Worldcoin orb

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.

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

Beware the Orb Crypto Project

Cryptocurrencies and hesitant cynicism go hand-in-hand, but billionaire Sam Altman and his company Worldcoin are offering people free cryptocurrency in exchange for getting their eyes scanned by a spherical orb. The world of cryptocurrency keeps increasing its financial worth at a rapid pace, but skepticism around it has proved to be one of the biggest hurdles when it comes to mass adoption. Even some of the top minds in the global economy circle are divided over the potential of cryptocurrencies.

Some Wall Street honchos call it worthless and nothing more than a short-term financial fad, while others are concerned about its energy-draining problems and criminal implications.

The cryptocurrency woes are further exacerbated by frequent pump-and-dump schemes where amateur investors are duped into buying a new token. Then the founders suddenly vanish with all the cash.

The key — as per crypto evangelists — is to build trust, get more people on board, and develop use case scenarios where people can use cryptocurrencies for day-to-day tasks without much friction. Worldcoin says its Orb scans the iris and converts it into short numeric code to sign up new users who get a share of its crypto-token in exchange.

The orb relies on neural networks to capture high-resolution iris scans. Even though it is currently being used in a prototype form, the company aims to produce over 50, units per year of the finished product. Worldcoin is based on the Ethereum blockchain, but it has the ambitions of becoming the first widely adopted cryptocurrency in the world.

Worldcoin is also developing its mobile wallet app to allow users to keep an eye on their crypto holdings, make peer-to-peer payments, and spend it on services built upon the inherent Ethereum blockchain ecosystem. For example, users will be able to buy NFTs from OpenSea, a digital marketplace built upon Ethereum blockchain protocols. The company is also creating SDKs for developers to make their own products built around the Worldcoin ecosystem.

It remains to be seen how regulatory bodies will act , but many privacy eyebrows will be raised for a cryptocurrency initiative with biometrics involved as an enticement. Nadeem has been writing about consumer technology for over three years now, having worked with names such as NDTV and Pocketnow in the past. Aside from covering the latest news, he also has experience testing out the latest phones and laptops.

When he's not writing, you can find him failing at Doom eternal. By Nadeem Sarwar Published Oct 22, Share Share Tweet Email 0. Related Topics Tech cryptocurrency.

Nadeem Sarwar Articles Published Nadeem has been writing about consumer technology for over three years now, having worked with names such as NDTV and Pocketnow in the past.

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The most popular tweets on blockchain in Q4 Top five 1. The new cryptocurrency was developed to enable cryptos to be adopted at scale by as many people as possible by distributing a free share of the cryptocurrency. The first challenge to be addressed to enable the distribution of the cryptocurrency is to ensure that people can prove they are human and not a bot, and that they have not yet earned their free share of Worldcoin. A new device called the Orb was developed to address the challenge. The person will get a free share of Worldcoin once the check is done.

Worldcoin is running a pilot, involving about 30 Orbs in various countries, Tech millionaire Sam Altman's new start-up Worldcoin uses orb-shaped devices.

Over 100,000 people scanned their eyes for free cryptocurrencies

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. The Orb was designed by Swedish industrial designer Thomas Meyerhoffer, who previously designed for Apple and Porsche. Blania also said that rapper Azaelia Banks, who was rumored to be a representative of Worldcoin after the June leaks, is not and has never been affiliated with Worldcoin. Apologies for the typo.

Worldcoin price: What is Worldcoin and why is it giving out free cryptocurrency?

worldcoin orb

Worldcoin has a generous endeavor - give everyone free money and build a massive network. The idea behind it is to entice a bigger user base of cryptocurrency while providing those involved with a stable income. Altman and his team set the goal at one billion users by How they will achieve this goal is as mysterious as Worldcoin itself.

Privacy, Technology and Perspective. A Biometric Database run by a Cryptocurrency Corporation?

Top 5 Internet Technology Stories of 2021

Please change the wallet network. Change the wallet network in the MetaMask Application to add this contract. United States Dollar. Orbs is up 0. It has a circulating supply of 2,,, ORBS coins and the max.

What you should know about Sam Bankman-Fried, Worldcoin’s orb…and the current crypto boom

The digital world runs on eyeballs. Nearly every website you visit competes for readers so they can monetize your attention via ads. And one of the main players in the Silicon Valley tech scene who has helped make eyeballs so valuable thinks they should have another use, too: to create cryptocurrency. Worldcoin, a "new global cryptocurrency" developed by former Y Combinator president Sam Altman along with Bridgewater investment associate Max Novendstern and Cal Tech quantum computing grad student Alex Blania, is coming out of "stealth" today and introducing the hardware behind the project. Worldcoin, details of which leaked to Bloomberg in June, is a token built atop Ethereum. The idea is to distribute it to anyone around the world for free, akin to a universal basic income.

Co-founders Sam Altman and Alex Blania have created a device named 'Orb', which can capture the image of an eye and convert it into a short.

Worldcoin, which launched on October 21, promises to give free crypto to those who verify their accounts using an eye scan. Worldcoin has unveiled a new digital currency that could revolutionise the crypto market. Its Silicon Valley co-founders, Alex Blania and Sam Altman want to give everyone in the world free cryptocurrency in exchange for a scan of their eyes.

Sam Altman wants to give every person on the planet free money—or rather free cryptocurrency. Plus, Altman thinks, this might be the first step toward something more ambitious. But right now, the argument goes, adoption of mainstream cryptocurrencies such as Bitcoin and Ethereum is not global. Research by blockchain analytics company tripleA calculated that million people, or 3.

Cryptocurrency has taken the financial world by storm. Worldcoin aims to accelerate the reach of cryptocurrency to every human.

The internet is powerful because of large networks. Email, social apps, and marketplaces are examples of such networks. The more participants they have, the more powerful they become. For the first time, cryptocurrencies make it possible to distribute ownership and control of those networks to their users, rather than a single entity. If a cryptocurrency were adopted at scale, it would vastly increase access to the internet economy and make applications possible that are now unimaginable.

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