Worldcoin beefs up security by open-sourcing biometric data system
What is Worldcoin?
The Secure Multi-Party Computation (SMPC) technology developed by Worldcoin, a crypto project that uses iris biometrics for identity verification, has advanced significantly with its open-sourcing solutions. In this article, MPost will look closely at this situation.
In addition to Worldcoin, the worldwide market for biometric systems is also seeing significant value development. According to MIT’s Stuart Madnick, there was a startling 20% surge in data breaches between 2022 and 2023, which is consistent with this development. This highlights the urgent necessity for sophisticated security solutions such as Worldcoin’s SMPC system.
A major advancement in biometric data security was revealed by the Worldcoin Foundation on May 15 with the release of their SMPC technology, which is now open-sourced.
The Worldcoin Foundation’s head of protocol, Remco Bloemen, highlighted the significant implications of this development, saying that the organization hopes to strengthen the Worldcoin protocol further and establish new benchmarks for cryptocurrency security by developing and making available for public use a new secure multi-party computation (SMPC) system.
The ability of Worldcoin’s SMPC technology to withstand possible threats from quantum computing is one of its main advantages. Worldcoin’s SMPC system uses cryptography algorithms that are built to withstand even the strongest quantum computing assaults, guaranteeing that user biometric data is protected to the highest degree possible.
The dedication of Worldcoin to privacy and security goes beyond new developments in technology. The company has proven to be unwaveringly committed to adhering to strict international data privacy regulations, such as the General Data Privacy Regulation (GDPR) of the European Union.
Jannick Preiwisch stressed the company’s steadfast dedication to regulatory compliance, saying that the creation of this new system shows an unmatched commitment to advancing compliance with the European Union’s data and security protection laws and other global data protection regimes.
Furthermore, Worldcoin has implemented policies to provide consumers with more authority over their data. The ability to revoke World IDs and the recent introduction of “personal custody” are two examples of Worldcoin’s initiatives to improve user liberty and privacy.
Even though Worldcoin has had difficulties complying with GDPR, especially in Europe, the company has demonstrated its dedication to following the law. Later updates in April strengthened user data security and gave consumers greater control over their World IDs.
Notwithstanding these legislative obstacles, the Worldcoin coin has accomplished noteworthy benchmarks. The project’s wallet software had over a million active daily users by the beginning of 2024, and its Worldcoin token, WLD, had increased by an astounding 141%. Worldcoin (WLD), according to CoinMarketCap, has had a 4.81% surge in the last 24 hours, culminating in a price of $4.91, therefore strengthening its standing in the cryptocurrency market.
According to Jannick Preiwisch, Worldcoin is dedicated to creating and implementing novel security-based technology with the goal of enhancing online trust and expanding access to the global economy.
Although Worldcoin deserves praise for its attempts to improve security and privacy, the project has come under regulatory investigation in a number of places, including Hong Kong. After looking into Worldcoin’s operations, the Hong Kong Office of the Privacy Commissioner for Personal Data (PCPD) found that the initiative broke the Privacy Ordinance.
The Foundation received an enforcement warning on May 22 from Chung Liling directing the immediate termination of all Worldcoin project activities in Hong Kong that involve the scanning and gathering of iris and face photographs from the general population.
Concerns about the acquisition of facial photos—which were considered superfluous for confirming participants’ humanity—were raised by the PCPD’s inquiry. Furthermore, the insufficient Chinese-language material hindered non-English speaking participants’ ability to give sincere consent and make educated judgments.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
He's a seasoned writer known for crafting compelling narratives that engage audiences and drive brand growth. With a keen eye for detail and a passion for storytelling, Kenth excels at turning complex ideas into eye-catching marketing messages.
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He's a seasoned writer known for crafting compelling narratives that engage audiences and drive brand growth. With a keen eye for detail and a passion for storytelling, Kenth excels at turning complex ideas into eye-catching marketing messages.
