What is the Craze About Worldcoin Cryptocurrency Data Collection Sessions?

Police have been roped in to investigate the Worldcoin cryptocurrency data collection sessions.

The officers visited City Hall on Wednesday to seek information on who booked spaces at KICC grounds and Quickmart outlets to enable the organizers to collect the data.

Officials said the exercise was contrary to advice from the Office of the Data Protection Commissioner for Kenyans not to give their information.

Detectives from Nairobi Area and DCI headquarters want to understand the motive behind the exercise.

They have teamed up with those from Data Protection Commissioner in the probe and expect to record statements from the organizers of the exercise.

Read: Data Protection Commissioner Urges Caution As Worldcoin’s Iris Data Processing Platform Goes Live

Thousands turned up for a chance to earn Worldcoin Cryptocurrency tokens on Tuesday. In return, they willingly eyed an orb and had their eye biometrics scanned. The mostly youthful Kenyans scanned their eyeballs in exchange for Sh7,000 and signed up for the Worldcoin cryptocurrency in what has become an internet buzz this week in Nairobi.

Police arrived and dispersed the people who had queued up at KICC, citing security concerns as the main reason for stopping the process, which has been going on for days.

Users of Worldcoin, which went live on July 24, receive free tokens known as WLD, for proving humanity by having their eyes scanned by devices placed in specific locations across about 35 nations worldwide.

The currency is led by US-based techpreneur Sam Altman who is also the CEO of the popular Open AI that created ChatGPT.

Those who receive the tokens may transfer them to recognized cryptocurrency exchanges like Binance and use them to purchase other cryptocurrencies, which can then be withdrawn via liquidity providers on those platforms or sold to other users, generating cash.

Read Also: CMA Warns Kenyans Against Investing With Cryptocurrency Company Fxbitinvest

The value of each Worldcoin token at the end of the first day of introduction was $2.1 (Sh299). Everybody who scans their iris on a Worldcoin shiny orb receives 25 World- coin tokens, which are worth around $54.

It is a crypto wallet app launched on July 24, 2023. It uses a combination of cryptocurrency and biometric registration to create a new kind of global identity service.

Worldcoin was co-founded by Open AI CEO Sam Altman. It aims to create a global financial network and identity by showing proof of personhood.

How Worldcoin works

Worldcoin uses advanced artificial intelligence and creates a sort of digital passport to reduce the confusion brought by the birth of Artificial Intelligence (AI).

According to the co-founder, Worldcoin contributes to conversations about how individuals can share access, benefits and governance of future AI systems.

Worldcoin platform verifies its users by scanning their iris to create a personal and secured identification code.

“The goal is simple, the global financial platform identifies networks based on proof of personhood and most importantly in this AI era,” Altman said during the launch.

How to use Worldcoin

Worldcoin uses World ID which is created by an iris scanning device named Orb to verify its users while maintaining their privacy.

Orb scans an end user’s iris and uses its structure to design a unique identification code called IrisCode.

The IrisCode aims to prevent duplication of World ID.

The Worldcoin blockchains add each World ID which enables its users to securely identify themselves.

Worldcoin enables its users to make purchases, transfers and payments using Worldcoin tokens.

Users can verify themselves on any third-party application due to its crypto wallet functions.

Its users will lose their data privacy privileges by submitting their personal biometrics that acts as proof of humanness.

According to Ethereum founder, Vitalik Buterin, he argues that Worldcoin scans could be harvesting more information than they are letting on.

Users risk being victims of fraud and cyberattacks due to the unavailability of established regulatory bodies that monitor people’s financial transactions.’