Back

November 30, 2023

The Worldcoin Wave in Africa

The Worldcoin Wave in Africa

Thank you for visiting our blog post! 🌱🪙

Join us as we explore how Worldcoin, co-founded by Sam Altman, Alex Blania, and Max Novendstern, is revolutionizing the global economy with a privacy-focused digital identity, the World ID, and digital currency $WLD and what happened around Worldcoin in Africa 🚀🌐

Blog posts related to this post:
Download Full Report: Effect of Digital ID and Role of Decentralized ID (DID) in Africa
Digital ID Initiatives by Country in Africa
What Decentralized ID (DID) Means and How It Works

Hope you enjoy reading the articles 😌🍉

Source: The story behind the new Worldcoin logo | Worldcoin

About Worldcoin

Worldcoin, a project co-founded by OpenAI's CEO Sam Altman, Alex Blania, and Max Novendstern, is a groundbreaking blockchain initiative with the aim of revolutionizing the global economy1.

Worldcoin offers a privacy-focused digital identity known as the World ID, and, where allowed by law, a digital currency ($WLD) as a reward for human existence. To get started, download the World App, through which you can obtain a World ID via biometric verification using an Orb, a specialized biometric imaging device that scans the iris, allowing you to maintain your privacy while confirming your uniqueness online2.

Worldcoin Vision

On July 24, 2023, Alex and Altman outlined the project's objectives upon the official launch of the final product after a three-year Beta phase:

"If successful, we believe Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, enable global democratic processes and eventually show a potential path to AI-funded UBI (Universal Basic Income)."
- Alex Blania & Sam Altman on Introducing Worldcoin2

Worldcoin's Venture in Africa

In Africa, Worldcoin has made significant strides. The project chose Kenya as the first African country to launch the platform due to the already booming tech space and the more than four million Kenyans who are already trading in crypto3. Thousands of Kenyans had been queuing up at registration centers to get the currency worth about $49 (£39)3.

Photo: Embu town, Kenya, taken by author

However, the Kenyan government ordered Worldcoin to stop signing up new users, citing data privacy concerns3. By the time the Kenyan government suspended the project on August 3, 2023, it had registered over 2 million users globally since it started registering users about two years ago4 including over 350,000 Kenyans registered since the official launch5.

Worldcoin has also held programs in other African countries, including Sudan and Ghana6. In these countries, there have been allegations that the project lacked transparency and deployed exploitative methods to aid its set-up in localities and harvest biometric data to feed its algorithm and train its AI6.

Source: Tweet on X; Note: TFH refers to Tools for Humanity, the parent organization of Worldcoin established in 2019

Worldcoin's Expansion and Discussions

Despite the controversies, Worldcoin continues to expand. It has distributed orbs to 34 countries in Africa, South America, North America, Europe, and Asia7.

Worldcoin is an ambitious project with a vision of creating a new global "identity and financial network". As it continues to expand, especially in Africa, it will be interesting to see how it navigates the challenges and how it impacts the global economy.

What do you think?

References:
(1) Worldcoin Crypto Explained: What Is It And How Does It Work? | Analytics Insight
(2) Introducing Worldcoin: A letter from Alex Blania and Sam Altman | Worldcoin
(3) Worldcoin suspended in Kenya as thousands queue for free money | BBC News
(4) WorldCoin suspended in Kenya | Techpoint.africa
(5) What personal data does Worldcoin collect from you? | Citizen Digital
(6) Worldcoin Officially Launches Amid Fears Of Foul Play In Africa | Weetracker.com
(7) Worldcoin website

Thank you very much for reading this post🪅

For downloading the full report, visit this page.

Follow EMURGO Africa for more information

EMURGO Africa invests and supports local Web3 projects in the region to adopt Cardano’s decentralized blockchain technology to build socially impactful solutions.

As a regional entity of EMURGO, the official commercial arm of Cardano, EMURGO Africa also runs a local Cardano accelerator in Africa, Adaverse, which accepts applications year-round.

For more up-to-date information on EMURGO Africa, follow the official channels listed below.

About EMURGO Africa

Related Articles

Access to Finance: Digital and Web3 Lending in Africa
Access to Finance: Digital and Web3 Lending in Africa

April 17, 2024

Africa, Blockchain

Access to Finance: Digital and Web3 Lending in Africa

Thank you for visiting our blog post 🦙🌟 In sub-Saharan African (SSA) countries, the freedom of money transaction has increased over the past decade with the spread of mobile phones and the expansion of mobile money. However, challenges persist in the financial sector, such as limited access to bank accounts including mobile money accounts, and high barriers to lending for small and medium-sized enterprises (SMEs). Blockchain-based lending lowers interest rates, introduces new collateralizatio

Blockchain-Powered Carbon Offset Trade
Blockchain-Powered Carbon Offset Trade

April 10, 2024

Blockchain

Blockchain-Powered Carbon Offset Trade

Thank you for visiting our blog post 🦩🌟 In this post, we explore the critical challenges faced by the voluntary carbon market (VCM) in demonstrating and verifying the impact of carbon offsetting measures. Blockchain emerges as a solution to address credibility issues, fragmentation, and low liquidity in carbon markets. We introduce several existing blockchain-powered carbon trade platforms. Blog posts related to this post: EMURGO Africa 2023 Annual Report: EMURGO Africa’s 2023 Key Contribut

South Africa’s Crypto Regulations Set Stage for More Web3 Adoption
South Africa’s Crypto Regulations Set Stage for More Web3 Adoption

April 3, 2024

Africa, Blockchain

South Africa’s Crypto Regulations Set Stage for More Web3 Adoption

South Africa's proactive regulation of cryptocurrency, leading to its classification as a financial product by the Financial Sector Conduct Authority in October 2022, marks a significant milestone in Africa's crypto landscape, driving Web3 adoption, boosting investor confidence, and positioning the country as a top destination for crypto use in retail.