Worldcoin Wants You to Join Its Global Currency With a Scan of Your Eye

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Cryp­to start­up World­coin is aim­ing to expand cryp­to access with free cryp­tocur­ren­cy. How­ev­er, rather than using an air­drop or oth­er mech­a­nism, it’s look­ing to a dif­fer­ent kind of technology. 

The start­up, found­ed by Sam Alt­man and Alex Bla­nia, pro­vides free cryp­to hand­outs in exchange for an iris scan. This is part of their plan to cre­ate a glob­al, “fair­ly dis­trib­uted” cryp­tocur­ren­cy. The scan is done using a round sphere the team calls “The Orb.”

“Noth­ing like this has ever been done before, and the out­come is uncer­tain. But we are obsessed with the idea that tech­nol­o­gy can let us do some­thing col­lec­tive­ly that even gov­ern­ments have not been able to: increase indi­vid­ual empow­er­ment and equal­i­ty of oppor­tu­ni­ty on a glob­al scale,” said Alt­man and his team in a post.

Accord­ing to World­coin, the imple­men­ta­tion of the eye scan helps avoid mul­ti­ple free pay­ment allo­ca­tions. More­over, World­coin explains that the infor­ma­tion includ­ed in an iris scan helps eas­i­ly dis­tin­guish users. 

How­ev­er, accounts and wal­lets are not con­nect­ed with their bio­met­ric data or stored on a cen­tral serv­er. Accord­ing to the team, this is the only infor­ma­tion users need to access World­coin and their wallets. 

While the team has out­lined their plans to put World­coin in every person’s hands, there is lit­tle about what hap­pens after­ward. Along­side vague mes­sages of increased oppor­tu­ni­ty, the team does men­tion that “the out­come is uncertain.” 

Investment and interest

This vague­ness hasn’t stopped inter­est­ed par­tic­i­pants, how­ev­er. Thus far, the start­up has more than 130,000 reg­is­tered users. Accord­ing to World­coin, near­ly 60,000 of those sign-ups were in the last four weeks alone. 

“It is still ear­ly, but the results of these field tests make us opti­mistic that World­coin will soon con­nect the first bil­lion users in one com­mon­ly owned cryp­to net­work,” said the team.

More­over, the start­up has major investors with stakes in com­pa­nies both inside and out of the cryp­to space. 

One such investor is Andreessen Horowitz, a firm with its own cryp­to fund worth $2.2 bil­lion. Horowitz also has invest­ments in big league cryp­to com­pa­nies like Dap­per Labs and blockchain ana­lyt­ics firm Nansen. At the moment, World­coin has a val­u­a­tion of close to $1 billion. 

Fur­ther­more, Worldcoin’s token sup­ply is fixed at 10 bil­lion with built-in even­tu­al deple­tion. Addi­tion­al­ly, 20% of said tokens are funds for pro­duc­ing orb-iris scan­ning devices and pro­to­col development. 

World­coin intends these Orbs to be resis­tant to fraud­u­lent activ­i­ty like tam­per­ing and spoofing. 

Recent­ly cyber­se­cu­ri­ty and fraud pre­ven­tion became hot top­ics both inside and out of the cryp­to space. 

This week the Unit­ed States Trea­sury pub­lished a set of guide­lines aimed for busi­ness­es to nav­i­gate secu­ri­ty threats and fraud­u­lent inter­ac­tions. The SEC even filed a law­suit against the founder of Bit­Con­nect over his alleged role in cryp­to-relat­ed fraud. 

In the Unit­ed King­dom, offi­cials say cryp­to-linked fraud caused near­ly $200 mil­lion in damage. 

As such, Worldcoin’s eye­ball scan­ning tech­nol­o­gy has entered a space search­ing for secu­ri­ty solutions. 

Disclaimer


All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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