Lido Founders Launch Y Blockchain Authentication Platform to Compete with World Network
Plans are underway to launch a blockchain authentication platform named “Y,” designed to compete with Sam Altman’s World Network. Y will adopt a different approach to data security, avoiding biometric methods like iris scanning used by World Network.
Y’s Privacy-Focused Approach to Authentication
Y originates from a group of crypto veterans, including Konstantin Lomashuk and Vasiliy Shapovalov, co-founders of DeFi giant Lido. The platform aims to provide an alternative to World Network by not using iris scans for user verification, which World Network employs to differentiate humans from bots.
Instead, Y will utilize traces left by users while browsing the internet as a verification method. This strategy may reduce fraud and mitigate privacy concerns associated with biometric data.
Y intends to capitalize on user apprehensions regarding World Network, particularly issues related to privacy violations and the controversial recruitment practices surrounding biometric scanning technology. Several countries, including Portugal, Kenya, and Spain, have banned the use of World Network's scanning device despite its encryption claims.
Can Y Rival World Network?
Y envisions a “Crypto SuperApp” enabling users to build and monetize their digital identities privately. However, detailed implementation plans remain scarce, with developers focusing primarily on marketing efforts.
Both Y and World Network provide identity-based blockchain solutions, but they differ in user verification methods. While World Network uses biometric data to issue “World IDs,” Y will rely on data from users’ social media and blockchain interactions.
Y will also incorporate the Ethereum Attestation Service to verify specific data accuracy, aiming to eliminate risks associated with biometric data leaks and fraud opportunities.
Experts note that Y has considerable ground to cover to match World Network's user base, which exceeds 15 million, with around 7 million authenticated users via the Orb. Suggestions for Y to accelerate growth include leveraging connections with Lido and other blockchain validator firms.