Cryptocurrencies have taken the financial world by storm, offering new and exciting opportunities for people to participate in the global economy.
One such cryptocurrency project making waves is Worldcoin.
Developed by Tools for Humanity, Worldcoin aims to provide a reliable way to authenticate humans online through its World ID system, countering bots and fake virtual identities facilitated by artificial intelligence.
This blog post explores the key features of Worldcoin, its unique iris biometric authentication method, and how individuals in Kenya can earn from this innovative cryptocurrency project.
Table of Contents
What is Worldcoin?
Worldcoin is a cryptocurrency project founded in 2019 by Sam Altman, Max Novendstern, and Alex Blania, with backing from VC Andreessen Horowitz.
The project’s primary goal is to create universal access to the global economy, enabling everyone, regardless of their country or background, to participate in the digital economy.
At its core, Worldcoin offers two essential components: World ID and Worldcoin Token (WLD).
- World ID: World ID is a privacy-preserving digital identity that proves the uniqueness and authenticity of an individual while protecting their privacy. This revolutionary concept aims to address critical identity-based challenges in the online world, effectively verifying a person’s real identity.
- World App: The World App serves as the first wallet for the Worldcoin ecosystem. It supports private digital identity and facilitates access to a new financial system. Users can authenticate with their World ID, receive Worldcoin tokens, and conduct seamless digital money transactions worldwide.
- Worldcoin Token (WLD): The Worldcoin Token is distributed globally and freely to individuals, serving both utility and future governance purposes. Worldcoin provides individuals with WLD tokens simply for being unique human beings. These tokens enable payment, purchases, and transfers using both digital assets and traditional currencies.
- Iris Biometric Authentication: Worldcoin’s unique approach involves iris biometric authentication, where users receive an incentive of 25 Worldcoin tokens for getting their iris scanned using Worldcoin’s orb-shaped iris scanner.
Worldcoin operates on the Ethereum blockchain, leveraging both layer 1 and layer 2 technologies to ensure efficiency.
The project is decentralized and supported by a global community of developers, economists, and technologists, all dedicated to expanding participation in the global digital economy.
Initially, the Worldcoin Foundation acts as the steward of the protocol, supporting and nurturing the Worldcoin community until it becomes self-sufficient.
Despite its ambitious goals, some security experts have criticized Worldcoin’s iris scanning approach, citing concerns about ethics and potential failure.
How does Worldcoin’s Iris Biometric Authentication Work?
Worldcoin’s iris biometric authentication is a novel method to verify the humanness and uniqueness of users. Here’s how the process unfolds:
- World ID Sign-Up: Users begin by signing up for World ID, a privacy-preserving digital identity that safeguards their personal information.
- Iris Scan with Orb-Shaped Scanner: After signing up, users are prompted to get their iris scanned using Worldcoin’s innovative orb-shaped iris scanner.
- Unique Digital Identifier: The iris scan generates a unique digital identifier for each user, which is securely stored on the Worldcoin blockchain.
- Verification of Humanness and Uniqueness: The iris scan is solely used to verify the user’s humanness and uniqueness. It is not utilized for any other purposes.
- Incentives for Users: As a reward for participating in the network, users who undergo iris scanning receive 25 Worldcoin tokens, incentivizing them to become part of the Worldcoin community.
While the iris biometric authentication is an intriguing approach, it has been met with mixed opinions.
Some experts have praised its innovative nature, while others have raised concerns about its ethical implications and potential pitfalls.
How to Earn from Worldcoin in Kenya?
For individuals in Kenya interested in participating in the Worldcoin project, there are several avenues to explore:
Way 1: Become a Worldcoin Operator
As a Worldcoin Operator, you have the opportunity to earn money by signing up others with an Orb. To become a Worldcoin Operator, you will need to establish a registered local business in Kenya. This requirement ensures that Operators are committed to the project and can effectively introduce Worldcoin to their local communities. Worldcoin Operators build teams and manage operations to facilitate sign-ups. Additional information on becoming a Worldcoin Operator can be found on the Worldcoin blog.
Way 2: Submit to a Biometric Scan
Worldcoin representatives have offered at least $15 worth of Worldcoin for individuals who undergo a biometric scan, with an additional $5 incentive upon logging in. However, it’s crucial to approach this opportunity with caution, as some have raised concerns about the ethics of such practices.
Way 3: Buy and Sell Worldcoin
To buy and sell Worldcoin in Kenya, there are several options available. One way is to use the Worldcoin Android or iOS app.
To register, download the app and create an account. You can skip creating an account, but you will lose your coins if you change your device.
Your personal information like your national ID, phone number, and email are not mandatory requirements to register.
Once you have created an account, you will have access to the Worldcoin wallet used for cryptocurrency buying and selling.
To use the Worldcoin app and wallet, you must be 18 years and above.
Another option is to use a cryptocurrency exchange such as OKX.
OKX is one of the first exchanges to list Worldcoin (WLD). Deposits for WLD were enabled at 07:00 UTC.
Once the token deposit meets the requirements, OKX will list WLD/USDT. Withdrawals for WLD will be enabled at 10:00 UTC on July 25, 2023.
Worldcoin has also entered the Kenyan market and is expanding throughout Nairobi.
The organization is teaming with local organizations to provide access to the global digital economy and to offer educational resources to Kenyans about blockchain technology and emerging web3 technologies.
With 16 locations across Nairobi, Worldcoin claims that its product is providing Kenyans with access to the USD and cryptocurrencies, which were previously limited and expensive to acquire.
Coinbase also offers a cryptocurrency converter that allows you to convert Erugo World Coin to Kenyan Shilling.
Additionally, you can check CoinMarketCap to see where you can buy WorldCoin and with which currencies.
However, WorldCoin is not currently supported across Coinbase’s vast ecosystem.
Earning from Worldcoin in Kenya presents a chance to participate in the global economy and gain exposure to the exciting world of cryptocurrencies.
As with any investment or venture, it’s essential to conduct thorough research and exercise caution when participating in new and emerging technologies.
How to Become a Worldcoin Operator in Kenya?
Becoming a Worldcoin Operator in Kenya is an opportunity to contribute to the project’s mission of providing universal access to the global economy. Here’s a step-by-step guide to becoming a Worldcoin Operator in Kenya:
- Register a Local Business: To qualify as a Worldcoin Operator, you must first establish a registered local business in Kenya. This registration ensures your commitment to the project and allows you to introduce Worldcoin to your community effectively.
- Application Process: Once you have a registered local business, you can apply to become a Worldcoin Operator. The application process can typically be found on the Worldcoin website. Follow the instructions provided to submit your application for consideration.
- Build and Manage Teams: Successful Worldcoin Operators possess strong entrepreneurial skills and are adept at building, managing, and motivating teams. As an Operator, you’ll be responsible for signing up individuals and encouraging them to participate in the Worldcoin project.
- Adhere to the Code of Conduct: Worldcoin Operators are expected to follow a strict Code of Conduct, which emphasizes compliance with local laws and the protection of the public. Adhering to this code is vital for maintaining the integrity of the Worldcoin project.
Becoming a Worldcoin Operator in Kenya is an exciting opportunity to contribute to the project’s vision while earning rewards for introducing individuals to the World ID system.
Responsibilities of a Worldcoin Operator in Kenya
As a Worldcoin Operator in Kenya, your responsibilities include:
- Signing Up Individuals: Worldcoin Operators play a vital role in signing up individuals to participate in the Worldcoin project. This involves encouraging individuals to secure a World ID, which proves their unique identity and enables them to participate in the digital economy.
- Collecting Biometric Data: Operators are incentivized to collect biometric data from individuals they sign up. However, it is essential to approach this responsibility with caution, considering the ethical concerns raised by some experts.
- Building and Managing Teams: Successful Worldcoin Operators possess strong leadership skills and can build and manage teams effectively. These teams facilitate the sign-up process and contribute to expanding the Worldcoin community.
- Compliance with Laws: Worldcoin Operators must adhere to local laws and regulations, including labor laws. The project provides its country-level operators with a code of conduct, which sub-operators must also follow.
- Providing Educational Resources: Worldcoin is partnering with local organizations to offer educational resources about blockchain technology and emerging web3 technologies to Kenyans. As an Operator, you may be responsible for providing these resources to individuals you sign up.
Being a Worldcoin Operator offers a chance to contribute to a global initiative while being compensated for your efforts in either stablecoins or fiat currency.
How Much Can a Worldcoin Operator Earn in Kenya?
The specific compensation for a Worldcoin Operator in Kenya is not explicitly specified in the available data.
Operators earn rewards either in Worldcoin tokens or fiat currency for successfully signing up individuals to participate in the Worldcoin project.
The earnings may vary depending on the number of individuals signed up and other factors. It’s crucial for potential Operators to research further and seek detailed information from Worldcoin’s official resources to understand the compensation structure fully.
Worldcoin presents a unique opportunity for individuals in Kenya to be part of a cryptocurrency project with the vision of universal access to the global economy.
As a decentralized open-source protocol, Worldcoin strives to make financial inclusion a reality and give everyone the means to participate in the digital economy.
From becoming a Worldcoin Operator to exploring the World App and trading Worldcoin tokens, there are various ways to earn and engage with this innovative project.
However, it’s essential to approach any involvement in the cryptocurrency space with care, conducting thorough research and staying informed about potential risks and benefits.
By doing so, individuals in Kenya can make informed decisions while exploring the world of Worldcoin and the exciting possibilities it offers.