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Highlights
- Worldcoin's price jumps by 6% as it unveils a state-of-the-art Secure Multi-Party Computation (SMPC) system.
- The SMPC technology, developed in collaboration with TACEO, ensures enhanced privacy and security for users' biometric data.
- Removal of old iris codes underscores Worldcoin's commitment to safeguarding user privacy, driving positive market response and a surge in trading volume.
The price of Worldcoin (WLD) surged by 6% following the announcement by the Worldcoin Foundation of a major technological upgrade. The Foundation introduced a new Secure Multi-Party Computation (SMPC) system designed to enhance the privacy and security of its users. In conjunction with this upgrade, the organization has also deleted old iris codes, addressing privacy concerns and reinforcing its commitment to user data protection.
Advanced Cryptographic Research and Implementation
The Worldcoin Foundation, in collaboration with TACEO, a team of cryptography engineers, has made significant strides in the field of biometric template protection. Through applied research, they have advanced the state of the art in secure multi-party computation (SMPC), a cutting-edge area of cryptography.
By leveraging recent advances in SMPC for machine learning, Worldcoin and TACEO have developed a sophisticated system for encrypting iris codes. This innovative approach ensures that each iris code is divided into multiple secret shares, which are then distributed among various parties.
These parties can collaborate to compute results over the encrypted data without ever revealing the underlying secret information. This method not only enhances the security of biometric data but also upholds the integrity and privacy of users. The entire process and its technical details have been made open source and are accessible in a GitHub repository, promoting transparency and further innovation within the community.
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Unprecedented Privacy Protection and Market Response
World ID has achieved a new benchmark in privacy protection for biometric data through its latest SMPC system. The successful migration of iris codes to this advanced system has allowed Worldcoin to securely delete its previous uniqueness-checking system, including all old iris codes. This transition underscores the platform’s dedication to privacy and user data security.
The secure deletion process was meticulously designed to ensure that no residual data could compromise user privacy. In tandem with these technical advancements, the market has shown a positive response. The price of Worldcoin (WLD) has risen to $5.62, reflecting a 5.8% increase within the last hour. This surge is supported by a robust 24-hour trading volume of $545,739,668.60.
With a circulating supply of 210 million WLD, Worldcoin’s market cap now stands at $1.07 Billion. This price hike is a testament to the growing confidence of investors in Worldcoin’s commitment to technological innovation and data privacy.
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