What you need to know about The Worldcoin
A. What is it?
▪️This is a crypto project with a confluence of cryptocurrency, blockchain and artificial intelligence technologies
▪️It’s aimed at building a BIOMETRIC Global Identity and Financial System
▪️The BIOMETRIC Global Identity will serve as a “proof-of-personhood” in the AI Driven Financial System
B. It has 4 Major Components
▪️Orb: This is BIOMETRIC device which is being used to scan the iris in the rerina (in the eye 👁)
The above is like taking your fingerprints which further confirms your identity (think of when taking an ID Card or Passport)
By the way, Iris (👁) are also unique to every person
▪️World ID: After the scan, the system is automatically generating a unique digital identity number
So, after the scan, a unique ID is generated automatically by the system
The scanned iris will be the gateway to the Worldcoin
▪️WLD: This is the token which is issued after the registration is completed upon the scanning of the iris
Now, the WLD supply has been capped to 10 Billion TOKENS for the initiation 15 years
Of the above token, 75% has been earmarked for the “community”, 10% to the initial development team, 13% to the investors and 2% for reserve
▪️World App: This is the app for powering payments and DApps.
By the way, the overall objective is to have the entire global population registered through the scanning of the Iris 👁
C. Some Concerns though!!!
1. Data Privacy: Although the team behind the project has assured of its data privacy; loss of data privacy cannot be ruled out
The data could even be sold to third parties. The system can be hacked to steal the data!
Biometrics data with third parties can be used for fraudulent activities
Same data can also be used for other purposes rather than what it was intended for hence endangering the subscribers
2. Security concerns
As described above, BIOMETRIC data is the key to the Worldcoin
Unfortunately, biometric data given to companies in an ecosystem that doesn’t have a proper regulator or framework can be misused
Such data has been misused previously, hence compromising the security of the biometric owners
3. Price volatility
Although this affects major trading activities, the performance of the Worldcoin in the past few days after its lauch points to a highly volatile situation
On its first day of lauch, it soared to a high of 3.3 USD but this has significantly dipped by almost 35% in less than 2 weeks
The Worldcoin as earlier indicated has been capped at 10 Billion Coins, hence a market cap of roughly 22 Billion USD. This makes the chances of any significant increases very limited
4. There remains little or no established legal framework or regulatory bodies to monitor digital currencies. This therefore exposes the users.
Same with the digital biometrics. No proper regulatory framework exists in majority of the countries to govern such
This thus exposes the population.
Via Elijah K. Samuel Kirichu