In the past, man transacted by barter trade then moved to the use of money. The first known form of currency was the shekel, created by the Mesopotamians around 5,000 years ago.
Fast forward to the twenty-first century, man is gradually getting used to the idea of transacting using digital currency known as Cryptocurrency. Cryptocurrency is digital currency, which is an alternative form of payment created using encryption algorithms making it function both as a currency and as a virtual accounting system. This is handled on digital computer systems, particularly the internet. The most popular Cryptocurrencies are Bitcoin, KodakCoin, Tether, Petro, Ether, USD Coin, Binance Coin with the latest entry styled in the name of Worldcoin.
Worldcoin, launched on Monday, 24 July 2023, has attracted significant interest, especially on the part of the registration process, where one’s unique physical characteristics are a requirement. Specifically, worldcoin is going for the eyeball, by aid of unique eye scanning machines that are used to record the biological composition of the iris of an individual. Thereafter, you stand a chance to either be awarded KShs. 7,000 or airtime worth KShs. 50.
The brains behind Worldcoin make use of the combination of cryptocurrency and human unique physical characteristics for registration. A page from its Website further states that there is a need to prove one is a unique and real person, in the wake of Artificial Intelligence (AI). This perhaps could explain the need for scanning of eyeballs as the unique human physical characteristics would help distinguish between AI and humans on the internet.
Concerns have been raised about the need for personal physical characteristics as a qualification for the service and the safety of the data collected by the platform’s employees around the world.
The surge of interest by Kenyans registering for the Worldcoin seems to have been driven by the free money collected upon signing up with little or zero knowledge and awareness of the broader project.