The global economy is constantly changing because of various innovative technologies and digital means of payments entering the financial markets all around the world. Through the years, thousands of digital currencies have come into the fintech industry, for instance, bitcoin. Thanks to blockchain technology, many more are being developed, and the fintech ecosystem will witness more in the future.
Today, one of the digital currencies that is rocking the crypto ecosystem is Worldcoin. Like every digital currency that has come into the global financial ecosystem, Worldcoin has its associated potential risks. This article will explain Worldcoin and the risks associated with governments and individuals adopting it as a currency.
Worldcoin is a cryptocurrency project centered on creating a global financial network and identity for everybody on Earth. The project rewards people users with the Worldcoin crypto token by scanning their eyes with an orb called Worldcoin Iris Scan. The Worldcoin eye scan scans the iris of humans to prove they are human and unique. When the orb verifies the uniqueness of the human, it rewards the user with Worldcoin tokens. The Worldcoin ecosystem has a World App that allows user to make purchases, transfers, and payments using Worldcoin tokens.
The project plans to distribute over 10 billion Worldcoin tokens to 80% of its users in 2023. The global networking and financial network that Worldcoin promises has made it a strong consideration for adoption as an alternative currency by individuals and countries. The fact remains that Worldcoin will offer many benefits, but there are things we must consider before adopting it. Let us explore the individual and national risks associated with adopting
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