Crypto startup Worldcoin is aiming to expand crypto access with free cryptocurrency. However, rather than using an airdrop or other mechanism, it’s looking to a different kind of technology.
The startup, founded by Sam Altman and Alex Blania, provides free crypto handouts in exchange for an iris scan. This is part of their plan to create a global, “fairly distributed” cryptocurrency. The scan is done using a round sphere the team calls “The Orb.”
“Nothing like this has ever been done before, and the outcome is uncertain. But we are obsessed with the idea that technology can let us do something collectively that even governments have not been able to: increase individual empowerment and equality of opportunity on a global scale,” said Altman and his team in a post.
According to Worldcoin, the implementation of the eye scan helps avoid multiple free payment allocations. Moreover, Worldcoin explains that the information included in an iris scan helps easily distinguish users.
However, accounts and wallets are not connected with their biometric data or stored on a central server. According to the team, this is the only information users need to access Worldcoin and their wallets.
While the team has outlined their plans to put Worldcoin in every person’s hands, there is little about what happens afterward. Alongside vague messages of increased opportunity, the team does mention that “the outcome is uncertain.”
Investment and interest
This vagueness hasn’t stopped interested participants, however. Thus far, the startup has more than 130,000 registered users. According to Worldcoin, nearly 60,000 of those sign-ups were in the last four weeks alone.
“It is still early, but the results of these field tests make us optimistic that Worldcoin will soon connect the first billion users in one commonly owned crypto network,” said the team.
Moreover, the startup has major investors with stakes in companies both inside and out of the crypto space.
One such investor is Andreessen Horowitz, a firm with its own crypto fund worth $2.2 billion. Horowitz also has investments in big league crypto companies like Dapper Labs and blockchain analytics firm Nansen. At the moment, Worldcoin has a valuation of close to $1 billion.
Furthermore, Worldcoin’s token supply is fixed at 10 billion with built-in eventual depletion. Additionally, 20% of said tokens are funds for producing orb-iris scanning devices and protocol development.
Worldcoin intends these Orbs to be resistant to fraudulent activity like tampering and spoofing.
Recently cybersecurity and fraud prevention became hot topics both inside and out of the crypto space.
This week the United States Treasury published a set of guidelines aimed for businesses to navigate security threats and fraudulent interactions. The SEC even filed a lawsuit against the founder of BitConnect over his alleged role in crypto-related fraud.
In the United Kingdom, officials say crypto-linked fraud caused nearly $200 million in damage.
As such, Worldcoin’s eyeball scanning technology has entered a space searching for security solutions.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.