Startup Wants To Distribute 1 Billion Cryptocurrencies For Free

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Startup: With the support of the a16z venture capital fund and other crypto heavyweights worldwide, the startup Worldcoin this Friday (22) unveiled a dazzling plan: to distribute cryptocurrencies for free to a billion people around the world. The only requirement is that beneficiaries authorize a biometric eye reading.

The Worldcoin project, which aims to accelerate the global adoption of cryptography, might even seem a little crazy were it not for the US$25 million (R$142 million) already guaranteed support of the groups Andreessen Horowitz, Coinbase Ventures, 1confirmation, Blockchange and Day One Ventures. Let’s not forget either that the startup is a unicorn, that is, it’s worth at least US$ 1 billion before it even goes public.

Founded by Alex Blania, Max Nevedstern and well-known American blogger and “angel investor” Sam Altman, Worldcoin was born with the participation of more than 100,000 people during its testing period. Interviewed by Cointelegraph, Blania revealed that, in 2019, “Sam thought we could really change the world for the better if we could launch a new, collectively owned, globally distributed cryptocurrency.”

How can I sign up for Worldcoin?

To sign up for Worldcoin you don’t need to have any money, but you can say that it costs an arm and a leg. That’s because the startup validates that the person is really real, before earning their cryptocurrency, scanning their iris using custom hardware called Orb. These “Orb Operators” are used by independent entrepreneurs around the world, who receive Worldcoin incentives for every registered user.

As for the privacy issue, or the spurious use of this eye photo in the future, Worldcoin clarifies that Orb converts the iris reading into a numeric code, and that the original image “does not need to be stored or loaded”. Operators also point out that this code will not be linked to wallets or transactions. Of course, any user can participate in Worldcoin without having an eye exam. But it doesn’t earn coins.

More details about the launch are expected in the coming months, as the cryptocurrency’s debut is scheduled for next year. The team’s plans include the distribution of approximately 50,000 tokens per year, as well as the launch of a mobile app to facilitate transactions.