The Wordcoin company has stated that it is ready to give cryptocurrency to people who have agreed to check their accounts using an iris scan. Wordcoin has made a statement that it has already allocated $25 million to finance the development of Silicon Valley investors. At the moment, the company is estimated at one billion dollars.
CEO of AI OpenAI Group, Altman founded his company together with theoretical physics student Alex Blagna and former investor partner of Bridgewater Associates, Max Novendstern.
The offer to scan your eyes and get a currency for it sounds strange, so what’s the matter? The organizers of the Worldcoin company declare that they seek to increase the availability of cryptocurrency for the masses, thereby increasing its coverage. According to the cryptocurrency exchange, only 3% of the world’s population has cryptocurrency in their capital Crypto.com .
How does it work?
Worldcoin has already sent spherical devices to various users in 12 countries. The user registers by scanning his raja shell, the resulting image is encrypted and generates a unique code. After completing the entire procedure, the user gets access to the Worldcoin share.
The system is quite reliable, as Blania assures. According to the organizers, the device only generates a code, but does not collect a biometric database. they already have about 100,000 users worldwide, and every week their number increases by about 700 people. they predict that by 2023, coverage will exceed 1 billion people.
It is not quite clear yet how Worldcoin is used?
To begin with, the user has a digital wallet that allows you to make payments and store cryptocurrencies. In the future, Blania hopes to attract developers who will create applications in addition to the system. So that as many people as possible learn about cryptography. To do this, it is very important to have the skills to work in the network.
One of the problems faced by the company is the confirmation of the identity of users. It is for this purpose that the balloon was created, which is the most reliable solution for ensuring online privacy. This helps to prove that every user in the system is unique.
‘Infrastructure’ for basic income.
A concept that has parallels with universal basic income (UBI), promoted by Altman and a number of other major technology experts.
The concept is to regularly deprive citizens of cash for free, thereby instilling loyalty to artificial intelligence and automated workers.
Blania hinted that in the future his company may take on the role of “infrastructure” for UBI, but at the moment this is not possible. The company is preparing to create a network in which entrepreneurs will be able to create similar applications. UBI is one of them, but the creation of global financial companies is another big problem.
Worldcoin is not the only promising project that Alman draws attention to. In 2018, a millionaire tech entrepreneur gave $10,000 to a Nektome startup to save his brain by scanning it and displaying it in a simulation.
Worldcoin has built its system on Ethereum, a blockchain network that is the third largest cryptocurrency in the world. Blania hopes to capitalize on the rapidly evolving trend in cryptocurrency, known as decentralized finance or DeFi, which aims to eliminate intermediaries from financial processes such as lending and investing.
The Worldcoin company was created during a period of renewed interest in cryptocurrencies, as the prices of bitcoins and other digital coins have recently increased significantly. Bitcoin, the largest cryptocurrency, reached a new high on Wednesday – more than $ 66,000, while ether, XRP and other tokens also grew.
The cryptocurrency does not yet have a reliable reputation. This is due to fraud, various pumping and dumping schemes that deceive amateur investors, forcing them to buy tokens only so that creators and insiders earn millions. But the director of Worldcoin assures that his company is not. He strives for transparency in his cryptocurrency transactions
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