RJ Pierce, Tech Times
A cryptocurrency startup in Silicon Valley is making headlines for a rather generous proposition: they’ll give you free crypto if you let them scan your eyes.
(Photo : Getty Images )
The startup, called Worldcoin, is the brainchild of tech millionaire Sam Altman. According to NotebookCheck.net, Altman’s plan is to scan the eyes of a billion people until next year.
After you get your eyes scanned, you’ll get your payment via their own cryptocurrency, called Worldcoin.
According to the company’s official website, they’re planning Worldcoin to be, in their own words, a:
“Collectively owned global currency that will be distributed fairly to as many people as possible.”
What this means is they basically want the adoption of cryptocurrency more widespread. As of late, Worldcoin claims that only less than three percent of the global population has their hands in crypto or anything similar.
As of late, the cryptocurrency startup has already scanned the eyes of over 100,000 people all over the world. Company CEO Alex Blania says that their crypto coin can be used to create a so-called “universal basic income” in the future, reports CNBC.
Indeed, crypto has been making constant headlines during the past two years. Many people are sinking their life savings into this new kind of investment, hoping to strike paydirt in the digital world.
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Why Is This Cryptocurrency Startup Scanning People’s Eyes?
To some, it might sound like something out of a dystopian future scenario: big corporations taking people’s personal and biometric data. But according to Worldcoin, they’re doing it for something quite harmless.
The eye scans, as per the original CNBC report, are intended to help people verify their personal bank accounts. The metallic orbs that perform the scan are doing it by scanning irises, which works as some kind of identification like fingerprints.
(Photo : Getty Images )
A user who scans their eyes gets a photo of theirs taken. This photo will then be used to generate a code, which will be sent to the company’s servers. These orbs are scattered in a total of 12 countries.
But while you’re expecting to get actual crypto, you won’t. What you’re getting is a share of the company’s Worldcoin.
As of late, Worldcoin claims they’ve already banked $25 million in funding from a lot of big-name investors. Among them is Coinbase and LinkedIn’s Reid Hoffman and renowned Silicon Valley investor Andreessen Horowitz.
With this, the new crypto startup has been given a massive $1 billion valuation.
How Will It Stand Against Cryptocurrency Giants?
Worldcoin will have to crack a market that’s been dominated largely by bitcoin, ethereum, and even meme coins such as dogecoin. But it’s their drastically different approach that’s got people talking.
Other crypto needs to be mined with very expensive hardware, such as ASIC miners (for bitcoin) and graphics cards (for Ethereum). But Worldcoin, according to the startup, doesn’t need to be mined.
With this business model, it could allow the new cryptocurrency to reach places all over the world where mining equipment is far out of reach for most people.
Related Article: Crypto Mining Proposed To Be Added to China’s ‘Negative List,’ Prohibiting Foreign, Chinese Investors
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Written by RJ Pierce
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