Worldcoin is a new cryptocurrency that scans people’s eyes in order to identify them and then gives them a portion of its collectively-owned currency.
According to the company, it wants the digital currency to be distributed fairly to as many people as possible.
Alex Blania and Sam Altman, co-founders, have invented an Orb device that can capture an image of the eye and convert it to a unique numerical code that can then be used to identify someone.
This process, it claims, is essential in its model to ensure that the coins are distributed to a human (and no bot) and that nobody tries to claim more than what they are owed.
Worldcoin is just a few months away from launching globally. It claims this method is much more convenient than traditional methods of identifying individuals as no additional personal information is required.
Images will not be stored, uploaded or associated with any crypto-wallet transactions or user’s crypto wallet, in order to preserve privacy.
Many people are waiting for hours to get their share of the field tests being conducted in different locations all over the world.
After field testing are complete, the company plans to increase production.
A single Orb device can currently onboard approximately 700 new punters each week. Altman and Blanie hope to make 50,000 devices annually.
The company raised US$25mln funding before its global launch. It is now valued at US$1bn.
