Lido Founders Unveils Y to Challenge World Network

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As a seasoned researcher with a keen interest in the intersection of technology, privacy, and finance, I find the emergence of Y, the blockchain authentication platform, quite intriguing. Coming from a background where I’ve seen both the promises and pitfalls of biometric authentication systems like World Network, my curiosity is piqued by Y’s approach to data security.

As a crypto investor, I’m excited about the upcoming launch of a blockchain authentication platform called “Y.” While it aims to compete with Sam Altman’s World Network, it plans to differentiate itself by approaching data security from an angle other than the one taken by Worldcoin, previously known as the World Network. Unlike World, which relies on iris scanning for authentication, Y opted to steer clear of the biometric pathway.

Y’s Privacy-Focused Approach to Authentication

The report indicates that Y was developed by a team of experienced cryptocurrency professionals who united to create a blockchain identity platform. Notable figures in this project are Konstantin Lomashuk and Vasiliy Shapovalov, the co-founders of prominent DeFi company Lido.

The main goal of Y is to challenge Altman’s World Network effectively. To attract potential users, the planning document demonstrates that Y will not use eye-tracking for authentication. It’s worth mentioning that the World Network uses iris scans to help online businesses differentiate between humans and automated systems.

As a crypto investor, I find Y’s unique approach intriguing. Unlike other platforms like World Network, Y leverages the digital footprints users create while browsing online as a verification method to discern humans from automated bots. This strategy offers a substantial advantage in combating fraud and mitigating potential privacy concerns that may arise with its competitors.

Y intends to capitalize on the apprehensions of key users towards the World Network as a distinctive selling advantage. These concerns involve issues like privacy violations, unease about the metallic iris-scanning device, and accusations that user recruitment has been unethical or exploitative.

It’s worth noting that certain nations such as Portugal, Kenya, and Spain have put a stop to the use of this particular device. This restriction took place even though World Network assured them that it securely encodes iris scans.

Can Y Rival World Network?

Y’s grand ambition is to develop a comprehensive “SuperApp for Cryptocurrencies,” offering a platform where users can securely construct and profit from their digital personas.

Yet, the creators of Y are still rather vague about their strategies for executing these proposed plans. What they’ve mainly focused on is promoting the product and capturing the interest of potential customers.

In contrast to the excitement surrounding both, Y and World Network display comparable features in their identity-based blockchain offerings. However, it’s essential to note that they differ in their approach to verifying users. World Network assigns unique “World IDs” utilizing biometric information, whereas platform Y relies on data from a user’s past social media and blockchain activities for verification purposes.

Moreover, service Y employs the Ethereum Attestation Service, enabling users to verify the accuracy of certain data. As outlined in Y’s development plan, the aim is to prevent potential breaches of biometric data and instances of fraud.

Currently, it’s worth noting that experts believe Y still needs to make significant progress to match World in terms of user numbers. Interestingly, World currently boasts over 15 million users, with approximately 7 million verified by the Orb.

One way Y might close the gap is by utilizing its connections with Lido and other blockchain validator companies.

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2024-11-18 21:29