Worldcoin has taken a bold step in strengthening its security framework by opting to open-source its biometric data procedures.

What is Worldcoin?

In this article, Cryptocurrencylistings will delve deeper into the significant advancements surrounding Worldcoin's open-sourced Secure Multi-Party Computation (SMPC) technology, which leverages iris biometrics for robust identity verification.

The biometric systems market is also evolving rapidly alongside Worldcoin. As highlighted by Stuart Madnick from MIT, there was a concerning 20% rise in data breaches from 2022 to 2023. This trend underscores the pressing need for cutting-edge security measures like Worldcoin's SMPC technology.

The Worldcoin Foundation announced a significant leap in biometric data security on May 15 by unveiling its open-sourced SMPC technology.

Remco Bloemen, the head of protocol at Worldcoin Foundation, pointed out the far-reaching impact of this advancement, expressing the organization's aspiration to bolster the Worldcoin protocol and establish new standards in cryptocurrency security through the release of their open-source SMPC system.

One of the standout features of Worldcoin's SMPC technology is its resilience against potential threats posed by quantum computing. The cryptographic algorithms utilized in this SMPC system are designed to withstand even the most formidable quantum attacks, ensuring maximum protection for user biometric information.

Worldcoin's commitment to privacy and security transcends mere technological advances. The company has consistently upheld strict adherence to global data privacy laws, such as the European Union's General Data Protection Regulation (GDPR).

Jannick Preiwisch reaffirmed the company's unwavering pledge to regulatory compliance, stating that the creation of their new SMPC system represents a profound commitment to adhering to European and other international data protection regulations.

Moreover, Worldcoin has enacted policies aimed at empowering users regarding their data. Initiatives such as the ability to revoke World IDs and the recent launch of 'personal custody' highlight Worldcoin's efforts to enhance user control and privacy.

Despite encountering hurdles in meeting GDPR standards—particularly in Europe—Worldcoin has shown its commitment to legal compliance. Updates rolled out in April improved data security for users and granted them greater control over their World IDs.

Despite the regulatory challenges, Worldcoin has reached impressive milestones. By early 2024, the project's wallet application boasted over one million daily active users, and its token, WLD, appreciated by an impressive 141%. CoinMarketCap also noted that WLD surged by 4.81% in the last 24 hours, bringing its price to $4.91, thus solidifying its presence in the crypto market.

According to Jannick Preiwisch, Worldcoin is dedicated to innovating and deploying new tech focused on security to foster online trust and broaden access to the global economy.

While Worldcoin merits recognition for its security and privacy initiatives, it has also faced scrutiny from regulators in several locations, including Hong Kong. The Hong Kong Office of the Privacy Commissioner for Personal Data (PCPD) found that the project violated local privacy laws after investigating its practices.

On May 22, the Foundation received an enforcement notice from Chung Liling, mandating the immediate cessation of all Worldcoin-related activities in Hong Kong that involve scanning and collecting iris and facial images from the public.

The PCPD's report raised alarms about the collection of facial images, which were deemed unnecessary for validating the humanity of participants. Additionally, a lack of Chinese-language resources obstructed non-English speaking participants from giving genuine consent and making informed decisions.