More Than 100,000 People Got Worldcoin After Getting Their Eyes Scanned

As a scheme to distribute digital money more freely around the world, more than 100,000 people have had their eyes scanned in exchange for a cryptocurrency called Worldcoin.

Worldcoin has given out approximately 30 iris-scanning hardware devices, dubbed “orbs,” to early users on four continents. Such users receive rewards for signing up new people. Orbs photograph a user’s eyes and generate a unique code that may be used to obtain free digital tokens.

On Thursday, the project’s creators said they hoped to release hundreds of orbs in the next months. They have a plan to distribute 4,000 devices per month. The team intends to launch the cryptocurrency network early next year and start handing away tokens thereafter. They haven’t specified how much cryptocurrency consumers will get.

Worldcoin is one of the most ambitious and difficult attempts to distribute cryptocurrency to the entire world’s population. It is obvious that the idea has already been widely panned but the results are still unknown.

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What do orbs actually do?

The orbs turn iris scans into unique strings of letters and numbers before permanently destroying the images. The resulting code would simply verify if a user has already claimed a part of the Worldcoin tokens. Collecting the IRIS obviously raises privacy concerns but Alex Blania, the cofounder of Worldcoin, denied that the project would invade people’s privacy.

“Even if I had your iris code in some form or another, I’d have no chance on the blockchain to figure out who you are,” Blania said, referring to the digital ledgers that support cryptocurrencies.

According to Blania, around 130,000 people have joined up for the initiative so far, and the token will be valued as a technology for new financial applications.

Worldcoin’s team has raised $25 million in venture finance.

Sam Altman, the project’s investor, and co-founder is a former president of the Y Combinator start-up accelerator. Altman has been a strong supporter of universal basic income, which is the idea of giving individuals free money on a regular basis.

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