Worldcoin: Saving Kenya’s Economy?

The recent launch of Worldcoin has shaken up the cryptocurrency world. This is a new digital currency but is worldcoin saving Kenya’s economy? Coming into play with its innovative approach to identity verification and the tantalizing promise of free WLD tokens.

Founded by Sam Altman, Worldcoin aims to provide global market access to everyone. This is made possible through a verified digital ID, free crypto tokens, and a cryptocurrency wallet. Sam is also  the CEO of OpenAI, the developer of the popular ChatGPT a.i platform,

The platform’s unique selling point is its use of retinal scans. These scans are conducted through special machines called Orbs. These establish a trustless digital identity and combat the rise of AI and robot impersonations.

The allure of receiving free tokens for simply verifying their humanity through eye scanning lures Kenyans. As a result, young people have flocked to Quickmart Outlets in Nairobi. This is where these Orb devices are located thus making it possible to participate in the frenzy.

Participants undergo the eye-scanning process and, upon successful verification, the system rewards them with WLD tokens. They can then use these tokens to purchase various cryptocurrencies on popular exchanges like Binance. The initial value of 25 WLD tokens stood at an enticing Sh7,786 ($55). This provided early adopters with a tangible incentive to jump on board.

However, the journey hasn’t been without its challenges. The value of WLD tokens experienced a rollercoaster ride, doubling shortly after launch but subsequently plummeting by a staggering 90%.

Additionally, the UK’s data regulator has raised concerns about the immutability of blockchain technology and the potential issues surrounding user consent withdrawal.

Worldcoin has managed to garner substantial support from venture capital investors, including names like Reid Hoffman, Andreessen Horowitz, and Coinfund, among others. Currently, a limited number of entities hold a notable concentration of 107 million WLD tokens in circulation, raising questions about the decentralization and democratization of the currency.

As the excitement around Worldcoin grows, the Office of Data Protection Commissioner (ODPC) in Kenya has issued a warning to exercise caution when sharing sensitive personal data with the platform. The ODPC advises Kenyans to fully understand how organizations will utilize their data before proceeding with the eye-scanning process.

Adding to the challenges faced by Worldcoin, the Kenyan government has recently taken a stand against the organization’s activities. The State suspended Worldcoin’s screening of eyeballs in the country and warned against similar entities engaging Kenyans in such practices.

Interior CS Kithure Kindiki cited security concerns and disclosed that relevant security, financial services, and protection agencies are investigating the authenticity and legality of Worldcoin’s activities.

While the promise of Worldcoin as a financial saviour during tough economic times is alluring, Kenyans must tread carefully in this new crypto landscape. The suspension of the eye-scanning registration raises questions about the project’s future in the country.

As the investigation unfolds, the fate of Worldcoin’s ambitions in Kenya hangs in the balance. It remains to be seen whether this cryptocurrency initiative will restore Kenyans’ hope or if regulatory challenges and data privacy concerns will dash their expectations.

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