The Worldcoin Foundation has unveiled an open-source system on GitHub to enhance the security of sensitive information.

This new system, designed to set a new standard in data security, particularly for biometric data, has prompted the foundation to delete previously collected iris codes.

Improving User Privacy with Secure Multi-Party Computation

The foundation’s latest security system is based on secure multi-party computation (SMPC), a cryptographic technique that spreads a single secret across multiple parties to enhance data security.

By not storing complete data sets in one location, this method reduces the risk of data breaches and strengthens information security.

In collaboration with TACEO and Tools for Humanity, the Worldcoin Foundation has developed an improved implementation of SMPC to address scalability and cost-related challenges.

As biometric data sharing becomes more widespread, protecting user data from potential threats is critical, highlighting the importance of this new system.

Prior to this development, Worldcoin faced scrutiny for its data collection practices from regulatory bodies worldwide, making the foundation’s move to enhance privacy measures significant.

Ethereum co-founder Vitalik Buterin has commended Worldcoin for its efforts to improve user privacy and surpass traditional authentication solutions.

Future Plans: World Chain and Strategic Expansion

Worldcoin is gearing up for the launch of World Chain, an Ethereum layer-2 blockchain set to debut in mid-2024, aimed at transforming human authentication by integrating with the Worldcoin protocol.

With over 5 million registered users from 160 countries and 49 million transactions through verified wallets, the upcoming World Chain aims to boost scalability and support the project’s growing ecosystem.

The Worldcoin team is also working on increasing the L2 block gas limit securely to address challenges posed by automated transactions and ensure network efficiency.

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