WORLD COIN PROJECT (2021–22)

Question 1

What is the WORLD COIN PROJECT?

Answer 1

A global blockchain-based initiative to create a secure, decentralized digital currency.

Question 2

What are some potential uses for a global digital currency?

Answer 2

Payments, transactions, and even identification purposes.

Question 3

Describe one major pro of the WORLD COIN PROJECT.

Answer 3

If widely accepted as identification, it could streamline processes like accessing government benefits, college admissions, and passport applications.

Question 4

Describe a major potential con of the World COIN Project.

Answer 4

Concerns exist about privacy risks and the potential for misuse of the collected data.

Question 5

How does the concept of a decentralized digital currency differ from traditional government-issued currencies?

Answer 5

Decentralized currencies operate on a blockchain network, not controlled by a single central authority like a bank or government. This offers potential benefits and drawbacks.

Question 6

Beyond the concerns listed, what other ethical considerations might arise with a global identification system like the World COIN Project?

Answer 6

Issues of equity (who has access?), potential for discrimination, risks from increased surveillance, etc.

Question 7

How is the WORLD COIN PROJECT similar to the concept of the Aadhaar card?

Answer 7

Both aim to streamline identification processes, potentially simplifying access to essential services.