New crypto unicorn Worldcoin, funded by crypto heavyweights, has revealed plans for anyone to claim free coins to accelerate the global adoption of crypto.
Bringing free cryptocurrencies to the world sounds like a great project, but the $ 25 million support from Andreessen Horowitz, Coinbase Ventures, Confirm1, Blockchange, and Day One Ventures, and the $ 1 billion valuation will add to the Worldcoin -Give project more weight.
Worldcoin was co-founded by Alex Blania, Sam Altman and Max Novendstern and more than 100,000 people from all over the world participated during the test period and aims to reach over a billion people within two years. For comparison: as of 2021 there will be over 300 million crypto users worldwide.
Speaking to Cointelegraph, Worldcoin co-founder and CEO Alex Blania said the co-founders met in 2019 and started working on the project in early 2020, he said.
Worldcoin is a cryptocurrency implemented as Layer 2 on the Ethereum blockchain, where anyone can create an account, send transactions and participate in the validation process. Its mainnet is expected to launch next year.
Blania explains: “The holistic nature of its ecosystem, the distribution of free coins and incentives for new registrations are the three levers that are driving crypto adoption. Registering with Worldcoin does not require any prior funding.
Worldcoin authenticated the person as real and claimed their free share by scanning their irises with custom hardware called the Orb. Worldwide independent entrepreneurs will operate these devices as “Orb Operators”. Blania explained that for every user they sign up for Worldcoin, these miners are rewarded, for example:
“An orb operator in Indonesia teamed up with one of the largest grocery suppliers in the country to sign up every driver to rent out the entire storefront in a mall to drive through the traffic village to show off the whole worldcoin village. His experience was so successful with this village that eight other villages asked him to do the same. “
The mention of eye scans immediately raised concerns about user privacy to Big Brother. According to the announcement, Orb will convert a person’s eye scan into code so that the original image “does not need to be saved or uploaded”.
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The underlying system does not link this token to the user’s wallet or transaction to protect privacy. Users can also join the Worldcoin network without an eye scan, but they cannot claim free coins.
The team is developing an unattended mobile wallet app to simplify the referral process. It will enable transactions between users and act as a navigation tool to search for orb operators nearby. They aim to grow rapidly with a payout of 50,000 Orb per year, possibly with rounds of funding coming up in the coming months.