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The Federal Reserve’s upcoming interest rate decision in September is poised to be a critical moment for the economy, with market expectations leaning heavily towards a 25-basis-point rate cut. The weak July jobs report has sparked concerns about economic growth, increasing the likelihood of a Fed rate cut to 78.5%. Will the Fed Lower Interest
The post Breaking: September Fed Rate Cut Odds Soar to 78.5% Following Soft U.S. Jobs Data appeared first on CoinGape.
Worldcoin is redefining how digital identity is developed by centering on the human iris as its primary biometric. However, in doing so, Sam Altman’s company, which now goes by simply as World, has drawn scrutiny from individuals and governments alike.
According to Shady El Damaty, CEO of Holonym and expert in zero-knowledge cryptography, the World Network’s centralized infrastructure makes it particularly vulnerable to data leaks and exploitation. Given the project’s global reach, the consequences of such breaches can prove catastrophic.
With artificial intelligence continually blurring the lines between humanity and technology, Altman’s most recent project has taken the concept to the next level.
World, an initiative the OpenAI CEO launched in July 2023, has a bold objective: to scan every eye on Earth and forge a universal digital identity for humanity.
At its heart lies the World ID, a privacy-preserving digital identity generated through a unique biometric scan of a user’s iris, referred to as “the Orb.”
“Worldcoin is the very first example of a company… that has the explicit mission of documenting every single person in the world with a cryptographically immutable link between a cryptographic hash of your eye and… your biometrics,” El Damaty told BeInCrypto.
In exchange for this biometric verification, users receive WLD tokens, World’s native cryptocurrency. These tokens serve as both an incentive and a fundamental component of participating in this global network.
The initiative is undoubtedly innovative. However, it’s also tremendously risky.
Unsurprisingly, World’s launch has been received with skepticism.
While users have generally grown comfortable with biometric authentication, such as fingerprints for passport scans or Face ID to unlock smartphones, the prospect of having one’s eyeballs scanned to create a digital identity has elevated the feeling of living in a simulated reality.
“[World] settled on… the iris, which has enough entropy within it that it’s really difficult to brute force. They could have gone with fingerprints, but they didn’t because these can be very easily modified; they can be burnt off, or you could use different fingerprints. Whereas for eyes, they are very difficult to change,” El Damaty explained.
The reason behind World’s decision to use such a specific biometric is in line with its stated purpose.
As artificial intelligence continues to develop at a rapid pace, this initiative is a way to provide a trust layer for the world post-AI.
This mission is often framed as creating “proof of personhood” in an era when distinguishing real humans from AI bots will become increasingly complicated.
“In the future, it might be really difficult to know who you’re interacting with, maybe both in the digital world as well as the physical world as robotics and automation continues to improve,” El Damaty added, noting, “With OpenAI, I think they really quickly realized that the most valuable commodity in the world isn’t going to be a currency or some hard asset, but it’s going to be authenticity.”
Though the cause may seem noble enough, the way World Network has decided to go about it has drawn scrutiny. Part of it stems from a fundamental disagreement on what digital identity should entail, leading to a philosophical divide.
Worldcoin’s “one iris scan belongs to one identity” system embodies a monolithic identity. Experts often criticize such an approach for heightened security risks.
In a recent blog post, Ethereum co-founder Vitalik Buterin warned that such a singular, universally linked identity risks online privacy and individual freedom. He expressed concern that even with advanced privacy tools, a one-identity-per-person property brings several security risks.
“That’s the real risk. If someone takes a picture of your eyes, can they use all publicly available information, or maybe even dark web information, to identify who you are and what you’ve done on-chain,” El Damaty told BeInCrypto.
This approach also contrasts with the cypherpunk ethos that birthed Bitcoin, which emphasizes anonymity. Critics argue that World represents a significant philosophical shift away from this privacy-first tradition by permanently labeling individuals.
A specific point of concern for Buterin and others is World’s nullifier. This cryptographic mechanism ensures that each person signs up only once. However, its very function also presents a significant vulnerability.
“As soon as your nullifier is given up… all of the accounts that you have linked to that nullifier are also given up… it could be the foundation of a really massive data leak,” El Damaty warned.
In response to these risks, El Damaty advocates for pluralistic identity systems with multiple online identities for different purposes. This protects sensitive real-world information from being inextricably linked to a single, globally unique ID.
“Those iris codes shouldn’t be linked to the same amount of information that can be used to access your voting record or your social security benefits or other really critical information that, if ever given up, would undermine your status as a person in the real world,” he added.
This tension also forms the backdrop for World’s direct conflict with national governments.
World Network’s global scope directly challenges national sovereignty, especially a state’s right to define its citizens’ identity. This raises a critical question: What if foreign governments demand access to their citizens’ biometric data collected by this company?
Tools for Humanity, World’s parent company, might use its distributed infrastructure as a defense, claiming data resides in various nations. However, El Damaty believes this defense is precarious.
“[World] also ha[s] infrastructure in the United States that’s going to be beholden to the US government’s authority. The US can come in and say, ‘hey, we’re going to pull the plug and put your executives in jail if you don’t hand over all of the logs that are coming from this central server that’s responsible for coordinating the entire network.’”
This vulnerability transforms World’s vast biometric database into a potential honeypot for governments. El Damaty pointed to precedents like the 2018 CLOUD Act, which allows US law enforcement to compel US-based tech companies to provide data, even if stored overseas.
Many nations have not waited for such hypothetical scenarios to play out, leading to immediate and forceful regulatory action.
The international community’s response to Worldcoin’s initiative has been overwhelmingly hostile.
Countries like Spain, Portugal, Kenya, and Indonesia have either imposed bans or initiated investigations into World’s operations, citing concerns over data handling, transparency, and age verification.
El Damaty highlighted a crucial transparency issue. As a private company, World’s financial and operational details aren’t fully open for public scrutiny. This, he suggested, enables them to strategically control how they present their activities to the world.
This opaqueness contributes to existing global skepticism.
“I don’t think governments are going to suddenly turn overnight and say, ‘okay, well, we’re going to let this American company [from] Silicon Valley run by one of the world’s most powerful people to track all of our citizens and give them their crypto tokens,’” El Damaty said.
Without detailed clarity, many nations remain wary of entrusting such fundamental identity information to a private entity perceived to be operating outside established legal and ethical norms.
The post Worldcoin’s Global Identity System: A Step Toward the Future or a Privacy Nightmare? appeared first on BeInCrypto.
The cryptocurrency market is monitoring the upcoming Federal Open Market Committee (FOMC) meeting, which is set to conclude on March 19, 2025. Investors are awaiting the Federal Reserve’s stance on interest rates, as any adjustments could influence the crypto market.
The Federal Reserve is widely expected to maintain the current interest rate range between 4.25% and 4.5% after its March meeting. Despite ongoing speculation about potential cuts, Federal Reserve Chair Jerome Powell has consistently indicated caution in adjusting rates. Powell points to inflation concerns and global economic uncertainties.
Some economists suggest that rate cuts may not occur until later in the year. Consequently, Fed rate cuts are projected around June 2025, as inflation remains a focal point of monetary decisions. Powell’s post-meeting press conference at 2:30 p.m. ET is expected to provide further insight into the Fed’s future approach.
With the Federal Reserve’s FOMC meeting expected to conclude tomorrow, crypto investors remain on edge about interest rate decisions. While market analysts predict that rates will stay unchanged, uncertainty surrounding inflation, trade policies, and economic growth continues to fuel volatility.
Bitcoin (BTC) has been fluctuating around $85K as the crypto market is in a volatile phase before the FOMC announcement. Many traders believe a crypto market crash could follow if the Fed signals a prolonged period of high interest rates.
Specifically, higher interest rates usually benefit more traditional types of investments such as bonds and savings accounts. As a result of this, capital is leaked from riskier assets such as cryptocurrencies. Conversely, rate cuts can boost liquidity and drive more money into speculative assets, including Bitcoin and altcoins.
But the Fed has stayed hawkish for a while, keeping rates higher, in order to curb inflation. Under these conditions, the crypto market is struggling, and a lot of investors are expecting relief from rate cuts in 2025. While inflation seems to be cooling, with the U.S CPI falling from 3.1% to 2.8%, this may not be enough to stop the Fed easing its policy.
Incase the Federal Reserve signals that rate cuts are approaching, a surge in altcoin prices could follow. This is because increased liquidity would likely encourage higher risk appetite among traders.
However, if the central bank keeps rates high for an extended period, crypto markets may decline. Tightening financial conditions could drive further losses.
With investors awaiting Powell’s remarks, the next 24 hours could determine whether the market stabilizes or experiences a crypto market crash.
The post Will Crypto Market Crash Tomorrow After Federal Reserve Interest Rate Decision? appeared first on CoinGape.
On March 6, the Cardano Foundation that manages the Cardano ecosystem, announced a strategic collaboration with SERPRO, Brazil’s Federal Data Processing Service, to explore and enhance the application of blockchain technology in the country.
Cardano’s partnership with the world’s largest state-owned Information Technology company, marks a significant step toward the adoption of decentralized technologies in government systems and public services in Brazil.
The partnership will focus on technological innovation, digital infrastructure development, and blockchain education, by combining the SERPRO’s extensive public administration expertise with Cardano’s blockchain technology to drive digital transformation across Brazil’s government services.
SERPRO, Brazil’s leading federal agency for information technology and data security, plays a crucial role in managing and developing digital solutions for various governmental institutions. It processes 33 billion transactions annually and manages more than 30.4 petabytes of data across various cloud platforms The collaboration with the Cardano Foundation is expected to bring new levels of transparency, security, and efficiency to Brazil’s public sector by leveraging blockchain’s potential.
Cardano, a decentralized and open-source blockchain platform, is known for its emphasis on sustainability, scalability, and security. With its research-driven approach, Cardano has been recognized as one of the most innovative blockchain networks globally. By partnering with SERPRO, the Foundation aims to explore practical applications of blockchain in areas such as digital identity verification, secure data management, and fraud prevention.
We’re partnering with @SERPRO—the world’s largest state-owned IT company.
This collaboration brings Cardano’s blockchain to Brazil’s government infrastructure, enhancing security, transparency, and digital service efficiency for millions.
Read more: https://t.co/It40EKzIAG https://t.co/TSKZA4SFEW pic.twitter.com/ZjCIiGxodQ
— Cardano Foundation (@Cardano_CF) March 6, 2025
One of the primary objectives of this collaboration is to integrate blockchain technology into government systems, ensuring that public services become more secure and efficient. Blockchain’s immutable ledger can enhance the transparency of processes such as tax collection, public procurement, and document authentication.
As part of the collaboration, the Cardano Academy program will be launched for SERPRO’s 8,000 employees, including 2,000 developers, with a focus on comprehensive blockchain education and professional development.
In a statement, Cardano Foundation CEO Frederik Gregaard expressed enthusiasm about the partnership, highlighting the potential of blockchain to modernize public administration.
“Blockchain can revolutionize how governments handle data, making transactions more secure, reducing bureaucracy, and increasing public trust. Working with SERPRO gives us a fantastic opportunity to implement real-world use cases in Brazil,” he said.
Brazil has been at the forefront of blockchain adoption in Latin America, with increasing interest from both the private and public sectors. The government has already explored blockchain solutions for tax compliance, real estate transactions, and financial services.
With this new collaboration, the Cardano Foundation and SERPRO aim to accelerate Brazil’s blockchain adoption, positioning the country as a leader in digital innovation. The successful implementation of blockchain-based solutions could serve as a model for other nations looking to modernize their public services.
Thus, the partnership between the Cardano Foundation and SERPRO is a landmark moment for blockchain adoption in Brazil. By integrating blockchain into government systems, this collaboration has the potential to enhance transparency, security, and efficiency across multiple sectors. As blockchain continues to gain traction globally, Brazil’s proactive approach signals its commitment to leveraging emerging technologies for the betterment of its citizens.
With real-world applications set to unfold in the coming months, this partnership is poised to showcase the true potential of blockchain in the public sector. As Brazil continues its digital transformation journey, the collaboration between Cardano and SERPRO is expected to set new benchmarks for blockchain integration worldwide.
The post Cardano Foundation and SERPRO Collaborate to Advance Blockchain in Brazil appeared first on CoinGape.
