OpenAI CEO’s encryption project Worldcoin plans to launch its main network in the first half of this year

According to reports, the identity centric encryption project Worldcoin, co founded by OpenAI CEO Sam Altman, plans to launch its main network in the first half of this year. According to two people familiar with the matter, Worldcoin is collaborating with Florida based global manufacturing giant Jabil to outsource the production of portable iris scanning devices, which debuted in 2021, to increase its production of iris scanning spheres. After the main network is launched, it will be able to produce 400 spheres per month.

Interpretation of this information:

The identity centric encryption project Worldcoin, co-founded by OpenAI CEO Sam Altman, is set to launch its main network in the first half of 2022, according to reports. Worldcoin is teaming up with Florida-based Jabil, a global manufacturing powerhouse, to outsource the production of portable iris scanning devices. This partnership will increase the production of iris scanning spheres, which debuted this year, from 100 per month to 400 per month.

Worldcoin’s aim is to develop a new kind of digital currency that can be used for everyday transactions, without the need for a central authority. To accomplish this, the platform relies on iris scanning technology to validate users’ identities. The spheres contain a camera that captures a user’s iris, encrypts it, and then creates a unique identifier that is tied to the user’s account. This identifier is used to access the Worldcoin network, authenticate transactions, and maintain privacy.

The decision to outsource the production of the iris scanning devices is a smart move for Worldcoin. Working with Jabil will allow the project to scale up production quickly and efficiently. However, it’s important to note that the success of Worldcoin depends on the adoption of its technology. Even if the platform is able to produce 400 iris scanning spheres per month, it remains to be seen if there will be enough demand for them.

Furthermore, while iris scanning technology is certainly innovative, it does raise ethical questions around privacy and surveillance. The use of biometric data has become a hot topic in recent years, with concerns over its misuse by governments and corporations. As such, Worldcoin will need to be transparent about how it plans to use and protect users’ data.

In summary, Worldcoin is collaborating with Jabil to ramp up production of its iris scanning spheres, with hopes of producing 400 per month after the launch of its main network in 2022. However, the success of the project will depend on its adoption by users and its ability to address ethical concerns around biometric data.