Thousands of young people in Kenya’s capital Nairobi have in the last two weeks been lining up at various retail stores to have their eyes scanned to ‘verify’ their humanity so they can get free tokens of Worldcoin, a new cryptocurrency that’s awarding people “simply for being human.”
The first free 25 Worldcoin tokens (WLD), which are currently worth about $57.5, can be transferred to a centralized crypto exchange and used to buy another digital currency, which can then be cashed out through a liquidity agent or sold for cash.
But while such free tokens, known in the crypto space as airdrops, aren’t entirely a new phenomenon, Worldcoin has caught the attention of experts and regulators for its unique requirement of a retinal scan before gaining access to the free gift.
Its creators, Sam Altman and Alex Blania, say that the unusual requirement to “prove humanity” by scanning one’s eyeballs is meant to “scale a reliable solution for distinguishing humans from AI online”.
Their goal, they said, is to create a new digital identity for everyone across the globe, a move that is meant to improve access to the global economy by providing economic opportunities for people from all walks of life.
Worldcoin also claims that the biometric information, once collected, is converted into unique codes and stored in their decentralized blockchain and cannot be duplicated or spoofed to create false identities or engage in fraud.
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