Over two years ago, Sam Altman, co-founder of OpenAI, launched Worldcoin, a blockchain project known for using a distinctive metal orb to scan eyeballs.

Recently rebranded as World Network, the platform issues digital passports verified through iris scans, which serve to differentiate humans from bots in an AI-driven internet.

Now, a group of crypto veterans, including the co-founders of Lido, are launching Y, a blockchain identity platform aimed to compete with World Network. CoinDesk has an internal document confirming the legitimacy of their project that outlines the vision behind Y, which avoids World Hook’s controversial eyeball-scanning technology.

The project intends to focus on online user activities to verify authenticity rather than relying on biometric data. This shift could address privacy concerns and minimize fraud, moving away from the contentious practices associated with World Network's iris scans.

Long-term Vision

The team behind Y plans to create a Crypto SuperApp allowing users to manage their digital identities privately. This app will bear close resemblance to World Network but will operate under different authentication principles.

Y aims to challenge World Network on multiple fronts, particularly by managing user data more efficiently and securing their privacy. The planning document highlights their strategy of contrasting their practices against the biometric approach of their rival, which has faced bans in various countries due to privacy concerns.

Furthermore, if Y seeks success, it must build significant user numbers to compete effectively against World, which onboarded over 15 million users since its launch in 2023. With Lido's established clout in decentralized finance, the project has a potential advantage to attract new users displaced by privacy fears associated with World Network.