Introduction: In this blog post, we will
thoroughly analyze and delve into the trending topic of Worldcoin, a
revolutionary cryptocurrency that has been making waves in the digital
financial landscape. For those familiar with other forms of cryptocurrency,
understanding Worldcoin is relatively straightforward. However, what sets it
apart and has sparked some controversy is the unique feature of scanning an
individual’s iris using the ORB, along with Kenyans selling the tokens
immediately after registration.
The brainchild of OpenAI’s Chief Executive, Sam Altman, along
with Max Novendstern and Alex Blania, the Worldcoin project is backed by the
same company that developed ChatGPT, the rapidly growing artificial
intelligence app.
To fully comprehend Worldcoin and its functionalities, we
need to explore its three core components: the Orb, the World App, and the
World ID. Each of these components plays a vital role in acquiring,
registering, and selling the cryptocurrency.
Table of Contents
- The
Orb: Scanning for Identity
- World
App: Your Gateway to Worldcoin
- World
ID: An Anonymous Passport
- Kenya’s
Suspension of Worldcoin Onboarding
- Ensuring
Safety: Data Privacy Concerns
- Trading
Worldcoin on Binance
- Exchanging
Worldcoin for Money in Kenya
- Conclusion:
The Future of Worldcoin
1. The Orb: Scanning for Identity
The Orb, an oval-shaped device, is a crucial component in
the Worldcoin ecosystem. Operators use it to scan an individual’s image and
iris to confirm their identity as a human. As each person possesses a unique
iris pattern, similar to a fingerprint, the Orb’s biometric scanning adds an
additional layer of security to the platform.
2. World App: Your Gateway to Worldcoin
The World App serves as the gateway for users to access the
Worldcoin ecosystem. Available for download on both Play Store and App Store, the
World App enables users to onboard themselves for Worldcoin purchases and
redeem the tokens offered upon registration.
3. World ID: An Anonymous Passport
Think of the World ID as a digital passport that facilitates
secure transactions while maintaining anonymity. It is a unique identifier
issued only after verification through the World App and the Orb’s scanning
process.
4. Kenya’s Suspension of Worldcoin Onboarding
The uptake of Worldcoin in Kenya was significant, leading to
long queues in shopping malls and supermarkets as people rushed to register.
However, the government raised concerns that citizens may not fully comprehend
the asset they were exchanging during registration.
5. Ensuring Safety: Data Privacy Concerns
Worldcoin’s data privacy terms state that the collected
data, including images and iris patterns, is permanently deleted. However, some
users, in their haste to obtain quick cash, may overlook the option to opt-in
for data custody. Worldcoin assures users that data can be stored securely and
consent can be revoked at any time.
6. Trading Worldcoin on Binance
Currently, Worldcoin (WLD) is trading at $2.4. The value may
fluctuate based on the adoption rate in other countries. Kenya has already
registered over 300,000 users.
7. Exchanging Worldcoin for Money in Kenya
After obtaining the World ID and receiving the initial
allocation of 25 World Coins, users have the option to sell them on the market.
As each World Coin is valued at $2.4 (approximately Ksh 340), selling 25 WLD
can amount to around Ksh 8500. After selling, users can withdraw the money from
their Binance wallet to their M-Pesa.
8. Conclusion: The Future of Worldcoin
As with any cryptocurrency, the future of Worldcoin is
uncertain. It could either increase in value or not gain significant traction.
The Kenyan government’s decision to suspend onboarding was aimed at protecting
citizens until more awareness and understanding about Worldcoin are
established. The platform assures data privacy, using collected data only for
its intended purpose.
In conclusion, Worldcoin’s potential impact on the global
financial landscape is yet to be fully realized. The project’s success will
depend on its acceptance in other countries and positive uptake among users. As
we observe its growth, we can better assess whether Worldcoin will emerge as a
game-changer or face challenges in the ever-evolving world of cryptocurrency.