iris scanning using Orb is enough. The simple purpose is to eliminate fraud activities by verifying that the user is a human and not a bot. Showing concern, Buterin expressed that scanning of a World ID holder’s iris by someone else enhances the chances of scams. Apart from this, the unavailability of the World IDs due to the use of Orb devices is another major issue raised by Ethereum’s co-founder. According to him, the custom biometric device is not accessible to every individual and does not guarantee proper construction of the same. Worldcoin blockchain should not rely on the Orb for user verification and authentication and can include a backdoor into the system, stating Buterin. Also, Buterin raised concern about phone hacking, creating the probability of a cyber attack.      

In simple words, the Ethereum co-founder is not enthralled with the new launch and expects much more in terms of security and verification. 

However, he also highlighted some of the merits of Worldcoin mainly in terms of hardware. The specialized hardware system makes the project quite superior to traditional identification schemes.           

The Current Situation of WorldCoin  

Worldcoin, launched on 24 July 2023, experienced sudden popularity in 24 hours. The native token WDC can be purchased from online platforms and exchanges like BitGet and XT.com. The current price of WDC is around $0.012699 with a trading volume of $70,353.43. Also, the coin is appearing to be a good investment for individuals looking for long-term returns. The high level of security, accessibility, and authenticity boosts the popularity of the coin in the crypto landscape.     

Conclusion   

Vitalik Buterin, the co-founder of Ethereum, is a little bit worried about the newly launched crypto project, Worldcoin. The main worries are related to security, accessibility, and the verification mechanism that is Proof of Personhood. Verification of the users using iris scanning somehow enhances privacy issues with the increased possibility of data hacking. Also, Orb, the custom biometric device is inaccessible to users as per Buterin’s perspectives, making the project ineffective in the crypto landscape.    

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ritika Sharma
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
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