Former president of Y Combinator and current CEO of Open AI, Sam Altman, unveiled today his most recent project that he deems as the “new global cryptocurrency,” the Worldcoin, alongside its dedicated hardware that particularly scans people’s eyes in exchange for some cryptos.
In this new ambitious effort, Sam Altman is joined by Max Novendstern, an investment associate of Bridgewater, and Alex Blania, a Cal Tech grad student in quantum computing.
As per the leaked info reported by Bloomberg back in June, Worldcoin is a token built using the fundamentals of Ethereum. The general idea of the project is to disseminate the token to anyone worldwide free of charge, similar to a universal basic income of some sort.
According to Blania, there are still several millions of people around the world that have no viable access to any financial systems; cryptocurrencies pose an opportunity to rectify just that.
While the concept of free crypto share for everyone does indeed sound excellent on paper, there is one particular catch that may catch some off guard. To redeem Worldcoin, one must first subject themselves to a comprehensive biometric analysis by closely scanning their eyeballs using the project’s dedicated device.
As per Worldcoin’s website, this step is to prove the user’s so-called “unique-humanness” – or in other words, to prove that the user is indeed a human and not a well-programmed bot on top of verifying whether they already received their share or not.
Worldcoin states that it has now signed up 25 operators who possess 30 orbs each in four continents and argues that it can potentially enlist 50,000 to the market per year.