8.2 C
New York
Friday, November 26, 2021
HomeTechnologyWorldcoin: Universal Basic Income through an eye scan

Worldcoin: Universal Basic Income through an eye scan

Worldcoin is supposed to distribute the money fairly in the world . (Image: pogonici / Shutterstock)

Remember Article

The idea behind the crypto currency Worldcoin is very simple: Everyone should have the chance of free money. Supporters see this as a possible first step towards a universal basic income.

The entrepreneur Sam Altman wants to provide everyone on the planet with money – or rather with his crypto currency Worldcoin. The project, co-founded by Altman earlier this year, has raised $ 25 million to date. Supporters include Andreessen Horowitz and Coinbase Ventures.

The idea behind Worldcoin is partly a crypto buzz, partly the dream of financial inclusion. Altman believes that Worldcoin could evolve into a global, fairly distributed electronic currency. The network effect should be used to give every single person on earth a piece of the cake.

Crypto for everyone

According to its own website, the company was removed from the Conviction born out that if cryptocurrency technology were to be introduced on a global scale, it would “open social and economic doors for billions of people”. But at the moment, so the argument goes, mainstream cryptocurrencies like Bitcoin or Ethereum are anything but global. Research by the blockchain analysis company Triple-A shows that 300 million people will be in possession of cryptocurrencies by 2021. That is just 3.9 percent of the world’s population. And even with this small group, the distribution is not fair. The small group of powerful and powerful Bitcoin whales currently holds at least 70 percent of the global Bitcoin supply.

Worldcoin, on the other hand, wants become a fair coin. All interested parties have to do to receive their “Worldcoin Freebie” is to have their eyes scanned. To make sure everyone gets only their fair share of Worldcoin, the company created a spherical device called the Orb that scans people’s unique iris patterns to see if they are entitled to some of the coins. This is to ensure that everyone only receives the share they are entitled to. The orbs are to be delivered to companies and institutions in America, Asia, Africa and Europe.

Worldcoin is based on Ethereum

The Worldcoin coin itself is an Ethereum-based “Layer 2” cryptocurrency that uses the security of the Ethereum blockchain and at the same time e has its own economy. As always with cryptocurrencies, the value of Worldcoin is determined by the natural coincidence of supply and demand as soon as the coin hits the market and is listed on online exchanges. When Worldcoin hits the market, individual users will get a share of the digital currency. All in all, 80 percent of the Worldcoin offering will be given to users who are integrated with the service, while ten percent is reserved for the company and the remaining ten percent goes to the project’s investors.

It all sounds like a tedious process, but setting up millions of users their first crypto wallets and at the same time building a network of verified internet users via the blockchain sounds for something many crypto investors would break their piggy banks for.

You might also be interested in

Follow World Weekly News on

Tyler Hromadka
Tyler is working as the Author at World Weekly News. He has a love for writing and have been writing for a few years now as a free-lancer.

Leave a Reply

Must Read