Cryptocurrency with a twist

Cryptocurrency with a twist

Worldcoin, which was launched on July 24, is an international cryptocurrency agency awarding its users with “free tokens” referred to as WLD once they verify their humanity by scanning their eyeballs.
To get the money, users transfer their tokens to official crypto exchanges where they can buy other cryptocurrencies, which can be cashed out through liquidity agents on those platforms or sold to other users.
By scanning the iris, Worldcoin creates personal identification codes called ‘World ID’ which is saved on a decentralized blockchain. This will be used digitally to ascertain whether online activities are from humans or Artificial Intelligence (AI).
Eyeballs can be scanned at Quickmart outlets where scanning machines, popular as Orbs, are.
According to the Office of the Data Protection Commission (ODPC) the digital identification firm is processing sensitive personal data and this would mean it should comply with the Data Protection Act, 2019.
WorldCoin, which rolled into the country on Monday, collects iris data using an Orb scanner before issuing users with tokens once they are proven not to be robots.
Tokens can then be transferred to cryptocurrencies, allowing users to either cash out through agents or sell them.
“It is the responsibility of data controllers to ensure that personal data is processed in accordance with the Data Protection Act,” Data Commissioner Immaculate Kassait said.
“Failure to do so not only puts individuals’ privacy at risk but also exposes an organization to legal and reputational consequences,” she added.
The office said that it will conduct an assessment of WorldCoin’s practises to ensure compliance with the law.

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