Does it? What prevents a factory owner from having all of his employees grab an orb, scan their irises, claim their coin, and then hand over their wallets to him as a condition of employment?

Assuming this thing actually works and won't accept irises grown in a vat or someone scanning a chimpanzee, it at least rate-limits you to creating new wallets with new coin at the rate at which you can find and coerce other humans, but it doesn't actually guarantee the 1:1 mapping of wallet:human or an equal initial distribution of coin.

All it's doing is shifting the balance of power from people who command many machines to people who command many other people. It's like reverting industrialism back to feudalism, a digital replay of the same mistake made by every communist revolution of the 20th century.