WorldCoin Wants To Give Everyone Free Crypto if They Scan Their Irises

The company promises that the system is secure and that it will not be storing people’s data. 

Tech 
13,325 Hypes 6 Comments

WorldCoin, a new cryptocurrency launched by tech millionaire Sam Altman, wants to give everyone in the world free coin — in exchange for a scan of your iris.

Altman, who runs the AI research company OpenAI and who has been a familiar name in Silicon Valley tech for years, told Wired that no one has fully developed “serious plans” to distribute free money to the world’s population. The project has so far raised $25 million USD from major investors like Andreessen Horowitz and Coinbase Ventures.

On its website, the company calls itself a “new, collectively owned global currency that will be distributed fairly to as many people as possible.” The company explains that less than 3% of the world’s population uses cryptocurrency, hampering efforts to digitize the global economy.

“If a cryptocurrency were adopted at scale, it would vastly increase access to the internet economy and make applications possible that are now unimaginable,” Worldcoin says.

People can claim their free coin by proving that they’re human and that they have not already received their portion of Worldcoin — a problem the company says it addressed by building a new device called “the Orb.” The circular device can scan people’s irises and capture unique biometric identifiers, which are then “converted into a short numeric code, making it possible to check whether the person has signed up already.”

According to CNBC, Worldcoin has already amassed 100,000 users globally and aims to reach 1 billion users by 2023. The company has so far shipped its Orb devices to people in 12 countries, allowing individuals to organize independent operations in their communities.

While the concept of a tech company capturing people’s biometric data with the promise of free money might sound alarming, Altman assured Wired that the system is secure and that the company will not be storing people’s data.

“We take a picture of your irises, we don’t even store it, we calculate a code from it, the code is uploaded, but the image never is,” he explained. “We don’t know any more information about you than that image.”

You can find out more about the cryptocurrency and where device operators are currently stationed on the Worldcoin website.

In other news, cryptocurrency exchange FTX reached a $25 billion USD valuation.

Read Full Article

What to Read Next

U.S. Banking Organizations Want To Clarify Rules for Certain Crypto Activities
Tech

U.S. Banking Organizations Want To Clarify Rules for Certain Crypto Activities

Including whether or not some activities are legal.

Crypto Investors Purchase $250,000 USD Tungsten Cube That They Can Touch Once a Year
Tech

Crypto Investors Purchase $250,000 USD Tungsten Cube That They Can Touch Once a Year

Measuring roughly 14 inches and weighing 2,000 lbs.

Robinhood to Begin Testing Crypto Wallets Next Month
Tech

Robinhood to Begin Testing Crypto Wallets Next Month

A waitlist is available now, with general availability expected in early 2022.


Walmart Is Looking To Hire a Crypto Expert
Tech 

Walmart Is Looking To Hire a Crypto Expert

To stay on top of ‘technology and customer trends.’

UK Brand Accelerator Tomorrow Acquires Majority Stake in Martine Rose
Fashion 

UK Brand Accelerator Tomorrow Acquires Majority Stake in Martine Rose

The London-based menswear brand will also receive an undisclosed stake in the Tomorrow business.

Rapper SoFaygo and SoundCloud Premiere Documentary ‘Let’s Go Faygo’
Music

Rapper SoFaygo and SoundCloud Premiere Documentary ‘Let’s Go Faygo’

Created as part of the “First on SoundCloud” artist accelerator program.

Harry Rosen Is Providing Warmth and Style With Its Winter Apparel Drop
Fashion 

Harry Rosen Is Providing Warmth and Style With Its Winter Apparel Drop

Presented by Harry Rosen
The luxury retailer has released a wide range of cold weather staples.

Big Sean Gets Swarmed by Bees in New "What a Life" Visual
Music

Big Sean Gets Swarmed by Bees in New "What a Life" Visual

The rapper’s first release as lead artist of 2021.

Closer Look at the COMME des GARÇONS HOMME PLUS x Nike Air Foamposite One in White
Footwear

Closer Look at the COMME des GARÇONS HOMME PLUS x Nike Air Foamposite One in White

The Japanese imprint completely revamps the hoops model’s upper to look like a zen garden.


David Chase Is Reportedly in Talks To Write ‘Sopranos’ Spin-Off Series
Entertainment

David Chase Is Reportedly in Talks To Write ‘Sopranos’ Spin-Off Series

Following the recent release of the show’s prequel movie.

Khalid Shares New R&B Track "Present" and Announces Upcoming Mixtape 'Scenic Drive'
Music

Khalid Shares New R&B Track "Present" and Announces Upcoming Mixtape 'Scenic Drive'

The mixtape will land as a “companion piece” to the artist’s 2018 ’Sun City’ EP.

Mark Suciu's New adidas Skateboarding Gazelle ADV is Unveiled
Footwear

Mark Suciu's New adidas Skateboarding Gazelle ADV is Unveiled

The pro skater fashions the Three Stripes model with a lush green and white palette.

Official Look at the Supreme x Nike SB Dunk High “By Any Means” in "Navy/Red"
Footwear

Official Look at the Supreme x Nike SB Dunk High “By Any Means” in "Navy/Red"

The iconic streetwear label remixes the classic hoops model with oversized text, heart icons and more.

ICECREAM Skate Team Member Antonio Scalia Launches His Cashmere Sound Apparel Brand
Fashion

ICECREAM Skate Team Member Antonio Scalia Launches His Cashmere Sound Apparel Brand

What was once just an idea that was kicked around with Pharrell has now finally come to fruition.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.