Worldcoin, which is backed by a16z and co-founded by Sam Altman, will give away free cryptocurrency in exchange for an eye scan. Worldcoin, a new crypto unicorn backed by crypto giants, has unveiled its proposal to allow anyone to collect free coins in order to drive global crypto adoption.
Providing free cryptocurrency to the entire world’s population may sound like a pipe dream, but the Worldcoin project has received $25 million in funding from Andreessen Horowitz, Coinbase Ventures, confirmation1, Block change, and Day One Ventures, as well as a $1 billion valuation.
Worldcoin, which was co-founded by Alex Blania, Sam Altman, and Max Novendstern, had over 100,000 people from around the world participate in its test period and wants to reach over a billion people within two years. In comparison, as of 2021, there are over 300 million crypto users globally.
Worldcoin co-founder and CEO Alex Blania revealed that the co-founders met in 2019 and began working on the project in early 2020. “Sam believed that if we could develop a new, collectively owned, internationally distributed cryptocurrency, we could truly alter the world,” he stated.
Anyone can create accounts, submit transactions, and participate in the validation process with Worldcoin, which is designed as a Layer 2 on top of the Ethereum blockchain. The mainnet is anticipated to begin next year.
Blania highlighted that the inclusive nature of its ecosystem, the distribution of free coins, and the incentives for new sign-ups are three levers that will promote crypto acceptance. Worldcoin registration does not necessitate any prior financial resources.
To protect users’ privacy, the underlying system will not link this numeric code to their wallets or transactions. Users can join the Worldcoin network without having their eyes scanned, but they will be unable to claim free coins.
To make the onboarding process easier, the team is working on non-custodial mobile wallet software. It would facilitate user transactions and serve as a navigator for locating nearby Orb operators. They want to scale things quickly, with 50,000 Orbs distributed every year, maybe with the future funding rounds in the coming months.