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HomeINDUSTRYWorldCoin: Digital Passports and Lucrative Airdropped Currency Sparks Excitement in Kenya's Crypto...

WorldCoin: Digital Passports and Lucrative Airdropped Currency Sparks Excitement in Kenya’s Crypto Industry

WorldCoin: Digital Passports and Lucrative Airdropped Currency Sparks Excitement in Kenya’s Crypto Industry

Hundreds of Kenyans have lined up at public shopping facilities to register for what is now known as ‘WorldCoin.’

On Twitter and Instagram, users have been sharing photos and videos of desperate Kenyans swarming WorldCoin outlets for registration and cash incentives, with the throngs in Thika growing to unprecedented proportions.

The startup, which has thus far raised close to $250 million (approximately Ksh.35 billion), primarily offers World ID, an AI-resistant protocol that enables the online verification of human identity through an iris scan, and has set up over 30 stations in Nairobi and other cities to onboard Kenyans.

Using its physical imaging device dubbed the ‘Orb,’ the company describes this service as a “digital passport” that helps prove its holder is a real human and not an artificial intelligence robot.

As an incentive for users to join up, WorldCoin is giving away (Airdropping) their digital currency WLD. According to fintech expert Saruni Maina, 26WLD is given to everyone who registers and is verified.

This latest campaign resembles the ‘Public Likes’ mass hysteria that pervaded Kenya several years ago.

Public Likes was a website that resembled a Ponzi scheme, where users earned money by clicking on ‘advertisements.’

Paid-to-click (PTC) or Pay-per-click (PPC) is a payment model in which advertisers pay a fee for each click that a user makes on their ad. The site’s users allegedly received payment from advertisers for each click they made.

Millions of Kenyans raced to sign up, enlisting their friends and family in a cyber-hysteria that ultimately collapsed, leaving many in despair.

Unemployed and desperate, gullible Kenyans have been racing to get an iris scan for WorldCoin, oblivious to what they are getting themselves into, for the promise of making a quick buck afterward.

Although it has not been made explicitly known how much money Kenyans are receiving, according to Saruni Maina, Kenyans are receiving approximately Ksh. 7,000 for signing up.

“On top of that, WorldCoin gives away an additional 25WLD per week in the form of WorldCoin Grants.” This means that Kenyans can withdraw KES 7,000 per week,” he tweeted.

A key component of WorldCoin’s expansion into Kenya is the introduction of a peer-to-peer (P2P) exchange that enables individuals to trade digital currencies and US dollars directly with one another, without the need for a centralized third party to facilitate the transactions.

“Kenya is the financial and technology hub of East Africa, and there’s a strong, natural interest in the technologies that are shaping the global digital economy,” said Wangechi Mwangi, Market Manager for TFH supporting WorldCoin East Africa.

“WorldCoin is a good example of this type of technology, not only because of the service it offers, but also because, through its partnership with Tools for Humanity, it enables Kenyans to learn more about cutting-edge financial and identity products,” the report stated.

In recent years, the cryptocurrency industry in Kenya has been consistently expanding, with an increasing number of crypto projects and a rise in general population adoption.

The United Nations Conference on Trade and Development (UNCTAD) estimated that there were approximately 4 million active cryptocurrency users in the country in 2022, the highest number in Africa at the time, and that this figure is expected to increase over time.

As Kenyans race to sign up for WorldCoin, the Office of the Data Protection Commissioner (ODPC) has cautioned them to proceed with caution.

“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 Data Protection Act, 2019,” said Data Commissioner Immaculate Kassait in a statement released on Friday.

“As the ODPC conducts its assessment of WorldCoin’s practices to ensure compliance with the law, Kenyans are exhorted to ensure they receive adequate information prior to disclosing any personal or sensitive information. Individuals are encouraged to inquire extensively about how their data will be utilized.”

WorldCoin: Digital Passports and Lucrative Airdropped Currency Sparks Excitement in Kenya‘s Crypto Industry

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