What Is World Coin?
After three years of development, Worldcoin, the digital identification platform co-founded by OpenAI CEO Sam Altman, has finally gained traction in Kenya.
The platform aims to provide everyone with a verified digital identity supported by a unique cryptocurrency token, Worldcoin (WLD) and crypto wallet software.
However, the crypto community has praised and criticized Worldcoin's novel solution, which depends on iris scanning for identity verification.
What Is Worldcoin, and How Does It Function?
According to Forbes Advisory, Worldcoin is a digital identification platform that aims to provide a convenient and safe mechanism for distinguishing genuine persons online from bots and AI algorithms.
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The platform's heart is "World ID," evidence of personhood established by iris scanning with the Orb device.
The Orb detects a user's distinct iris pattern and generates an anonymous IrisCode stored on a decentralized blockchain.
This function prevents users from obtaining numerous World IDs, ensuring each identity is unique.
Users can access and maintain their World IDs using the "World App," a crypto wallet that gives users access to decentralized finance applications while protecting their privacy.
Along with World ID, the program supports a variety of cryptocurrencies such as Bitcoin, Ethereum, and USDC.
Users obtain access to the WLD cryptocurrency token when they create their World ID and download the World App.
The entire quantity of WLD is set at 10 billion tokens, distributed over 15 years. There are currently 143 million WLD in circulation, with a share reserved for confirmed World App users and market makers.
Why Iris Scanning, and What Are the Risks?
The use of iris scanning technology to authenticate users' identities distinguishes Worldcoin.
As opposed to other biometric technologies, such as fingerprint scanning, Iris scanning provides a secure and different identification approach.
Because each individual's iris pattern is distinct, it is difficult to fabricate or copy.
However, this novel method has sparked criticism and alarm.
Vitalik Buterin, the inventor of Ethereum, has questioned the potential privacy and security dangers linked with iris scans, implying that more information may be captured than disclosed.
There are also fears that someone may scan another person's iris without their agreement to identify if they have a World ID, which raises ethical difficulties.
Despite such concerns, Worldcoin is devoted to its aim of bridging the gap between humans and artificial intelligence in an increasingly digital environment.
Kenya's Role on the African Launching Grounds
Kenya has been picked as one of the inaugural sites for Worldcoin's Orb scanning operations as part of its formal debut. The platform's presence in Nairobi represents the platform's first venture into Africa.
With its rising tech-savvy population and innovative mentality, Kenya is an ideal place to launch Worldcoin's unique identity verification method.
Long lines for new signees have recently been observed in various locations of Kenya, particularly in Nairobi.
The platform's lofty ambitions of empowering individuals with digital identities have piqued users' interest, with over 2 million sign-ups during its beta testing phase.
Kenyans and other African users have responded positively, reflecting the region's growing interest in cryptocurrencies and digital technologies.
