- Worldcoin Foundation launched and open-sourced a new SMPC system.
- Open Source enhances security through transparency.
- Worldcoin hopes to align with global security regulations.
Worldcoin, a crypto project co-founded by Sam Altman of OpenAI, has been facing criticism over its practices around user data protection. As the firm handles sensitive biometric data of its users, security is key, and the company has already faced a security breach in the past.
In response to these criticisms, Worldcoin has taken steps towards better security. Most recently, the company has launched and open-sourced its secure multi-party computation (SMPC) system, aiming to boost the security of biometric data.
Worldcoin Goes Open Source with Its Security System
On Wednesday, May 15, the Worldcoin Foundation launched its secure multi-party computation (SMPC) system, now available as open-source software on GitHub. This system is designed to bolster the security of biometric data, such as iris codes, by dividing secrets into multiple parts managed by different parties.
This method ensures that no single entity can decrypt the entire secret, protecting it against unauthorized access. To further boost security, Worldcoin has deleted the old iris codes after migrating to the new SMPC system.
Worldcoin collaborated with technologists from TACEO and Tools for Humanity to overcome the typical scale and cost constraints associated with SMPC systems. This new implementation makes SMPC viable for large-scale biometric data protection.
Why Worldcoin Went Open Source
Open-source software plays a critical role in enhancing data security. By making the source code available to the public, developers and security experts around the world can examine, test, and improve the software.
This transparency leads to quicker identification and resolution of vulnerabilities. In the context of biometric data, this level of scrutiny is essential to protect sensitive information from breaches and misuse.
This move comes after Worldcoin suffered a major breach in May 2023, which exposed critical iris codes used to verify users. In response, the company underwent a comprehensive audit, which claimed there were no further vulnerabilities. However, in the meantime, multiple governments worldwide have placed Worldcoin under investigation, and some have outright banned it.
On the Flipside
- While open source tends to be more secure in the long run, it is not foolproof. It is particularly vulnerable when hackers discover vulnerabilities in the code before the community members.
- In the past, hackers have discovered vulnerabilities in public blockchains and smart contracts, which are open-source by nature.
Why This Matters
This move by Worldcoin highlights the security benefits of open-source software. This is especially important for projects that handle sensitive biometric data.
Read more about the criticism Worldcoin is facing:
Is Worldcoin About to Crash? Shortseller Reveals Bearish Case
Read more about tokenized treasuries and their potential to transform finance:
Tokenized Treasuries Will Bring TradFi On-Chain: S&P Global
