Crypto
Why Kenyans are scanning their eyeballs for Sh7,000 Worldcoin cryptocurrency tokens
The internet has this week been awash with news of a new cryptocurrency that awards free tokens for scanning eyeballs to verify one’s humanity, and Kenyans are going crazy about it.
Worldcoin, which launched on Monday, July 24, awards users with free tokens, referred to as WLD, once they verify their humanity by scanning their eyeballs using machines located in specified places across some 35 countries around the globe, Kenya being one of them.
They can then transfer these tokens to official crypto exchanges, like Binance, and use them to buy other cryptocurrencies, which can then be cashed out through liquidity agents on those platforms or sold to other users, and there comes the free money.
At their current value, the first free 25 WLD tokens would translate to about Sh7,786.
James Makau, a bodaboda rider from Ruaka, showed the Saturday Nation that he had earned Sh6,461 after signing up and scanning his iris. He used his free tokens to buy USDT, another cryptocurrency, which he then sold to get Kenya shillings.
On Friday, hundreds of Kenyans flocked at least 13 Quickmart outlets in Nairobi to scan their eyeball to be able to get the free tokens offered by the new platform. Quickmart outlets are where the Orbs – the unique eye scanning machines – are stationed in Kenya.
As the Saturday Nation team arrived at Quickmart Thome outlet along Northern by-pass, young people in their twenties and thirties were patiently waiting to be attended to .
“I was here by 5am because there has been a lot of talk on TikTok and Instagram about the free money Worldcoin is giving all those who download their App and subscribe, we are waiting for the iris scanner to arrive so that we can be sorted,” Brian Mwangi, a resident of Kiambu said.
“When you hear someone is giving out ‘free’ money just so that you can join their App, you have nothing to lose, I don’t mind the fact that all they are asking for is to scan my iris,” said Ms Virginia Ng’ang’a, who graduated from university last year and is yet to get a job.
Co-founded by Sam Altman, CEO of text-based artificial intelligence platform ChatGPT’s developer OpenAI, Worldcoin says it wants to give everyone on earth access to the global economy, by giving them a verified digital identity, free cryptocurrency tokens and a crypto wallet.
Their whitepaper says the concept was to create a digital currency that would be more inclusive and accessible to people worldwide, regardless of their socio-economic status or access to traditional banking systems.
Its founders, Altman and Alex Blania, explain that advances in artificial intelligence (AI) have made it increasingly difficult to tell whether online activity came from real humans or AI, necessitating the “proof of personhood” through the retinal scans.
It verifies a user’s identity by scanning their iris to create personal, secure identification codes, which is referred to as “World ID”.
The codes are saved on a decentralised blockchain, and the company claims they cannot be duplicated or spoofed to create false identities or engage in fraud, according to its privacy policy statement.
“The goal is simple: A global financial and identity network based on proof of personhood,” Altman said on Twitter.
“This feels especially important in the AI era. I’m hopeful Worldcoin can contribute to conversations about how we share access, benefits, and governance of future AI systems.”
Nothing to lose
But do those who “verify” their identity with Worldcoin really have nothing to lose as many of them believe? Worldcoin and its founders themselves don’t know this yet.
“The journey will be challenging and the outcome is uncertain,” says an introduction statement by Altman and Blania on their website.
The Office of the Data Protection Commissioner (ODPC) yesterday cautioned Kenyans against just sharing their “sensitive personal data” before they receive proper information on how their data will be used.
Crypto
Bitcoin nears $100,000 as investors bet on crypto-friendly Trump policies
World’s popular digital currency rises as high as $99,073 on expectations Trump will ease legal and regulatory hurdles.
Bitcoin is nearing the $100,000 mark as crypto enthusiasts bet that United States President-elect Donald Trump will usher in a more welcoming regulatory environment for digital assets.
The world’s most popular digital currency rose as high as $99,073 on Thursday, extending its surge since Trump’s re-election on November 5.
The commodity has risen more than 60 percent since election day as investors anticipate Trump’s incoming administration to ease regulatory and legal hurdles to its use.
Trump, who called the asset a “scam” during his first term, accepted campaign donations in cryptocurrency, and has pledged to make the US “the crypto capital of the planet” and accumulate a national bitcoin reserve.
Trump and his three sons in September also announced the launch of their own crypto business, World Liberty Financial, which investors have taken as a promising sign of the president-elect’s belief in the sector.
In another bullish signal for the sector on Thursday, United States Securities and Exchange Commission (SEC) chair, Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions targeting the sector, confirmed that he would step down in January.
Trump had pledged to fire Gensler on “day one” of his administration, though the president does not have the authority to remove the SEC chair before the end of his or her term.
While viewed by supporters as a ticket to big returns and financial freedom, Bitcoin and other cryptocurrencies are known for their volatility and have faced government crackdowns in several parts of the world.
After climbing to a record high of $69,000 in late 2021, Bitcoin plunged to less than $16,000 over the following year.
The commodity burst past its previous peak in March after gaining more than 300 percent since November 2022.
Crypto
Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News
Crypto
WisdomTree launches ETP focused on XRP cryptocurrency
WisdomTree has launched a new cryptocurrency exchange-traded product (ETP), the US asset manager announced today, with a focus on the XRP digital currency.
The new WisdomTree Physical XRP (XRPW), joins the firm’s $1.1bn lineup of physically backed cryptocurrency products, designed to provide European investors with a straightforward, regulated means of investing in digital assets without direct ownership.
The XRP asset, native to the XRP Ledger (XRPL), has carved out a unique role for itself in the digital currency landscape, as a blockchain optimised for cross-border payments and high-speed transactions.
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