Activities
Divisions
Programs
Activities
Divisions
Programs
Sam Altman's Worldcoin stumbles as Spain obstructs the tech tycoon's eye-scanning crypto initiative
Spain has thrown yet another wrench in the works for Worldcoin, Sam Altman's global cryptocurrency project that uses eye-scanning, by ordering a halt to its operations. Worldcoin's procedure involves gathering a user's biometric data through eye scans, a practice many countries deem highly insecure.
The cryptocurrency initiative of Sam Altman, Worldcoin, encountered a significant hurdle recently when Spain moved to obstruct the eye-scanning crypto due to concerns about the extensive amount of data it could amass.
The cryptocurrency project led by Sam Altman has been involved in multiple global disputes because of its intention to collect users' private information through a device called the "orb" that scans the eye.
The Spanish privacy watchdog, AEPD, has commanded Worldcoin to halt the gathering of personal data within Spain instantly and to refrain from utilizing any data it has previously collected.
It is anticipated that the AEPD will soon declare this "preventive step". Moreover, according to a report by The Financial Times, Worldcoin will be given a three-day period to show that they are abiding by the directive.
In the previous year, the AEPD expressed apprehensions about the participation of young people in the technology, leading Worldcoin to introduce new age confirmation methods. Worldcoin, established by Altman in 2019, encourages people worldwide by offering its own digital currency tokens in return for agreeing to have their eyes scanned by the orb.
These scans function as a way of identification, with the goal of creating a trustworthy system to differentiate between humans and machines, especially as progress in artificial intelligence persists.
The Spanish authority's ruling marks another stumbling block for Altman and his fellow Worldcoin co-founders, Max Novendstern and Alex Blania, who have encountered hurdles globally. Just last summer, the startup, with offices in San Francisco and Berlin, decided not to introduce its cryptocurrency in the United States owing to the country's strict enforcement on the digital assets industry.
The token of Worldcoin is still not accessible in several major global cryptocurrency markets such as China and India. Additionally, countries such as Kenya directed the project to halt its activities last year.
Furthermore, the Information Commissioner's Office in the UK has declared its plan to scrutinize Worldcoin. While some regions have raised doubts about the viability of the Worldcoin token, Spain's latest clampdown is primarily aimed at the startup's main goal of creating a method to authenticate customer identities. Altman maintains that this is an essential task in a world where differentiating advanced AI from humans presents difficulties.
In the face of increasing examination, Altman showed openness to the idea of Worldcoin operating without its own cryptocurrency. Insiders have revealed that Worldcoin has gathered 4 million users and attracted roughly $250 million in funding from prominent investors. These include venture capital companies Andreessen Horowitz and Khosla Ventures, online business tycoon Reid Hoffman, and Sam Bankman-Fried, who invested before his FTX venture fell through.
The project's prominence has ignited media curiosity and resulted in several customer grievances in Spain, notably when lines started to form at Worldcoin booths in malls providing cryptocurrency for eye scans.
In January, the Basque country's data protection agency issued an alert about the use of eye-scanning technology by Worldcoin at a Bilbao shopping center. They stated that this technology is subject to biometric data protection laws and requires a risk evaluation.
Search for us on YouTube
Highlighted Programs
Connected Articles
OpenAI's Sora has the ability to create life-like nude videos, with developers quickly working on a solution
OpenAI’s Sam Altman might persuade the wealthiest in Abu Dhabi to fund his semiconductor enterprise
Even with the availability of ChatGPT's models, Microsoft argues that Google has an unjust advantage in generative AI
'Elon Musk is irrational, deluded': OpenAI counters the lawsuit filed by a previous investor
OpenAI's Sora has the capacity to produce realistic nude videos, developers are promptly implementing a remedy
OpenAI’s Sam Altman could potentially get the richest of Abu Dhabi to invest in his semiconductor project
Despite having access to ChatGPT's models, Microsoft asserts that Google holds an unjust lead in generative AI
'Elon Musk is unintelligible, delusional': OpenAI responds to the lawsuit from an earlier investor
can be found on YouTube
Firstpost retains all rights, Copyright @ 2024.
+ There are no comments
Add yours