As projects to more widely distribute digital money around the world accelerate, more than 100,000 people have scanned their eyes in exchange for a cryptocurrency called the World Coin.
Worldcoin has distributed about 30 iris-scan hardware devices called “Orbs” to early users on four continents. These devices will be rewarded for registering more users. The orb takes a picture of the user’s eyeball and creates its own code that can be used to request a free digital token.
Project developer Said On Thursday, they planned to release hundreds of orbs in the coming months and eventually distribute 4,000 devices a month. The team will debut the crypto network early next year, at which point it will begin distributing tokens. They do not mention the amount of cryptocurrency that users can expect to receive.
Worldcoin, like the economic concept of basic income, represents one of the most ambitious and complex attempts to distribute cryptocurrencies to the world’s population.The project is already facing enthusiastic criticism and its own developer Admit “The results are uncertain.”
Worldcoin co-founder Alex Blancia denied that the project would invade people’s privacy and said the orb would convert the iris scan into a unique string of letters and numbers before removing the image altogether. ..
The resulting code is used to see if the user has already requested sharing of the Worldcoin token.
“Even if I have your iris code in some way, I don’t have a chance to know who is actually on the blockchain,” Brania said, referring to the digital ledger that underpins cryptocurrencies. rice field. Worldcoin is built on the Ethereum blockchain.
To date, about 130,000 people have enrolled in the project, according to Brania, and the token is valuable as a technology that can be used in new financial applications.
The team behind Worldcoin has raised $ 25 million in venture capital, including a round of funding led by Andreessen Horowitz. This includes the Tools for Humanity valued at $ 1 billion.
Sam Altman, former president of Y Combinator Startup Accelerator, is a project investor and co-founder.Altman was a supporter of the voice Basic income, The concept of providing people with free money on a regular basis.
Worldcoin will issue a total of 10 billion tokens, 80% for users, 10% for company investors, and another 10% for the foundation of orb manufacturing and network development.
Mr. Brania said co-founders and employees would receive some of the Foundation’s tokens and refuse to provide accurate numbers. A Worldcoin spokeswoman said the company plans to set up a foundation before the network debuts.
Like many crypto projects, Worldcoin tokens are not backed by hard assets and their value can fluctuate based on popularity.
Worldcoin estimated that assuming people continue to sign up at current rates and the team achieves the orb distribution goal, it could reach more than a billion people within the first two years of network operation. ..
Those who sign up for Worldcoin will receive a full allocation of tokens over time through a pre-planned vesting schedule. It states that Blancia is still under development.
Brania said the speed at which World Coins are distributed ultimately depends on the design of the vesting schedule and the pace of user registration.
Worldcoin has distributed orbs to 12 countries in Africa, South America, Europe and Asia. The company said the most productive orb owners have registered more than 10,000 in Chile by hiring 20 shift workers.
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