In return for Worldcoin cryptocurrency, more than 100,000 eyes have been scanned. This is a way to accelerate the spread of digital money around the globe.
Worldcoin distributed 30 iris scanning hardware devices (called orbs) to four continents' early users. They also offer rewards for signing up more people. Orbs capture the eyeballs of users and create a unique code that can then be used to get digital tokens.
On Thursday, the project developers stated that they would release hundreds of orbs over the next few months and eventually distribute 4,000 devices each month. The team intends to launch the cryptocurrency network in the first quarter of next year, and then begin giving away tokens. The team has not yet revealed how much cryptocurrency users will receive.
Worldcoin is one of the most complex and ambitious attempts to distribute cryptocurrency to the global population. It is similar to the economic concept universal basic income. Already, the project has been criticized with furiousness and even its developers admit that it is not certain what the future holds.
Alex Blania is the cofounder and co-founder of Worldcoin. He claimed that the project wouldn't invade privacy. The orbs transform iris scans into unique strings, letters, and numbers, before permanently deleting images.
The code generated would be used to verify that a user has claimed Worldcoin tokens.
Even if you had your iris code, there is no way to discover who you are on the blockchain. Blania was referring to digital ledgers that support cryptocurrencies. Worldcoin was built on the Ethereum blockchain.
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Blania stated that around 130,000 people have signed up for the project to date, and the token will be valuable as a technology for financial applications.
Worldcoin's team has raised $25m in venture capital. This includes a round led by Andreessen Horowitz, which valued Tools for Humanity at $1 billion.
Sam Altman, a former president and founder of Y Combinator, is now an investor. Altman is a strong advocate for universal basic income, which provides people with money every day.
Worldcoin intends to issue 10,000,000 tokens total. 80 percent will go to users, 10 % to investors, and 10 % to a foundation to manufacture the orbs, and develop the network.
Blania stated that employees and co-founders will each receive a percentage of the foundation tokens. However, she declined to give an exact figure. Worldcoin spokesmen said that the foundation would be established before the networks launch.
Worldcoins tokens, like many other cryptocurrency projects are not backed with any hard assets. Their value could fluctuate based on their popularity.
Worldcoin estimates it could reach over 1 billion people in the first two years of its operation. This assumes people continue to sign up at current rates, and that the team meets its orb distribution goals.
Sign up for Worldcoin to receive your full token allocation over time. This vesting schedule is pre-planned and Blania stated that it was still being developed.
Blania stated that the distribution rate of Worldcoin would depend on the design and pace of user sign ups.
Worldcoin has distributed orbs to 12 different countries in Africa, South America and Europe so far. According to the company, the most productive orb owner in Chile has hired 20 shift workers and signed up more than 10,000 people.
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