Want to get Worldcoin? Be ready to get your retinas scanned

3 min read | July 06, 2021 09:55 AM AEST | By Sonal

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Want to get Worldcoin? Be ready to get your retinas scanned — Image source: lucadp,Shutterstock

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Summary

Worldcoin, a new start-up, is planning to launch a new cryptocurrency for everyone on this planet.

Users will get their retinas scanned through an orb device to get a Worldcoin account.

Global wealth redistribution and universal basic income are the ideas behind the start-up.

The market is buzzing with the details of a new start-up, Worldcoin, which is planning to launch a new cryptocurrency. The token will be named worldcoin and the cryptocurrency will provide individuals higher transparency and security. The start-up aims to distribute the cryptocurrency to every person on the planet in exchange for their eye scans.

Who is the founder?

The start-up is backed by some big Silicon Valley founders and investors .

Alexander Blania is the head of the venture. He cofounded the company with Sam Altman, previous CEO of Silicon Valley start-up incubator Y Combinator, and Max Novendstern, who previously worked with a financial start-up, Wave. Altman serves as an adviser to Worldcoin. He had thought of the idea of Worldcoin in 2019 and was the first investor.

The company has raised nearly US$25 million and is backed by investors like Andreessen Horowitz, Reid Hoffman (LinkedIn founder), Coinbase Global’s venture arm, and Day One Ventures.

What is the idea based on?

The start-up’s plan is motivated by the notion of universal basic income or by using no-strings-attached payments to people. Universal basic income (UBI) is an approach in which the government distributes equal cash grants every month to all citizens.

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Worldcoin intends to distribute this cryptocurrency by constructing orb-shaped devices, which transform scans of people's eyes into unique numerical IDs, ensuring that a person is a valid beneficiary of the payment and not attempting to sign up several times.

The Company aims to build wealth equality and assist in moving the world towards cryptocurrencies.

Worldcoin in its early stages to distribute the unique crypto

Bania stated that he was thinking on how to reach as many people as possible with the unique cryptocurrency. The firm has begun testing in a number of places. Currently, the business is testing with less than 20 prototypes, each of which costs $5,000.

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Users have expressed concern about the privacy risks of handing over biometric data to a company.

Critics are arguing that the emerging idea is a problem in want of a solution, and that its intention to rely on people's highly sensitive biometric data threatens the anonymity of cryptocurrencies.

READ MORE: Which are the top cryptocurrency stocks to explore in the US?

Worldcoin claims that the procedure would be as open as possible, allowing consumers to see how the data is used.

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