Worldcoin plans to make 50,000 orbs per year that will scan the irises of potential customers and guide them into the world of cryptocurrencies.
CRYPTOCURRENCY and wavering cynicism go hand in hand, but billionaire Sam Altman and his company Worldcoin are offering people free cryptocurrencies in exchange for having their eyes scanned by a spherical orb. The world of cryptocurrencies continues to increase in financial value at a rapid rate, but the skepticism around it has proven to be one of the biggest obstacles when it comes to mass adoption. Even some of the top minds in the world economy circle are divided on the potential of cryptocurrencies.
Some Wall Street bosses consider it useless and nothing more than a short-term financial fad, while others are concerned about its energy consumption problems and its criminal implications. Cryptocurrency problems are further compounded by frequent pump-and-dump schemes where hobbyists investors are misled to buy a new token. Then the founders suddenly disappear with all the cash. But this is just one of many types of scams plaguing the nascent industry despite the 'revolutionary' potential of the underlying blockchain technology. The key, according to crypto evangelists, is building trust, getting more people to join, and developing use case scenarios where people can use cryptocurrencies for day-to-day tasks without much friction.
And that is precisely what Altman and his new company intend to do with the idea of Worldcoin. The company is going around the world and asking people to scan their eyes with an orb in exchange for the Worldcoin cryptocurrency. The company is still a few months away from launching its cryptocurrency operations, but has already sent its orb to partner 'Orb Operators' in countries on four continents where people are being asked for an iris scan in exchange for crypto tokens. free. If the idea sounds familiar, it's because e-commerce giant Amazon is also offering $ 10 in real money in exchange for taking a palm print of buyers.
Offer free tokens for global crypto adoption
Worldcoin says its Orb scans the iris and turns it into a short numeric code to register new users who get a portion of their crypto token in return. The image of people's irises is not stored, the company says. Instead, biometric data serves the same purpose as the dreaded Captcha on the Internet, ensuring humanity and solving the personality test problem for cryptocurrency transactions. The orb relies on neural networks to capture high-resolution iris scans. Although it is currently used in prototype form, the company aims to produce more than 50,000 units per year of the finished product. Worldcoin is based on the Ethereum blockchain, but has ambition to become the first cryptocurrency widely adopted in the world.
Worldcoin is also developing its mobile wallet application to allow users to keep an eye on their cryptocurrency holdings, make peer-to-peer payments, and spend it on services based on the inherent ecosystem of the Ethereum blockchain. For example, users will be able to buy NFT from OpenSea, a digital marketplace built on Ethereum's blockchain protocols. The company is also creating SDKs for developers to create their own products based on the Worldcoin ecosystem. The startup says it is offering an incentive with its 'let an orb scan your eye' tactic to get more people to join the crypto trend, but many are calling it a risky bait. That It remains to be seen how regulatory bodies will act, but many privacy eyebrows will be raised by a cryptocurrency initiative with biometrics as an incentive.
Source: Worldcoin
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