Sam Altman, a startup entrepreneur, outlines a concept aimed at distributing unique crypto to everyone on the planet.
The only catch is that they will have to get their eyes scanned.
Sam Altman, the 36-year-old former CEO of Y Combinator, is working to make cryptocurrency accessible to everyone on the planet. According to a report, he is working to improve universal basic income through Worldcoin, a project he co-founded with two people. When debating the need for governments to redistribute money, economist Tyler Cowen came up with the idea in a 2019 interview.
With an interest in the economic theory of Universal Basic Income, he determined that crypto was the greatest vehicle for evenly distributing money around the world.
This, however, does not happen without a strategy. He and his colleagues agreed to scan everyone’s eyeball in order to create a unique personal identifier. This will be accomplished with the help of an orb-shaped device.
The scanning equipment, according to Alexander Blania, 27, who co-founded the company with Altman and Max Novendstern, is the size of a basketball, making it easily portable.
The orb is now being tested on a small scale in various places, even though Worldcoin is not yet ready for distribution. Volunteers who scan their eyes and provide feedback are rewarded with Bitcoin. The iris scan is crucial because it prevents anyone from abusing the system by registering several times. The scanner assigns each person a unique number code, after which the image is completely erased.
The headquarters of Worldcoin will be in San Francisco.
There are currently less than 20 prototypes in circulation, each of which costs $5,000 to produce. However, once the manufacturer has perfected the process, the price may drop. The headquarters, according to Blania, will be located in San Francisco. Employees are currently dispersed owing to the Covid-19 epidemic.
The company is on the right road, since it has raised $25 million from investors.
Apart from its intriguing goal, it is backed by industry heavyweights such as Andreessen Horowitz, Coinbase Global’s venture capital arm, as well as Reid Hoffman, the founder of Linkedin, and Day One Ventures.
Many people have been kept out of financial institutions, according to Blania, an issue that crypto can fix. The distribution will aid economies in their transition to cryptocurrency. This will be accomplished through an innovative approach with a dedicated hardware device that ensures both the humanness and uniqueness of everyone signing up while retaining their privacy and the overall openness of a permissionless blockchain.
The crypto community initially identified another Worldcoin project published by CoinMarketCap since 2013 as Altman’s idea. Blania quickly explained that their Worldcoin is not yet operational, and that the one listed on CMC is a completely separate project.
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