Yesterday the Worldcoin network officially went live with a grand goal of providing biometric digital identity to the world, incentivized with crypto. At first sight the idea seems scarier than it is. Digging deeper, there’s been considerable thought given to the thorny privacy issues and the business model.
However, two realities are inescapable. Firstly it’s almost impossible to design any digital identity solution that is entirely secure and fraud resistant. And despite its aim to decentralize, blockchain has a habit of doing the opposite, and none more so than Worldcoin.
The focus here is on the business savvy, but first let’s clarify what Worldcoin is and is not.
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