World coin will allow third-party companies to use a “Digital ID System”

World Coin spokesperson confirmed that they will allow third-party companies & also government agencies to utilize the Digital ID system.

World Coin is a newly launched crypto project. On 24 July 2023, this project was launched globally, except in the US jurisdiction. Through the world coin crypto wallet, this project team gives 25 world tokens reward to new users. New users can only withdraw their rewarded World token just after the completion of the verification via World Coin’s Iris scanner device orbs. 

On 2 August 2023, Ricardo Macieira, general manager for Europe at Tools For Humanity, the founding company of Worldcoin, appeared in an interview with Reuters. 

Ricardo said that the World Coin team aimed to create a very “biggest financial and identity community.” Furthermore, he said that the World coin project will explore the use cases of its services for the governments and further that will help the company to achieve goals. 

“I don’t think we are going to be the ones generating universal basic income. If we can build the infrastructure that allows for governments or other entities to do so, we would be very happy,” the World coin official said.

According to Ricardo, the other third-party companies can also bring better collaboration with the world coin project, as they will pay in World Coin to use the World Coin digital ID system.

In short, the World coin project team aimed to bring the use of the World ID system at every public & private sector level, to onboard more users in the world coin project. 

World Coin & Privacy

Over the week, the majority of the tech experts claimed that the world coin project is a very big threat to the personal identity of people, because here nothing is clear on how the company will use that human’s critical private information, and also no govt body backing the world Id system.

Reportedly the UK’s Government agencies started an investigation against the world coin project, to figure out the potential risks associated with this project, on behalf of the experts’ claim. 

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