Monat: August 2024

• Malaysia adopts Worldcoin’s iris scan tech for national digital ID verification.
• The collaboration aims to integrate Worldcoin tech into Malaysia’s digital infrastructure.
• Global privacy concerns and scrutiny persist amid Worldcoin’s expansion efforts.

Malaysia has officially adopted Worldcoin’s iris scan technology for personal verification, marking a major milestone in the nation’s digital transformation strategy.

This move is part of a broader effort to enhance digital infrastructure and improve the verification of digital credentials across the country.

Just in: Worldcoin & MIMOS are partnering to bring digital proof of humanness to Malaysia 🇲🇾 pic.twitter.com/16azSu4hZH

— Worldcoin (@worldcoin) August 16, 2024

Integrating Worldcoin tech into Malaysia’s digital infrastructure

The initiative results from a collaboration between the Worldcoin Foundation, Tools for Humanity (TFH), MyEG, and MIMOS Berhad, the Malaysian government’s application research and development arm.

The partnership aims to integrate Worldcoin’s advanced biometric verification system into Malaysia’s digital ecosystem, providing a secure and efficient method for verifying individual identities, known as “proof of humanness.”

This collaboration extends beyond just identity verification. Potential future developments include joint manufacturing of the “Orb,” the device used for iris scans, and integrating Worldcoin’s blockchain technology with Malaysia’s National Blockchain Infrastructure.

The partnership also emphasizes the open-source availability of Worldcoin’s technology, ensuring transparency and fostering innovation.

Worldcoin continues to expand despite regulatory challenges

While adopting Worldcoin technology is seen as a forward-looking step, it comes amid global scrutiny. Several countries have raised concerns over privacy and data security related to biometric data collection.

For instance, the Bavarian State Office for Data Protection Supervision in Germany and the Office of the Privacy Commissioner for Personal Data in Hong Kong have both investigated Worldcoin’s operations.

In some regions, such as Spain and Hong Kong, these concerns have temporarily suspended Worldcoin’s services.

Despite these challenges, Worldcoin continues to push for global expansion, working to comply with local privacy laws and address regulatory concerns. Malaysia’s adoption of this technology underscores the nation’s commitment to leveraging cutting-edge solutions for national development, though it remains to be seen how the global controversies will impact its implementation.

The post Malaysia adopts Worldcoin’s iris scan technology for digital verification appeared first on CoinJournal.

• Arbitrum DAO approves a proposal targeting ARB utility and enhancing treasury security.
• The proposal introduces ARB token staking and retaking using stARB tokens.
• Measures aim to address ARB token underperformance and strengthen the DAO structure.

The Arbitrum DAO has taken a significant step to strengthen its ecosystem by approving a proposal focused on boosting the utility of the ARB token and enhancing governance security.

Garnering an overwhelming 91% approval from over 25,000 participants, the proposal introduces ARB staking and a new liquidity-staking token, stARB, as part of a strategic initiative to address token underperformance and secure the DAO’s growing treasury.

Introduction of a new ARB staking and restaking mechanism

The core of the newly approved proposal is designed to unlock the utility of the Arbitrum (ARB) token by enabling a staking mechanism.

This initiative allows ARB tokenholders to stake and delegate their tokens in exchange for stARB, a liquidity-staking token introduced through the Tally protocol.

The stARB token offers automatic compounding of future rewards, restaking options, and compatibility with various decentralized finance (DeFi) applications, thereby integrating more deeply into the DeFi ecosystem.

While the proposal stops short of immediately distributing fees to token holders, it sets the stage for future benefits. By staking ARB tokens and actively participating in delegation, holders will eventually be eligible to receive surplus sequencer fees.

This mechanism is expected to incentivize greater voter participation within the DAO, addressing the current issue of low engagement among ARB token holders.

A key concern highlighted in the proposal is the underperformance of the ARB token in terms of value accrual. Currently, less than 1% of ARB tokens are actively utilized within the on-chain ecosystem, and voter participation has seen a decline since the DAO’s inception.

The proposal also emphasizes the need to protect the Arbitrum treasury, which has become an increasingly attractive target for potential governance attacks.

By implementing the staking mechanism and encouraging active delegation, the DAO aims to create a more secure governance structure.

This proactive approach is crucial for safeguarding the treasury and ensuring the integrity of the governance process, marking a significant milestone in the ongoing development of the Arbitrum ecosystem.

The post Arbitrum DAO okays proposal to boost ARB performance and treasury security appeared first on CoinJournal.