Designed to provide global users with a unique digital ID, Worldcoin has met several stumbling blocks. As the project, which supposes scanning users’ irises, is planning expansion, UK, France, Germany and Kenya agreed on launching an investigation.
Currently, all Worldcoin operations are suspended by the government of Kenya. The main concern refers to the issues of public safety. Besides, the authorities have doubts whether financial transactions are also safe enough. Kenya turned out to be the main testing ground for the project featuring at least 18 iris-scanning areas located across the country.
To overcome the roadblock, Worldcoin must provide assurance of public safety along with guarantees of satisfactory financial transactions that involve millions of citizens. The project has no right to proceed with any transactions until it gets relevant certification. It will ensure clients of zero risks when using the service.
Founded in October 2021, the project was expected to introduce the World ID system. It is supposed to provide users access to the global financial market and economy. The main idea is to scan individual irises and provide users with unique digital IDs. These IDs will be tied to an individual without keeping the record of the iris scan.
In the whole, the general mission was to develop a unique system of digital identification featuring World IDs as a unique signature that were believed to replace brick-and-mortar login information involving names, passwords, and emails.
Another reason for launching Worldcoin was to protect users from potential AI malfunctions. Developers strive to create a safe and trustworthy online source that would differentiate AI bots from humans on the Global Web.
While more and more countries are interested in the project, the Kenyan government has provided some reservations to Worldcoin to ensure it is 100% safe and brings no risk to citizens. Despite current suspension and limitations, the project officials are sure their work will continue in the near future. What’s more, they are planning to expand financial operations with a chance to sign as many new users as possible.
If this happens, we may witness a turning point in the development of the digital finance industry.
May the trading luck be with you!