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Lido and several other crypto enthusiasts plan to launch the "Y" project, competing with Sam Altman's World Network

Lido and several other crypto enthusiasts plan to launch the "Y" project, competing with Sam Altman's World Network

Bitget2024/11/18 14:29

According to CoinDesk, a group of crypto veterans including the co-founder of decentralized finance giant Lido are preparing to launch "Y", a blockchain identity platform aimed at competing with Sam Altman's World Network (formerly Worldcoin). The media obtained an internal planning document for the new project. A person closely associated with Cyber Fund, a venture capital firm led by Lido co-founders Konstantin Lomashuk and Vasiliy Shapovalov, confirmed that the document is authentic. It outlines a vision for a new blockchain-based identity platform that will bypass Orb, World Company's controversial eyeball scanning device.

Ekram Ahmed, Director of Marketing and Communications for blockchain infrastructure project Celestia revealed he would also join Project Y as an advisor. Ahmed stated that the upcoming project has no other connection with Celestia. The document titled "Y VS WorldCoin" describes how Project Y plans to leverage controversies surrounding World Network to attract users; instead of using biometric data, it will use traces left by people when they use the internet to verify if they are human. According to Project Y's planning document, this approach solves privacy risks and minimizes fraud.

Over time, creators of Project Y apparently plan on building an "encrypted super app allowing users privately build and profit from their digital identities". Details about implementation in Project Y’s documents are scarce but focus more on marketing it as “a direct competitor against WorldCoin”.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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