There are many issues facing the newly launched cryptocurrency, Worldcoin. The main problem seems to be related to the project's goals and objectives. Apparently, Worldcoin aims to solve the issue of identity recognition between humans and AI on a global scale. To achieve this, they plan to create a technological device called the Worldcoin Orb. Once this device identifies a person, they will be given a World ID.
However, many issues have started arising for the Worldcoin project. The first is that countries are launching investigations into the operations of Worldcoin. Many countries consider their identification techniques to go against their regulations in the country.
England and France have initiated investigations into Worldcoin's biometric verifications. The Worldcoin project developers were still processing this news when Kenya added another surprise by announcing that they would suspend Worldcoin operations in the country.
Kenya Suspends Worldcoin Operations
Worldcoin was launched in several African countries, including Kenya. The project developers have stated that Worldcoin is unavailable in the United States.
Despite aiming to enhance identification and connect people worldwide, the project's website indicates that the United States has been left behind. However, other countries have expressed concerns about the cryptocurrency project, including Kenya, which has recently imposed restrictions on Worldcoin.
Kenya's interior ministry announced on Wednesday, confirming they will be suspending the local operations of Worldcoin. Apparently, the Kenyan government is mainly concerned with how Worldcoin identifies people. They usually do this by scanning the unique part of the iris in the eyes. It appears the Kenyan government is against it. Hence, they declared restrictions on Worldcoin operations with immediate effect.
"The Kenyan government is concerned about the ongoing activities of the project, which calls itself Worldcoin, which is involved in the registration of citizens through the collection of iris data.
At this point, the relevant financial, security and data protection services have started investigations to ensure the legitimacy and data protection of the project," Interior Minister Kithure Kindiki said.
Worldcoin's Implementation
The Worldcoin project claims to give everyone access to the global economy. It is an open-source project with governance that allows users to help make decisions on the platform. The Worldcoin project uses a technology called Worldcoin orb to connect users worldwide.
Upon downloading the app, users are prompted to sign up and verify their identity using a technology called Orb. This involves placing their device in front of their face to scan their irises. Once confirmed, the user is provided with a unique World ID that connects them to the platform. It's worth noting that US users cannot access this platform since its launch.
Already, Worldcoin managed to get listed on the biggest crypto exchange, Binance. Worldcoin price is currently at $2.45, and it looks good. Since launching in July ending, Worldcoin has increased by more than 47%. While it faces backlash in many countries, traders will like it to keep the momentum.