Regulation’s Impact on WEB3 Technology: Privacy, Security, and Innovation.

Marketland.io
2 min readFeb 22, 2024

In recent weeks, we have witnessed how technology advances by leaps and bounds. Therefore, we want to address the recent news about WorldCoin, an initiative founded by Sam Altman (CEO), which has sparked controversy by offering a few hundred dollars in exchange for scanning, and yes, selling a person’s iris. This practice is intended to be used in the future as a method of verification or identification in both physical and digital realms.

Often, society quickly adopts technology without fully understanding its risks and benefits. This typically happens when incentives are offered, as in the case of WorldCoin, which pays for the sale of iris scan information, or with products like Apple Vision Pro, which have generated great enthusiasm by providing virtually unlimited entertainment through augmented reality.

All of this leads us to question the utility, productivity, and, above all, the security and privacy of these technologies. For example, is it ethical to sell biometric data for a few hundred dollars? Do younger generations truly understand the implications of sharing personal information? This dilemma was raised by a Spanish mother who felt outraged because her son sold his iris for a sum of money, without considering the consequences in terms of privacy, security, and control.

Regarding the realm of blockchain technology, it has been designed to offer greater decentralization and freedom in capital transfers. However, protocols like Monero (XMR) or TornadoCash have come under scrutiny from authorities because they promote anonymity and privacy in transactions, challenging the regulator’s control over certain aspects of the economic system.

In light of this, the question arises of whether technological regulation truly aims to provide us with security and protection, or if its true purpose is to gain more control over our digital lives. On the other hand, we see people of all ages using augmented reality for recreational purposes, which, in my personal opinion, can lead to isolation and social disconnection.

All of this leads us to reflect on how technology should be regulated and which aspects should be regulated. If we look back in time, let’s imagine what would have happened if, during the invention of fire, its use had been prohibited due to being considered dangerous. Nowadays, we observe regulators focusing on controlling innovation and technology, rather than promoting its positive development and productive impact on society.

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