• Worldcoin, the digital identification platform co-founded by OpenAI CEO Sam Altman, has officially caught pace in Kenya after three years in development.
• The platform's goal is to provide every individual on Earth with a verified digital identity, backed by a unique cryptocurrency token called Worldcoin (WLD) and a crypto wallet app.
Worldcoin, the digital identification platform co-founded by OpenAI CEO Sam Altman, has officially caught pace in Kenya after three years in development.
The platform's goal is to provide every individual on Earth with a verified digital identity, backed by a unique cryptocurrency token called Worldcoin (WLD) and a crypto wallet app.
However, Worldcoin's innovative approach, which relies on iris scanning for identity verification, has raised eyebrows and drawn both admiration and criticism from the crypto community.
What Is Worldcoin and How Does It Work?
According to Forbes Advisory, Worldcoin is a digital identification platform aiming to offer a convenient and secure method for verifying real humans online, differentiating them from bots and AI algorithms.
At the core of the platform is "World ID," a proof of personhood created through iris scanning using a device called the Orb.
The Orb captures a user's unique iris pattern and generates an anonymous IrisCode, which is stored on a decentralized blockchain.
This code helps prevent users from acquiring multiple World IDs, ensuring the uniqueness of each identity.
Users access and manage their World ID through the "World App," a crypto wallet that provides access to decentralized finance applications while preserving user privacy.
Alongside World ID, the app supports various cryptocurrencies, including Bitcoin, Ethereum, and USDC.
As users create their World ID and download the World App, they gain access to the WLD cryptocurrency token.
The total supply of WLD is set at 10 billion tokens to be issued over 15 years. Currently, 143 million WLD are in circulation, with a portion allocated to verified World App users and market makers.
Why Iris Scanning and the Risks Involved?
Worldcoin's unique selling point lies in its use of iris scanning technology to verify users' identities.
Unlike traditional biometric methods, such as fingerprint scanning, iris scanning offers a highly secure and distinct identification method.
Each person's iris pattern is unique, making it difficult to forge or replicate.
However, this innovative approach has drawn criticism and concerns.
Ethereum founder Vitalik Buterin has questioned the potential privacy and security risks associated with iris scans, suggesting that more information could be harvested than disclosed.
There are also concerns that someone could potentially scan another person's iris without consent to determine if they possess a World ID, raising ethical implications.
Despite such criticisms, Worldcoin is committed to its mission of bridging the gap between humans and AI in an increasingly digital world.
The African Launch Grounds: Kenya's Role
Worldcoin's official launch has chosen Kenya as one of the initial sites for its Orb scanning operations. The platform's presence in Nairobi marks its first foray into Africa.
Kenya, with its growing tech-savvy population and innovative spirit, provides a fertile ground for the introduction of Worldcoin's unique identity verification system.
Long queues for new signees have recently been witnessed in many parts of Kenya, especially Nairobi.
The platform's ambitious goals to empower individuals with digital identities have resonated with users, garnering over 2 million sign-ups during its beta testing phase.
The welcoming response from Kenyans and other African users reflects the region's increasing interest in cryptocurrencies and digital technologies.
While the project faces scrutiny and debate, Worldcoin's journey has just begun.
Its success in Kenya and beyond will be a key point of discussion in the ever-evolving crypto world, as it navigates the challenges and opportunities of redefining digital identity verification for the AI era.