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Home»ALTCOIN NEWS»Worldcoin open source security system that keeps user data safe
ALTCOIN NEWS

Worldcoin open source security system that keeps user data safe

By Crypto FlexsMay 17, 20243 Mins Read
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Worldcoin open source security system that keeps user data safe
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  • The Worldcoin Foundation has launched and open sourced its new SMPC system.
  • Open source enhances security through transparency.
  • Worldcoin hopes to comply with global security regulations.

Worldcoin, a cryptocurrency project co-founded by OpenAI’s Sam Altman, has been criticized for its practices around protecting user data. Security is key as the company handles users’ sensitive biometric information, and the company has already faced security breaches in the past.

In response to these criticisms, Worldcoin has taken steps to ensure better security. Most recently, the company launched and open sourced its Secure Multi Party Computing (SMPC) system to enhance the security of biometric data.

Worldcoin goes open source with a secure system.

On Wednesday, May 15, the Worldcoin Foundation launched its Secure Multiparty Computing (SMPC) system, now available as open source software on GitHub. The system is designed to increase the security of biometric information, such as iris codes, by dividing the secret into multiple parts managed by multiple parties.

This method protects your secrets from unauthorized access because no single entity can decrypt the entire secret. To further enhance security, Worldcoin deleted the existing iris code after migrating to the new SMPC system.

Worldcoin worked with engineers from TACEO and Tools for Humanity to overcome the typical scale and cost constraints associated with SMPC systems. This new implementation makes SMPC suitable for large-scale biometric data protection.

Learn more

Why Worldcoin went open source

Open source software plays an important role in enhancing data security. By making your source code publicly available, developers and security experts around the world can inspect, test, and improve your software.

This transparency allows vulnerabilities to be identified and remedied faster. In the context of biometric data, this level of scrutiny is essential to protect sensitive information from breach and misuse.

The move comes after Worldcoin suffered a major breach in May 2023 that exposed sensitive iris codes used for user verification. In response, the company claimed that there were no longer any vulnerabilities after conducting a comprehensive audit. However, in the meantime, several governments around the world have begun investigating Worldcoin, and some have banned it outright.

On the flipside

  • Open source tends to be more secure in the long run, but it’s not perfect. You are especially vulnerable when hackers discover vulnerabilities in your code before community members do.
  • In the past, hackers have discovered vulnerabilities in public blockchains and smart contracts, which are open source in 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 collapse? Shortseller reveals the bearish case.

Learn more about tokenized finance and its potential to transform finance.
Tokenized Treasury Bonds Will Bring TradFi On-Chain: S&P Global

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