🌋 Y by Lido: A Contender for Sam Altman’s World Network?
posted 18 Nov 2024
A team of experienced developers, including co-founders of Lido Finance, is planning to introduce a blockchain-based identity platform called Y.
A document titled “Y vs. WorldCoin,” obtained by the media, details the marketing strategy of the new project. Its standout feature is the decision to forgo biometric data collection for user verification.
World Network (formerly known as Worldcoin) is designed to create a global ecosystem where everyone has a unique digital identity. The central component of this system is the World ID protocol, which ensures anonymous identity verification by proving physical existence in the digital space. The Orb, a device that scans users’ irises, is integral to this process.
This approach offers a more sophisticated alternative to the binary human/not-human verification system employed by World Network.
World Network has faced criticism for its use of biometric data, leading to operational suspensions in countries such as Spain and Kenya. The creators of Y aim to leverage these concerns by introducing a platform that places user privacy at its core.
The long-term vision for Y includes developing a Crypto SuperApp, enabling users to monetize their digital identities while preserving their privacy.
This vision bears some resemblance to the architecture of World Network’s ecosystem, particularly its World Chain—a dedicated Ethereum Layer-2 blockchain. World Chain is tailored for digital identity, supporting transactions and enabling the creation of high-trust decentralized applications (dApps).
Y seeks to prioritize decentralization, avoiding the need for proprietary hardware and distancing itself from ties to OpenAI—concerns that have drawn criticism from crypto enthusiasts. OpenAI, now a leader in the AI industry, began as a nonprofit open-source initiative but later transitioned into a closed, commercial enterprise.
With more than 15 million users on board, World Network has set a high standard for its competitors. However, the Y founders are banking on their commitment to privacy and decentralized identity verification to attract users wary of biometric data collection.
As blockchain technology advances, the rivalry between Y and World Network could reshape the way digital identities are managed in decentralized ecosystems.
The new platform aims to challenge Sam Altman’s World Network, which relies on biometric data for user verification.
A document titled “Y vs. WorldCoin,” obtained by the media, details the marketing strategy of the new project. Its standout feature is the decision to forgo biometric data collection for user verification.
World Network (formerly known as Worldcoin) is designed to create a global ecosystem where everyone has a unique digital identity. The central component of this system is the World ID protocol, which ensures anonymous identity verification by proving physical existence in the digital space. The Orb, a device that scans users’ irises, is integral to this process.
Sam Altman and Orb. Source: Bloomberg
Instead of collecting biometric data, the team behind “Y” plans to verify users through digital footprints, including social media activity, blockchain engagement, and the Ethereum Attestation Service (EAS) protocol.
This approach offers a more sophisticated alternative to the binary human/not-human verification system employed by World Network.
World Network has faced criticism for its use of biometric data, leading to operational suspensions in countries such as Spain and Kenya. The creators of Y aim to leverage these concerns by introducing a platform that places user privacy at its core.
The long-term vision for Y includes developing a Crypto SuperApp, enabling users to monetize their digital identities while preserving their privacy.
This vision bears some resemblance to the architecture of World Network’s ecosystem, particularly its World Chain—a dedicated Ethereum Layer-2 blockchain. World Chain is tailored for digital identity, supporting transactions and enabling the creation of high-trust decentralized applications (dApps).
Y seeks to prioritize decentralization, avoiding the need for proprietary hardware and distancing itself from ties to OpenAI—concerns that have drawn criticism from crypto enthusiasts. OpenAI, now a leader in the AI industry, began as a nonprofit open-source initiative but later transitioned into a closed, commercial enterprise.
With more than 15 million users on board, World Network has set a high standard for its competitors. However, the Y founders are banking on their commitment to privacy and decentralized identity verification to attract users wary of biometric data collection.
As blockchain technology advances, the rivalry between Y and World Network could reshape the way digital identities are managed in decentralized ecosystems.
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