What you need to know about The Worldcoin<\/p>\n
A. What is it?<\/p>\n
\u25aa\ufe0fThis is a crypto project with a confluence of cryptocurrency, blockchain and artificial intelligence technologies<\/p>\n
\u25aa\ufe0fIt’s aimed at building a BIOMETRIC Global Identity and Financial System<\/p>\n
\u25aa\ufe0fThe BIOMETRIC Global Identity will serve as a “proof-of-personhood” in the AI Driven Financial System<\/p>\n
B. It has 4 Major Components<\/p>\n
\u25aa\ufe0fOrb: This is BIOMETRIC device which is being used to scan the iris in the rerina (in the eye \ud83d\udc41)<\/p>\n
The above is like taking your fingerprints which further confirms your identity (think of when taking an ID Card or Passport)<\/p>\n
By the way, Iris (\ud83d\udc41) are also unique to every person<\/p>\n
\u25aa\ufe0fWorld ID: After the scan, the system is automatically generating a unique digital identity number<\/p>\n
So, after the scan, a unique ID is generated automatically by the system<\/p>\n
The scanned iris will be the gateway to the Worldcoin<\/p>\n
\u25aa\ufe0fWLD: This is the token which is issued after the registration is completed upon the scanning of the iris<\/p>\n
Now, the WLD supply has been capped to 10 Billion TOKENS for the initiation 15 years<\/p>\n
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<\/p>\n
\u25aa\ufe0fWorld App: This is the app for powering payments and DApps.<\/p>\n
By the way, the overall objective is to have the entire global population registered through the scanning of the Iris \ud83d\udc41<\/p>\n
C. Some Concerns though!!!<\/p>\n
1. Data Privacy: Although the team behind the project has assured of its data privacy; loss of data privacy cannot be ruled out<\/p>\n
The data could even be sold to third parties. The system can be hacked to steal the data!<\/p>\n
Biometrics data with third parties can be used for fraudulent activities<\/p>\n
Same data can also be used for other purposes rather than what it was intended for hence endangering the subscribers<\/p>\n
2. Security concerns<\/p>\n
As described above, BIOMETRIC data is the key to the Worldcoin<\/p>\n
Unfortunately, biometric data given to companies in an ecosystem that doesn’t have a proper regulator or framework can be misused<\/p>\n
Such data has been misused previously, hence compromising the security of the biometric owners<\/p>\n
3. Price volatility<\/p>\n
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<\/p>\n
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<\/p>\n
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<\/p>\n
4. There remains little or no established legal framework or regulatory bodies to monitor digital currencies. This therefore exposes the users.<\/p>\n
Same with the digital biometrics. No proper regulatory framework exists in majority of the countries to govern such<\/p>\n
This thus exposes the population.<\/p>\n
Via Elijah K. Samuel Kirichu
\nData Analyst<\/p>\n","protected":false},"excerpt":{"rendered":"
What you need to know about The Worldcoin A. What is it? \u25aa\ufe0fThis is a crypto project with a confluence of cryptocurrency, blockchain and artificial intelligence technologies \u25aa\ufe0fIt’s aimed at building a BIOMETRIC Global Identity and Financial System \u25aa\ufe0fThe BIOMETRIC Global Identity will serve as a “proof-of-personhood” in the AI Driven Financial System B. It […]<\/p>\n","protected":false},"author":18389,"featured_media":77264,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[2070],"tags":[],"class_list":["post-58312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banks-and-money"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/newsblaze.co.ke\/wp-json\/wp\/v2\/posts\/58312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsblaze.co.ke\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsblaze.co.ke\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsblaze.co.ke\/wp-json\/wp\/v2\/users\/18389"}],"replies":[{"embeddable":true,"href":"https:\/\/newsblaze.co.ke\/wp-json\/wp\/v2\/comments?post=58312"}],"version-history":[{"count":0,"href":"https:\/\/newsblaze.co.ke\/wp-json\/wp\/v2\/posts\/58312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsblaze.co.ke\/wp-json\/wp\/v2\/media\/77264"}],"wp:attachment":[{"href":"https:\/\/newsblaze.co.ke\/wp-json\/wp\/v2\/media?parent=58312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsblaze.co.ke\/wp-json\/wp\/v2\/categories?post=58312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsblaze.co.ke\/wp-json\/wp\/v2\/tags?post=58312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}