30s Summary

Blockchain venture World Network, previously called Worldcoin, uses an innovative iris scanner to verify online identities. However, it now faces competition from a new platform called “Y,” developed by the creators of decentralized finance giant Lido. Unlike World Network, which has privacy and recruitment issues, “Y” will verify identities by analyzing users’ online activity, enhancing privacy and reducing fraud. The ultimate aim of “Y” is to create a “Crypto SuperApp” where users can build and monetize their digital identities privately. The project aims to challenge World Network, which boasts over 15 million users.

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A couple of years back, Sam Altman, who co-founded OpenAI, launched Worldcoin. This unique blockchain venture uses a distinctive metal sphere to scan eyes. The project, now renamed World Network, provides digital passports verified by iris scans, helping online services tell humans apart from bots in our AI-filled internet world.

Now, a team of crypto pros is gearing up to give World Network some competition. This team includes the co-founders of Lido, a colossal name in decentralized finance. Their new venture, dubbed “Y,” is a blockchain identity platform.

CoinDesk has seen an internal planning document for “Y”. It details a vision for a new blockchain-based identity platform that doesn’t use World’s eye-scanning orb. This document was later confirmed to be genuine by a person close to Cyber Fund, the venture firm led by Lido’s co-founders, Konstantin Lomashuk and Vasiliy Shapovalov.

“Y” aims to capitalize on World Network’s controversies, which range from privacy issues to accusations of exploitative user recruitment practices and fears about the iris-scanning orb. Instead of biometric data, “Y” plans to verify users as human by examining the tracks they leave online. This new approach is designed to minimize fraud risks and improve privacy.

Over time, the creators of Y plan to build a “Crypto SuperApp,” allowing users to build and earn from their digital identities privately. Interestingly, this vision is similar to World Network’s which includes an identity-focused blockchain, crypto wallet, and app ecosystem.

The folks behind “Y” aim to go head-to-head with World Network, hoping to “attract maximum attention.” If their strategy pays off, they’ll have to make up a lot of ground in terms of user numbers. World Network launched back in 2023 and has since tallied over 15 million users. Seven million of these users have been verified by the project’s metal sphere, while the rest opted for a less invasive World ID.

Lido, the largest decentralized finance app on Ethereum, boasts more than $26 billion in staked deposits. Staking is when investors deposit things like ETH (Ethereum) to bolster Ethereum’s security. Lido’s founders are expected to use this basis and World’s connections to OpenAI in their quest to attract users to “Y”.