Worldcoin funding

Sam Altman wants to give every single person on the planet free money — or rather free cryptocurrency. Plus, Altman thinks, this might be the first step towards something more ambitious. But right now, the argument goes, adoption of mainstream cryptocurrencies such as bitcoin and ether is not global — research by blockchain analytics company tripleA calculated that million people, or 3. The company will distribute thousands of such devices to entrepreneurs across the globe, who will themselves be in charge of finding people to eye-scan and endow with Worldcoin — and who will get a Worldcoin reward for each extra person they enrol. But the choice, alongside the vaguely ominous appearance of the Orbs, is bound to trigger endless eye-rolling — no pun intended — and suspicions about another California tech company being after your data.

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Content:

• A Free-Crypto Project Has Scanned Eyeballs Of 130,000 People
• Worldcoin Cryptocurrency
• Worldcoin, Now Valued at $1B, Has Grand Plans to Get You to Gaze Into the Orb
• Eye-scan crypto, Worldcoin criticized as ‘MLM Ponzi business model’
• Worldcoin emerges from stealth to pursue its UBI infrastructure ambitions
• Why Everyone Is Mad at Sam Altman’s Worldcoin
• Worldcoin.org
• DEAL: Worldcoin raises $25 million, now valued at $1 billion
• The wackiest and worst crypto projects of 2021
• Finally! A Cryptocurrency for Everyone on the Planet

WATCH RELATED VIDEO: What is WorldCoin? The fastest online payment system without chargebacks

A Free-Crypto Project Has Scanned Eyeballs Of 130,000 People

VentureBeat Homepage. Did you miss a session from the Future of Work Summit? Head over to our Future of Work Summit on-demand library to stream. Worldcoin is unveiling a new global cryptocurrency that will be given to every human on earth.

Coming out of stealth today, the company is unveiling a hardware device, dubbed an Orb, for the first time, along with testing data that suggests it could onboard its first billion people into crypto within the next two years.

Cofounded by Alex Blania, Sam Altman, and Max Novendstern, Worldcoin plans to create a new global digital currency that is fairly distributed and used by as many people as possible.

Its investors include Andreesen Horowitz, the big Silicon Valley investment company that has made a lot of cryptocurrency bets. To rapidly get its new currency into the hands of as many people as possible, the project lets everyone claim a free share of it. Worldcoin hopes to change this, rapidly, the company said. Prospective users will be able to claim their free share by using one of the thousands of Orbs that will be operated by independent entrepreneurs around the globe.

This is done by converting the image of the eye into a numeric code, which means that the original image does not need to be stored or uploaded. In contrast to the practice of many centralized services used by most people today, no other personal information is required. Additionally, users who want to participate in the Worldcoin network without ever visiting an Orb will be able to do so, albeit without receiving their free share of the currency.

More than , people from different countries around the world have already signed up for Worldcoin. Given the sign-up rates seen so far and expected orb deployment rates, Worldcoin would be on pace to onboard more users than all cryptocurrencies combined within a year of its launch. Should this trajectory be maintained, more than a billion people would be onboarded within two years.

There are already 25 independent entrepreneurs or Orb Operators, actively testing more than 30 Orbs in 12 countries across four continents Africa, South America, Europe, and Asia. In the coming months, the scale of these tests is expected to increase as hundreds of more devices and Orb Operators come online. After an initial production ramp-up phase, over 4, Orbs will be distributed per month, or 50, per year. So far, the average Operator has signed up around people per Orb per week. Above: Orb operators will scan people in without needing any other personal identification.

To ensure that Worldcoin is both inclusive and useful to all users, the team is also developing a wallet app that anyone can understand and use. The wallet app will allow users to participate in global peer-to-peer payments throughout the existing Ethereum ecosystem, learn about the project and other cryptocurrencies, and find Orb Operators to claim their Worldcoin.

The wallet will be noncustodial, which allows users to retain direct control of their Worldcoin. Worldcoin will launch its protocol on top of Ethereum, the cryptocurrency protocol, as a Layer 2. This will both significantly improve its transaction throughput and energy efficiency as compared to Ethereum, a network that will soon transition from proof-of-work to proof-of-stake.

That means it will use less energy for blockchain transactions. Worldcoin will use the capital from its latest funding round to ramp up Orb distribution and build its team as it prepares for a global launch. Worldcoin has 70 employees. Altman had the idea to launch a new global currency by airdropping it to every human on earth. The motivation was simple. Crypto is here to stay, but so far it has failed to reach mass adoption. And a global, commonly owned currency, held by billions, could improve equality of opportunity for everyone.

He started working on the project with Blania and Novendstern in By giving away coins, it can skip a lot of steps that make crypto hard to understand and get into. Since it is a Layer 2 on Ethereum, it is compatible with the Ethereum ecosystem, and it will have bridges to other protocols like Solana and Polkadot. In order to pull off the global launch of a cryptocurrency that is given to everyone on earth for free using a secure, custom hardware device, lots of things need to come together.

The main reasons for raising so much money have to do with the development, manufacturing, and deployment of the Orbs and hiring a team that can pull off the global launch. VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact.

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Free: Join the VentureBeat Community for access to 3 premium posts and unlimited videos per month. Sign up with your business e-mail to continue with ticket purchase. Image Credit: Worldcoin. Above: Worldcoin uses an Orb to identify people via their retinas. Watch Now.

Worldcoin Cryptocurrency

Worldcoin is a new, collectively owned global currency that will be distributed fairly to as many people as possible. Worldcoin will launch by giving a free share to everyone on Earth. We believe that this is an essential step to accelerate the transition towards a more inclusive global economy, providing new ways for everyone to share future prosperity. We want to make sure you get the most out of our platform.

Worldcoin, Now Valued at $1B, Has Grand Plans to Get You to Gaze Into the Orb

When news of the project leaked to Bloomberg in June, the media response was critical. Worldcoin, which is based in Berlin, Germany, currently has about 70 employees and about 30 Orbs. According to Blania, the photos of user retinas are not stored anywhere, and zero-knowledge proofs are used to keep user information private and secure. Beginning in November, Worldcoin plans to ramp up production to an astonishing 4, Orbs per month, which the company plans to match with Orb Operators across the world. Though Blania declined to name the company or say where the company was from, when CoinDesk asked if the manufacturer was Chinese, Blania responded:. According to Worldcoin, , people around the world have already gazed into the Orb in a crypto twist on universal basic income UBI. Worldcoin, which is built as a layer 2 system that works on the Ethereum network, has a cap of 10 billion worldcoins.

Eye-scan crypto, Worldcoin criticized as ‘MLM Ponzi business model’

Large US banks and asset managers are entering the crypto market, adding money and products to the mix. The glut of deals follows a surge in crypto trading, often by retail investors through Robinhood and other platforms. Nassim Nicholas Taleb advises a hedge fund, profiled in Family Capital on 24 August, which protects investors against a crash. He has pointed out on Twitter that Uber drivers have been trading saying it could soon be the signal to short cryptos. For now, however, the growth story is intact.

Worldcoin emerges from stealth to pursue its UBI infrastructure ambitions

It sounds like something out of a sci-fi movie — metallic orbs that scan people's eyes to pay them in digital currency. That's what tech investor Sam Altman has been working on for his new start-up, a company called Worldcoin. Launched out of "stealth" on Thursday, Worldcoin promises to hand out free cryptocurrency to people who verify their accounts by taking an iris scan. Altman, CEO of artificial intelligence group OpenAI and former president of start-up accelerator Y Combinator, co-founded the company with theoretical physics student Alex Blania and Max Novendstern, a former investment associate at Bridgewater Associates. The idea seems outlandish at first.

Why Everyone Is Mad at Sam Altman’s Worldcoin

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Worldcoin.org

Among venture capital-backed startups with operations in the U. The Bahamas-based FTX was founded just under three years ago and has been attracting larger, mainstream investors. Crypto Global.

DEAL: Worldcoin raises $25 million, now valued at $1 billion

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Worldcoin says it's designed "to be the first widely adopted cryptocurrency. Worldcoin is setting out to create "a new global digital currency that will launch by giving a share to every single person on earth," according to an online job description uncovered by Bloomberg. To do so, Worldcoin is offering cryptocurrency to people in exchange for their iris scan. It has so far collected , iris scans and aims to collect 1 billion by It collects these scans on its proprietary hardware, dubbed an Orb, which is a metallic sphere roughly the size of a melon. Worldcoin has 30 Orbs and plans to add hundreds of Orb devices in the coming months.

The wackiest and worst crypto projects of 2021

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Finally! A Cryptocurrency for Everyone on the Planet

Crypto has creeped into the mainstream and even become a viable idea for virtual stocking stuffers, with services like Coinbase and Square allowing users to send crypto as gifts. Then, they drive up publicity around the token on popular channels such as Telegram or Discord, so that people buy in hoping that the price will skyrocket. Once people swap their cryptocurrency for the questionable tokens, the developers withdraw all the pooled funds that were used to acquire the tokens. The price of the token then plummets down to zero.