Correct but efficacy of this process is pretty much irrelevant for the founders because the whole "fair distribution" is just a marketing gimmick to promote yet another shitcoin.
Only losers will provide their real retinas. Smart players will obviously game the system and then dump the shitcoin on yet another group of losers.
> In order to test this model and technology, we have onboarded twenty-five Operators that run more than thirty devices in twelve countries across four continents (Africa, South America, Europe and Asia).
> To illustrate the success and potential of these Operators, we will dive deeper into the operations from the following five countries: Chile, Kenya, Indonesia, Sudan and France.
Or... What if you had an AI randomly generate unique irises, you then print them on adhesive paper, and paste the cut-outs on the eyes of one of those robo-faces?
> They allegedly do liveness checks with an IR sensor to make sure they are scanning a live eye
If you control one of their devices, you could always just modify it fake a live input.
Even if they intend to control the scanners themselves, corruption can probably thwart that. This comment (https://news.ycombinator.com/item?id=29001214) makes it sounds like they may be operating in countries with endemic corruption.
Assuming it was 99.99999% foolproof, then you may have some other problems which are even bigger: kidnapping, having children to collect their coins, etc.
The big logic flaw here is the same one as when the Soviet Union collapsed and shares of the state owned enterprises and assets were sold to the general public: poor people sell the assets to the wealthy.
The entire thing is strange, and doesn’t make sense.
Only losers will provide their real retinas. Smart players will obviously game the system and then dump the shitcoin on yet another group of losers.