A new cryptocurrency called Worldcoin wants to mass-produce tens of thousands of silver orbs mined by eye-scanning entrepreneurs in exchange for free cryptocurrencies. It sounds like something out of a sci-fi movie, but that’s what the latest digital asset founded by tech investor Sam Altman, starring Alex Blania and Max Novendstern, offers the masses. The company had a sneaky launch last week, and the new company promises to deliver free cryptocurrency to users who verify their accounts by performing an iris scan. According to a Business Insider report, Worldcoin has already attracted $ 25 million in funding from Silicon Valley investors such as LinkedIn co-founder Reid Hoffman, a16z, Coinbase Ventures, and crypto-billionaire Sam Bankman-Fried, among others, giving the entity $ 1. billion. assessment. Meanwhile, last week, Altman gave all the details of the new digital currency and also his mysterious eyeball on a new website.
The project portal lays out the vision for Worldcoin, and also includes a plan to mass-produce several hundred thousand Orbs that can be mined by entrepreneurs and “billions” of users.
Additionally, Altman, Blania, and the Worldcoin team in an article posted on their new website reported around 60,000 registrations in the last four weeks alone. The company has already shipped its orb-shaped devices to people in 12 countries, and testers are encouraging users to sign up by scanning their irises. The scanned iris image is encrypted and converted into a unique code and the original data is removed to protect user privacy. Then users receive a free share of the new digital currency. Additionally, the startup reported that the eyeball scan uses iris recognition because it contains enough information to accurately distinguish people from one another and ensure that people receiving free crypto don’t receive multiple assignments.
Worldcoin has a fixed supply of 10 billion tokens and plans to allocate 80% to users and the remaining 20% will be allocated equally to investors and operators / developers of the orbs and the network.
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