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Investment in crypto-assets is unregulated and carries significant risks. It may not be suitable for retail investors, and it’s important to thoroughly understand the potential pitfalls before committing any funds. This information is provided to educate and inform potential investors about the risks involved.

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If you’re even remotely interested in cryptocurrency, you’re probably familiar with Sam Altman’s extraordinary project, Worldcoin.

According to data on its website, more than 2.1 million users have already participated in the Worldcoin Orb program, where they scan their irises into the device. You read it right – they scan their irises. But what is the purpose of a bowling ball-sized device that scans people’s irises?

Worldcoin aims to ensure that the newfound prosperity brought by cryptocurrency benefits all of humanity. To achieve this, they propose the idea of a universal basic income (UBI) distributed through their cryptocurrency by scattering over 2,000 Worldcoin orbs worldwide.

Around 2,000 Worldcoin Orbs are manufactured – Image courtesy of Worldcoin

Worldcoin Orb’s conundrum of proof

The concept of a global UBI is undoubtedly noble, but it raises significant questions about how to ensure that the tokens reach real individuals rather than AI-driven entities or malicious actors aiming to exploit the system. Worldcoin’s team faced this challenge head-on and eventually decided to embrace the idea of biometric verification using the Worldcoin Orb device.

While initially hesitant due to the controversial nature of this approach, the team realized it was the most practical solution to effectively distinguish humans from AI systems. The Orb’s ability to scan irises emerged as a crucial safeguard against potential fraud and manipulation, even though the optics of the technology resemble Sauron’s eye from the Lord of the Rings, leading some to question its potential malevolence.

Worldcoin Orb provides a biometric verification system by scanning users’ iris – Image courtesy of Worldcoin

One cryptocurrency to rule them all!?

Worldcoin’s vision goes beyond national borders and socioeconomic backgrounds. The Worldcoin Orb serves as the gateway to a new digital identity – the World ID – which certifies users as authentic and unique individuals while safeguarding their privacy.

This innovative approach opens the doors to a more democratic and inclusive global economy, granting everyone access to financial services and opportunities, regardless of their origin or social status. As the Worldcoin protocol continues to gain momentum, millions of users have already registered and eagerly embraced this ambitious initiative.

That all sounds too good to be true, doesn’t it? Well, participating in the Worldcoin Orb program by scanning your irises entails various potential risks that users need to consider before diving into this cryptocurrency venture.

One of the primary concerns associated with the Worldcoin Orb program revolves around the potential privacy implications of sharing your biometric data, specifically your iris scan. While Worldcoin claims to employ advanced cryptography techniques such as zero-knowledge proofs to ensure anonymity and decentralization, there is still a risk that personal data could be compromised or accessed by unauthorized entities.

Sharing of biometric data may be dangerous as the use of VR/AR technologies increases each day – Image courtesy of Worldcoin

Storing biometric data comes with inherent risks. Any data breach or hack can potentially lead to the exposure of sensitive information, including iris scans. As with any online service, the security of the infrastructure and databases holding the data is crucial, and the consequences of a breach can be severe.

Another potential risk stems from the concentration of power and control in the hands of Worldcoin or the company operating the Orb. As more users submit their biometric data, Worldcoin gains significant control over their digital identities,

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