New Digital Identity Y Platfrom Will Be Launched To Compete With Worldcoin

Key Points:

• A group of crypto veterans, including the co-founder of Lido, is launching the digital identity Y platform to compete with Sam Altman’s World Network.
• Y’s approach solves privacy risks and minimizes fraud as an alternative to World Network’s controversial Orb eyeball-scanning device.

A blockchain-based identity platform called “Y” is in the pipeline from crypto veterans, including the co-founder of the decentralized finance platform Lido.

Read more: Worldcoin Rebranding Announced With Important Tech Updates  

Crypto Veterans Unveil Digital Identity Y Platform to Rival World Network

The digital identity Y platform is designed to rival that created by Sam Altman‘s World Network, formerly known as Worldcoin, which has raised eyebrows with its biometric verification methods.

According to an internal planning document obtained by CoinDesk, the site will forgo World Network’s divisive eyeball-scanning device, Orb. Instead, the digital identity Y platform will verify users based on traces of internet usage, and a method is said to be designed with privacy concerns and fraud risks in mind. In this way, the new model would be far more secure and private than World Network’s collection of biometric data.

Y Proposes World Network Alternative with Emphasis on Privacy in Biometric Verification

Titled “Y vs. WorldCoin,” the paper describes how Y will seek to take advantage of the controversies created by its rival for incentivizing users. It will not need biometric data, it claims, but unique and anonymized traces left by a person when accessing the internet.

In addition to the involvement of Lido co-founders Konstantin Lomashuk and Vasiliy Shapovalov, Ekram Ahmed, Director of Marketing and Communications for the blockchain project Celestia, will also advise on Y. Ahmed clarified that she has no formal connection to the project.

Although there’s still much that is not being told about its long-term plan, Y intends to be a “Crypto SuperApp” that enables users to create and gain value from their digital identities in private. Without much said about the application and its functionalities, nor how it would be brought about, the main purpose of the project is setting itself as a “direct competitor” to World Network.