Saying that Big Data and Blockchain have taken over the world would be an understatement. Today, the use of Blockchain in FinTech is through the roof with many Blockchain Applications, Blockchain Mobile Apps, and BaaS – Blockchain-as-a-Service platforms in the market. In a time of increased adoption of Blockchain in industry, Worldcoin, a cryptocurrency startup, is attracting attention from critics in Blockchain Technology news.
Worldcoin aims to leverage Decentralized finance (DeFi) and increase crypto mining with a global cryptocurrency through Crypto Airdrops. The company is trying to spread Crypto Hardware Wallets by offering free currency in exchange for eyeball scans through orbs. While it sounds like a fair deal to Worldcoin investors like Reid Hoffman, Coinbase, and Blockchange, privacy advocates and Crypto Market Analysis experts don’t think so.
Biometric identification like fingerprints and iris scans has always attracted a lot of debate. With its use for airdropping, privacy experts claim the privacy of millions is at stake, as their iris scans are out there for malicious hackers to hack into. However, Worldcoin counters the claim by stating that the original scans are deleted and only store encrypted codes. With a claim of transparent operations, the startup ensures safety to its users.
Sharing biometric ID information in exchange for a currency that could become obsolete in the light of Cryptocurrency Regulation News in different countries is another argument against Worldcoin. Unfazed by criticisms, Worldcoin forges ahead towards its aim of reaching the 1-Billion-user milestone by 2023. What could work in the startup’s favor is its base on Ethereum (ETH), making it open to bridges with protocols like Polkadot (DOT).
With Worldcoin, purchase and a sign-in process are not needed. Thus, it has the edge over existing currencies like Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Binance coin (BNB), and Stellar (XLM). Given its advantage over other cryptocurrencies, can Worldcoin replace digital assets like Stablecoins, ERC20 Tokens, Altcoins, and NFT – Non-Fungible Tokens? Time will tell.