Some time ago, we emphasized that the integration of diverse technologies leads to exponential innovation. This notion becomes especially poignant when we discuss the interplay between Artificial Intelligence (AI) and Blockchain. But we have to stay alert, not any combination is reliable.
Let’s see one example:
Worldcoin
In a digital era where AI challenges content authenticity, Sam Altman of OpenAI introduces a pioneering solution. He proposes a unique human identity code – termed the ‘World ID’. This is authenticated via an iris scan using globally distributed devices named ORB. This identification mechanism is fortified by Blockchain technology and is tethered to a new cryptocurrency. As an incentive, 25 WLD tokens (50$ more or less) are gifted to each individual who enrolls for a World ID, essentially entrusting their iris scan to this private enterprise. Worldcoin also promises a universal income, almost nothing. What do they get in exchange?
The Worldcoin mobile application faced operational glitches in its initial days due to its overwhelming download success. This disruption came about as the count of unique users was nearing 2.2 million, a mere fortnight post the initiative’s launch. It’s essential to underscore that this project has been at the receiving end of regulatory scrutiny primarily due to data privacy apprehensions.
Worldcoin claims to immediately destroy the image of your iris after converting it into a digital format, translating this visual information into a binary code which is then stored on a blockchain based on the Ethereum technology; however, experts like Edward Snowden suggest that with the right tools, one could potentially reverse-engineer this binary data to reconstruct the iris image, raising significant concerns about data security and privacy, despite the system’s undeniable potential and allure.
Its debut garnered widespread attention, not only within specialized crypto media but also in mainstream journalism. However, contrary to expectations, its price performance hasn’t mirrored the groundbreaking potential of a crypto+AI+Sam Altman initiative that introduces a global identity system.
One of the principal reasons behind this restrained momentum is the burgeoning concern over data privacy. However, another critical lesson for those evaluating potential crypto investment ventures is token distribution. At first glance, its allocation seems reasonable.
However, a closer look reveals an alarming disparity in Worldcoin’s token distribution.
The top 10 wallets astonishingly hold 98% of the tokens. This signifies that if you invest, a select few wield the power to dictate the future of your funds. This monopolistic concentration stands in stark contrast to the foundational principles of blockchain and the open-source ethos.
As AI specialist in the crypto domain, I urge potential investors to undertake meticulous due diligence, keeping both technological potential and distribution equity at the forefront of decision-making.
In China you already can pay with your face through a face recognition system, but this is only one of the possible uses of this technology. China is well-known for establishing social controls reminiscent of Orwell’s 1984 novel.
My advice: Don’t give away your data, your face, or your iris.
It could be a bad investment.
Yours in crypto and AI.