Sam Altman's novel cryptocurrency, Worldcoin, employs its exclusive 'orbs' for eye scanning.
These orbs are dispersed globally, spanning 18 countries and 119 locations.
In Africa, Worldcoin operates exclusively in Kenya and Uganda, adding a unique dimension to the cryptocurrency landscape.
In Kenya, over 350K individuals have enrolled in Worldcoin. In recent weeks, long queues have become a common sight as people eagerly register.
However, on August 2, Interior CS Kithure Kindiki suspended Worldcoin activities in the country due to an ongoing investigation.
"Accordingly, the government has suspended forthwith, activities of Worldcoin and any other entity that may be similarly engaging the people of Kenya until relevant public agencies certify the absence of any risks to the general public whatsoever," He said.
In the Kasarani area, a significant number of people woke up on August 2 with the intention of registering for Worldcoin, only to find out that it had been suspended by Kindiki.
How much does one get for signing up with Worldcoin?
The future value of WLD is uncertain and lacks guarantees, mirroring the nature of other digital assets.
Just like these assets, the Worldcoin token's value is subject to fluctuations, potentially significant ones. Its valuation will likely hinge on diverse factors beyond any single group's control.
These factors encompass the total World ID holders, the innovative applications crafted by the developer community, and the token's overall circulation.
In Kenya, individuals registering for Worldcoin are receiving up to Sh7K, which elucidates the long queues observed at numerous major malls in Nairobi.
Risks of signing up with Worldcoin
Following Kindiki's announcement of Worldcoin's suspension in Kenya, Foreign Affairs CS Alfred Mutua tweeted, urging everyone to collaborate in preventing Kenyans from being exploited and their data collected.
"Being paid is important but you have to ask yourself why your eyes are being scanned and information gathered," he tweeted.
He questioned the implications of signing up for Worldcoin on the future generations of those who are registering for it.
One should keep the following in mind when signing up for Worldcoin:
Fraud
The spectre of financial losses due to fraud and cybercriminal activities casts a shadow over the world of digital currency.
This ongoing concern is fueled by the lack of established regulatory bodies to monitor and safeguard people's financial transactions involving digital currencies.
As a consequence, users are left exposed and vulnerable to potential fraudulent schemes and cyber-attacks.
The decentralised nature of many digital currencies, while offering unparalleled financial freedom, comes with inherent risks in terms of security and consumer protection.
Without a centralised authority to oversee transactions and enforce regulations, the onus falls on users to navigate the digital currency landscape cautiously.
Loss of data privacy
The Worldcoin iris scan feature to submit personal data for verification raises legitimate concerns about data privacy.
Users must carefully consider the implications of sharing their basic details, as data privacy breaches could occur if not handled with utmost caution.
While Worldcoin's team undoubtedly intends to protect user data, the possibility of data being shared with third parties raises valid questions about data security and control
Volatility in exchange rates
The potential widespread adoption of the Worldcoin project as an alternative payment method brings both excitement and concerns for global financial markets.
As more individuals and businesses embrace Worldcoin, its exchange rates with fiat currencies are likely to experience fluctuations.
The nature of digital currencies can lead to rapid price changes, resulting in increased volatility in the financial markets.
Money laundering
The absence of consumer protection and regulation in the Worldcoin project does raise valid concerns regarding accountability and potential risks.
Without clear oversight from established governing bodies, users may lack essential safeguards, leaving them vulnerable to various issues, including financial disputes and fraudulent activities.
The lack of accountability to governmental bodies also opens the possibility for criminal activities, such as money laundering, to take advantage of the decentralised nature of digital currencies.
The anonymity and borderless nature of transactions can attract malicious actors seeking to exploit the system for illicit gains.