• Thu. May 23rd, 2024

Worldcoin Introduces An Open-Source SMPC System: Here’s Why 

Steve Kornacki

BySteve Kornacki

May 15, 2024
Worldcoin Introduces An Open-Source SMPC System: Here's Why

Worldcoin Foundation Embraces Open-Source SMPC System

In a proactive move to fortify biometric data security, the Worldcoin Foundation has unveiled its open-source Secure Multi-Party Computation (SMPC) system. This system represents a pivotal advancement in safeguarding sensitive biometric information, particularly iris codes, utilized in the Worldcoin iris biometric project.

The SMPC system encrypts iris codes into secret shares held by multiple parties and offers enhanced security measures for safeguarding sensitive biometric information. Notably, it enables the permanent deletion of iris codes generated through the Foundation’s previous uniqueness-checking system, addressing concerns surrounding data retention and privacy.

Remco Bloemen, Head of Protocol at Worldcoin Foundation, stated that the open-source SMPC system provides a potential solution for heightened biometric data security. With the system’s deployment, Worldcoin can facilitate greater access to the global digital economy while adhering to stringent data protection regulations.

Moreover, Worldcoin’s SMPC approach demonstrates resilience against emerging threats like quantum computing, ensuring its long-term viability in an increasingly complex digital space. Tools for Humanity, spearheaded by OpenAI CEO Sam Altman, is the primary organization driving the initiative. This move is part of the measures to address worries regarding its data management practices.

Proactive Measures Amidst Escalating Data Breach Concerns

According to recent insights, the biometric system market is poised to surge from $30.77 billion in 2022 to $76.70 billion by 2029, reflecting growing demand for innovative security solutions. However, data breaches have become increasingly prevalent alongside this growth, with research from MIT’s Stuart Madnick revealing a 20% rise in breaches between 2022 and 2023.

Thus, Jannick Preiwisch, Worldcoin Foundation’s Data Protection Officer, underscored the organization’s dedication to advancing privacy-focused technologies and fostering compliance with regulatory frameworks such as the EU General Data Protection Regulation (GDPR). He emphasized that developing the new SMPC system exemplifies Worldcoin’s commitment to empowering users with greater control over their data.

In March 2024, Worldcoin made headlines by open-sourcing the software of its iris-scanning Orb and introducing a “personal custody” privacy feature for user data. This move signaled a pivot towards transparency and accountability aimed at building trust among stakeholders.

A month later, the Foundation announced plans to strengthen privacy measures and enable users to un-verify their World IDs, further emphasizing its dedication to safeguarding user privacy. Worldcoin has achieved significant user adoption and token performance milestones despite regulatory challenges.

At the beginning of the year, the platform witnessed a surge in its active daily user count, surpassing one million for its wallet app. Its native token, WLD, experienced a 141% surge, reflecting growing investor confidence in the platform’s long-term viability.

Humanity Protocol Secures $30M Funding

Meanwhile, Humanity Protocol, a zero-knowledge identity project, has raised $30 million in funding, propelling its valuation to $1 billion. The funding round, led by Kingsway Capital, positions the project as a formidable competitor to Worldcoin in digital identity verification.

Unlike Worldcoin’s reliance on iris scans, Humanity Protocol distinguishes itself by leveraging palm prints for identity verification. This innovative approach, known as Proof of Humanity, ensures a secure and decentralized system for verifying users’ identities.

With concerns over privacy and data ownership at the forefront of digital identification discussions, Humanity Protocol’s emphasis on protecting user privacy while maintaining data integrity is commendable. The funding round had participation from prominent investors, including Blockchain.com, Animoca Brands, and Hashed. 

This diverse backing shows the industry’s recognition of Humanity Protocol’s potential to redefine the landscape of decentralized identification. Terence Kwok, the founder of Humanity Protocol, emphasized the project’s commitment to addressing the shortcomings of existing identification solutions. 

He highlighted the invasive and high-friction nature of current onboarding processes, noting that Humanity Protocol aims to offer a seamless and privacy-centric alternative. With plans to allocate the funds towards hiring and product development, Humanity Protocol is gearing up for a significant expansion phase. Meanwhile, the team plans a public testnet launch for the year’s second half, promising a glimpse into the project’s capabilities and possible impact.

Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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