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Worldcoin Wants to Scan Your Eyes in Exchange for Crypto

Worldcoin Wants to Scan Your Eyes in Exchange for Crypto
  • Worldcoin, the eyeball-scanning crypto project, has officially launched with its identity technology and cryptocurrency token.
  • The project distributed millions of dollars’ worth of WLD tokens to individuals who consented to have their irises scanned using the World App and an Orb verification device.
  • Worldcoin aims to preserve human identity as artificial intelligence becomes more prevalent.

The eyeball-scanning crypto project of Sam Altman, the former president of the startup accelerator Y Combinator and CEO of the artificial intelligence research laboratory OpenAI, has officially launched, following its introduction in 2021.

WLD FM #3: Introducing World App for Worldcoin

Unveiling Worldcoin

On July 24, 2023, the project was officially released by rolling out its identity technology as well as the token internationally–it airdropped millions of dollars worth of cryptocurrency tokens to those who’ ve agreed to let the object scan their irises.

According to the company, the project will preserve our “humanness” as artificial intelligence takes over more of the world.

Prior to the launch, Worldcoin had raised well over $200 million from venture capital funds like Khosla Ventures, Bain Capital, Andreessen Horowitz, Reid Hoffman, and others. 

WLD Token: Gaining Traction in the Crypto Market

Individuals who consent to have their irises scanned are given a small amount of cryptocurrency tokens known as Worldcoin, or WLD. 

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The tokens started trading this week and are currently valued at just over $2 apiece. Currently, CoinGecko data shows that the token is up by 13.2%, its current trading volume is $611,792,977 in the last 24 hours. Moreover, its market capitalization is $217,398,830 and is ranked #151 on the platform today. 

Photo for the Article - Worldcoin Wants to Scan Your Eyes in Exchange for Crypto

Eighty percent of Worldcoin’s total supply are to be distributed to people all over the globe; 20% of its tokens will be put on hold– US citizens were not able to participate and receive WLD airdrop due to regulatory restrictions.

 As part of their strategy, the startup has set a cap on the total supply of “WLD” tokens, limiting it to 10 billion for the initial 15-year period. According to the white paper, the maximum circulating supply of the ERC-20-based token at the time of its launch on Monday stands at 143 million.

World App and Orb: How it Works

Worldcoin Orb

To receive Worldcoin Tokens (WLD), individuals must download the World App, the startup’s protocol-compatible wallet software, and visit an Orb, a helmet-shaped eyeball-scanning verification device, to receive their World ID. 

According to the firm, users have to sign up by having their iris scanned. The image is then encrypted and becomes a unique code, while the original data is deleted to protect users’ privacy. After that, users will be given their free share of Worldcoin’s cryptocurrency.

“To rapidly get its new currency into the hands of as many people as possible, Worldcoin will allow everyone to claim a share of it for free. For this to happen, we first had to solve one major challenge: ensuring that every person on Earth can prove that they are indeed human (not a bot), and that they have not claimed their free share of Worldcoin already,” the developers wrote.

To address privacy concerns, Worldcoin assured that its orb uses zero-knowledge proofs to protect user privacy, but still, critics say it’s dangerous to give biometric data to a private company.

Worldcoin Orb Locations

Currently, Worldcoin has around 1,500 orbs of the devices and is building more. 

In a blog, Worldcoin disclosed that it is building a decentralized network of Orb Operators who sign up users in their communities. 25 Operators have signed up 30 devices in 12 countries. The best Operator signed up 2,198 users in a week. The average weekly sign-up rate is 764 per Orb and 1,069 per Operator. Five countries with successful operations are Chile, Kenya, Indonesia, Sudan, and France. As of writing, Worldcoin is offering the orb service in 35 cities around the world–124 locations in total.

What is Worldcoin?

Worldcoin is owned by Tools for Humanity, which wants to give everyone a blockchain-based digital identity. According to the firm, as bots and AI become more common, it will be hard to tell humans from machines which bore the idea that iris scans are a foolproof way to prove humanity.

“Worldcoin is an attempt at global scale alignment, the journey will be challenging and the outcome is uncertain. But finding new ways to broadly share the coming technological prosperity is a critical challenge of our time,” Worldcoin co-founders Alex Blania and Sam Altman wrote. 

Is Worldcoin a Virtual Asset Service Provider (VASP)?

“Worldcoin is not a Virtual Asset Service Provider (“VASP”) or another similar classification,” the firm stated. 

Accordingly, Worldcoin noted that as  a self-custodial wallet provider, it does not offer exchange services or hold custody of any crypto assets or funds.

In the Philippines, VASPs are defined as organizations that allow the exchange of virtual assets for fiat currencies, facilitate transactions between different virtual assets, and provide services such as the safekeeping and transfer of virtual assets. An entity must first register with the Bangko Sentral ng Pilipinas to operate; however, there is currently  a temporary halt on approving new VASPs until 2025.

This article is published on BitPinas: Eyeing the Future: Worldcoin Exchanges Crypto for Iris Scans

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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