The Worldcoin Foundation Revolutionizes Biometric Data Protection
The Worldcoin Foundation has recently introduced a cutting-edge Secure Multi-Party Computation (SMPC) system, aimed at transforming the safeguarding of biometric data.
This innovation is crucial in a landscape where the relevance of such data spans from basic everyday activities to sophisticated security infrastructures.
Understanding How SMPC Works
In a recent exchange with experts at Worldcoin, the importance of robust data security was highlighted. They underscored the anticipated growth of the biometric system market, set to rise to $76.70 billion by 2029 from $30.77 billion in 2022, as reported by Fortune Business Insights.
Moreover, there has been a notable surge in data breaches, with a 20% increase in incidents year-over-year and a doubling of affected individuals, according to research by MIT’s Professor Stuart Madnick.
Explore more: How to Buy Worldcoin (WLD) and Everything You Need to Know
The SMPC technology functions by splitting a confidential data piece into multiple segments, dispersed among various parties. This fragmentation ensures that no single entity can reconstruct the entire data individually, thereby enhancing overall security.
This approach is particularly resilient against threats, including those posed by quantum computing. However, the widespread adoption of SMPC has historically been limited due to its resource-intensive nature, especially when managing extensive biometric data.
To address these constraints, the Worldcoin Foundation collaborated with teams from TACEO and Tools for Humanity to develop a scalable and cost-effective iteration of the SMPC technology. They claim that this version efficiently handles large data volumes while maintaining stringent security measures.
Jannick Preiwisch, the Data Protection Officer at the Worldcoin Foundation, affirms that this system adheres to the EU General Data Protection Regulation and other global data protection protocols.
“Implementation of the new SMPC system allowed the Worldcoin Foundation to purge outdated iris codes by encrypting them into SMPC shares that are indecipherable from an individual,” Preiwisch explained.
Despite these advancements, the current trading price of Worldcoin (WLD) stands at $4.90, reflecting a slight decline of approximately 3% over the last 24 hours.
Discover more: Worldcoin (WLD) Price Prediction 2024/2025/2030
However, the project has attracted scrutiny regarding its tokenomics structure. Critiques, such as the analysis by DeFiSquared, suggest that the value of WLD is diminishing, with a daily depreciation rate of 0.6% due to high emission levels. Concerns are mounting with a fully diluted valuation of $60 billion.
Furthermore, DeFiSquared has raised concerns regarding the impending surge in token supply, resulting from allocations for venture capital and team members. This influx may lead to heightened selling pressure in the market.
Additionally, the recent announcement of a strategic sale of $200 million worth of WLD tokens to trading entities has sparked controversy within the community.
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