As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / U.K. data regulator to investigate crypto project Worldcoin

U.K. data regulator to investigate crypto project Worldcoin

Publish Date: 26/07/2023
Stock Photo, tags: crypto - pbs.twimg.com

Stock Photo – pbs.twimg.com

Britain’s Information Commissioner’s Office (ICO) will examine Open AI CEO Sam Altman’s new crypto project, Worldcoin, due to its use of iris scans for digital identification.

On Tuesday, an unnamed ICO official told Reuters that the organization would “note the launch of WorldCoin in the UK and will be making further inquiries.”

The news came amid growing concerns about potential threats from widespread iris scanning. The use of sensitive biometric information in a financial context raised concerns among privacy advocates and regulatory bodies.

According to critics, collecting and storing biometric data on a large scale could pose serious harm to users, such as identity theft and misuse of sensitive information. They argue that the benefits of iris scanning Worldcoin offers do not outweigh the potential dangers of giving biometric data.

Besides experts, some Worldcoin users have also raised concerns about their data safety. A Japanese user named Saeki Sasaki, 33, acknowledged the risk of Worldcoin’s iris scan system.

“There’s a risk with having the data of your own eyes collected by a company, but I like to follow the most up-to-date crypto projects,” said Sasaki, as quoted by Reuters. “I was a bit scared, but I’ve done it now and can’t take it back.”

Worldcoin co-founder Alex Blania told Reuters the company privately stored biometric data from iris scans in blockchains. He assured that no entity could control the data.

“In the age of AI, the need for proof of personhood is no longer a topic of serious debate,” said Blanca. “Instead, the critical question is whether or not the proof of personhood solutions we have can be privacy-first, decentralized and maximally inclusive.”

Revolutionizing world’s economy

Worldcoin was launched on Monday, with two million people participating in its trial. It targets iris scanning in 35 cities and 20 countries, including Barcelona, Berlin, Buenos Aires, New York, Seoul and Tokyo.

The iris scanning is for one of its features, World ID. Worldcoin’s developer, Tools for Humanity, describes this feature as a “digital passport” to create cryptographic representations. It is expected to prevent bots from participating in its ecosystem.

The project argues that this move would foster financial inclusion for those who do not have access to traditional banking systems. Customers will receive Worldcoin’s native token, WLD, after signing up.

WLD has been listed on major crypto exchanges like Huobit and is accessible through personal crypto wallets. This token’s price rose significantly in its early trading.

On Monday, the world’s largest crypto exchange Binance reported that WLD had peaked at $5.29 from its starting price of $0.15. This token settled at $2.49 later in the day. Binance recorded that overall trading during this period had reached $25.1 million.

Worldcoin also provides a mobile application, World App. The app facilitates various functions, including verifying a person’s identity, accessing Worldcoin Grants (weekly token stipends for eligible individuals) and conducting token transactions.

Tools for Humanity secured a Series C funding worth $115 million in May. It then announced plans to develop a network and support the concept of universal basic income (UBI). The initiative aims to resolve the negative impact of artificial intelligence (AI) in the traditional labour markets.

Altman said the rise of AI might lead to a significant shift in the economy, particularly in the displacement of human workers. The UBI aims to provide a safety net for all citizens during the economic transition.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 57.500 Gold Coins + 27.5 Free Sweepstakes Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 57.500 Gold Coins + 27.5 Free Sweepstakes Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site