Part 9/11:
However, the volatile nature of their cryptocurrency, WLD, reveals the financial risks intertwined with their identity system. Critics view the cryptocurrency incentives as merely a lure to collect biometric data, casting doubt on the project’s true motives. Supporters see it as an innovative step toward building an inclusive digital economy that bridges gaps in traditional financial systems.
Key Takeaways and Ongoing Debate
Pros:
Can help combat AI impersonation and online fraud
Aims to create an inclusive financial ecosystem
Facilitates digital identity verification beyond borders
Cons:
Privacy violations and potential misuse of biometric data
Risks of surveillance, social exclusion, or authoritarian control
Questions over data security and transparency