Nairobi News

GeneralHashtagHustleMust ReadNewsWhat's Hot

Explainer: What is worldcoin and why is everyone buzzing about it?

There is growing skepticism around a trending cryptocurrency called Worldcoin.

On Friday, July 28, 2023, the Office of the Data Protection Commissioner (ODPC) released a statement asking Kenyans to be extra vigilant when engaging with Worldcoin.

It further asked Kenyans to offer information on some of the details mined by the application.

“The ODPC is aware that Worldcoin has now been launched and is processing sensitive personal data in a manner that requires a demonstration of proper safeguards under the Protection Act, 2019,” the statement read in part.

Also read: Telegram CEO explains how to safely use cryptocurrency without losing it

The statement asked Kenyans to be extra vigilant when issuing their details especially on the application.

Worldcoin is an Iris biometric cryptocurrency project developed by San Francisco and Berlin-based Tools for Humanity.

It was founded in 2019 by OpenAI chief executive Sam Altman, Max Novendstern, and Alex Blania. It is backed by VC Andreessen Horowitz.

“More than three years ago we founded Worldcoin with the ambition of creating a new identity and financial network owned by everyone; the rollout begins today. If successful, we believe Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, enable global democratic processes, and eventually show a potential path to AI-funded UBI,” Worldcoin states in its website.

Also read: Cryptocurrency group ‘hack’ Raila aide Phillip Etale’s Twitter account

It consists of a privacy-preserving digital identity (World ID) and, where laws allow, a digital currency (WLD) received simply for being human.

OpenAI CEO Sam Altman recently launched his latest venture: Worldcoin, a cryptocurrency that requires scanning your eyes with a device called an “orb.” The project, founded three years ago, is now ready for the world to experience.

One can go ahead and download WorldApp, the first protocol-compatible wallet, and get the share reserved.

Once one downloads it, they receive a biometric verification device and a World ID, which they will use to access the application.

“This lets you prove you are a real and unique person online while remaining completely private. As the global distribution of Orbs is ramping up, you can find the closest one and book time to be verified with World App and at,” the statement further reads.

Also read: Government advises Nigerians from engaging in the Invisible TikTok challenge

The starters of the application and system say that the journey to make savings will be challenging as the outcome is uncertain.

However, it encourages people to find new ways to share the coming technological prosperity broadly.

Over 3 million people are using the application to make strides in the business market.

In Kenya, the worldcoin has already become a discussion amongst citizens as to how one receives cash after registering.

Some places where one can get the cash include; Maasai Mall, The Hub, Signature Mall, The Nextgen Mall, Imaara Shopping Mall, Southfield Mall, Imaara Mall and Camp Toyoyo.

Others are; Sarit Center, Garden City, Unicity Mall, Spur Mall and Ananas Mall.

Immediately one registers the application. They can make up to Sh5,000 from the 25 coins they receive after registration.

Also read: Revealed: All about Anonymous Sudan, group hacking government websites