Worldcoin, which launched on October 21, promises to give free crypto to those who verify their accounts using an eye scan. Worldcoin’s co-founders have raised a staggering $25m (£18m) so far to fund their new venture.
Worldcoin has unveiled a new digital currency that could revolutionise the crypto market. Its Silicon Valley co-founders, Alex Blania and Sam Altman want to give everyone in the world free cryptocurrency in exchange for a scan of their eyes. Worldcoin wants to get one billion people into its new cryptocurrency by the end of 2022.
The cryptocurrency’s founders want to give their new digital coin to as many people as possible, as quickly as possible.
So far, more than 100,000 people from around the globe have already signed up to Worldcoin. The company has ambitious targets – it wants to hit one billion users by 2023.
Worldcoin’s co-founders have raised a staggering $25m (£18m) so far to fund their new venture.
This new crypto has some impressive backers, its investors include Andreesen Horowitz, LinkedIn co-founder Reid Hoffman, Blockchain and Coinbase Ventures.
How can you claim Worldcoin crypto for free?
The company will use orb-shaped devices to scan users’ eyes in exchange for free cryptocurrency. They have called these devices “Orbs.”
Worldcoin says its Orb scans the iris and converts it into short numeric code to sign up new users who get a share of its crypto-token in exchange.
The image of people’s iris is not stored, says the company. Instead, the biometric data serves the same purpose as the dreaded Captcha on the internet — ensuring humanness and solving the proof-of-personhood problem for cryptocurrency transactions.
The orb relies on neural networks to capture high-resolution iris scans. It is currently being used in a prototype form. The company aims to produce over 50,000 units per year of the finished product. Worldcoin is based on the Ethereum blockchain. It has the ambition of becoming the first widely adopted cryptocurrency in the world.
In a bid to make this a truly global currency, the company will let everyone claim a free share of it. However, cryptocurrencies are still in their infancy, mass adoption and acceptance have yet to take place.
Worldcoin is planning to make 50,000 orbs per year that will scan the iris of potential customers. And guide them into the world of cryptocurrency.
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