'It's a little frightening': Worldcoin surged 111% on its opening day. 2 experts explain why they would never scan their eyes in exchange for the crypto, and why they think the hype will fade.
But Web3 expert Isaac Patka says it could exploit vulnerable populations. Worldcoin has been making headlines for its attempt to create its version of a financial network.
To achieve this, small orb devices are being placed globally where people can show up to get their irises scanned. This allows the blockchain to establish an identification number based on the premise that a user is a unique human. Users then receive a digital identity card that verifies their identity while allowing them to remain anonymous. They also receive an initial 25 WLD tokens that could allow them to participate in the project's governance.surged from $1.70 to $3.
While the overall structure has good intentions, it's quite risky, especially for vulnerable populations, Patka said. People could be exploited by signing up to get their irises scanned and then sell their accounts for a little bit of money in exchange for giving up their identity, Patka added. He pointed to Worldcoin's whitepaper, which acknowledged that although an authentic person would be required to create one ID, that ID can be transferred in exchange for money.
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