A new cryptocurrency called Worldcoin wants to mass produce tens of thousands of silver orbs operated by entrepreneurs scanning eyeballs in return for free crypto. It sounds like something out of a sci-fi movie, but that’s what the latest digital asset founded by tech investor Sam Altman, along with Alex Blania and Max Novendstern, is offering to the masses. The company made a sneaky launch last week on Thursday and the new venture promises to dole out free cryptocurrency to users who verify their accounts by taking an iris scan. According to a Business Insider report, Worldcoin has already attracted $25 million in funding from Silicon Valley investors like LinkedIn co-founder Reid Hoffman, a16z, Coinbase Ventures, and crypto-billionaire Sam Bankman-Fried, among others, giving the entity a $1 billion valuation. Meanwhile, this past week, Altman gave full details about the new digital currency and also about their mysterious eye-scanning orb on a new website.
The project’s portal lays out the vision for Worldcoin, and it also includes a plan to mass produce several hundred thousands of Orbs which will can be operated by eye-scanning entrepreneurs and “billions” of users.
Additionally, Altman, Blania and the Worldcoin team in a post on their new website said about 60,000 sign-ups that have come in just the past four weeks. The firm has already shipped its orb-shaped devices to people in 12 countries and testers get users to sign up by having their iris scanned. The scanned iris image is then encrypted and becomes a unique code and the original data is deleted to protect users’ privacy. Following that, users are given a free share of the new digital currency. Also, the start-up cited that the eyeball scan uses iris recognition as it contains enough information to distinguish people accurately from each other and ensure people who receive the free crypto do not get multiple allotments.
Worldcoin has a fixed supply of 10 billion tokens and plans to allocate 80 percent to users and the rest of the 20 percent will be equally allocated to investors and the operators/developers of the orbs and the network.
Read all the Latest News, Breaking News and Coronavirus News here. Follow us on Facebook, Twitter and Telegram.