Worldcoin Is A Creepy Cryptocurrency That Wants Your Iris Scans

Worldcoin Is A Creepy Cryptocurrency That Wants Your Iris Scans

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Worldcoin is planning to make 50,000 orbs per year that will scan the iris of potential customers and guide them into the world of cryptocurrency.

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Worldcoin Is A Creepy Cryptocurrency That Wants Your Iris Scans

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. But this is just one of the many types of frauds plaguing the nascent industry despite the ‘revolutionary’ potential of the underlying blockchain technology. 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.

And that’s precisely what Altman and his new company aim to do with the idea of Worldcoin. The company is going around the world and asking people to get their eyes scanned by an orb in exchange for Worldcoin’s cryptocurrency. The company is still a few months away from the launch of its cryptocurrency operations, but it has already shipped its orb to partner ‘Orb Operators’ in countries across four continents where people are being asked for an iris scan in exchange for free crypto tokens. If the idea sounds familiar, that’s because e-commerce giant Amazon is also offering $10 in real money in exchange for taking a palm print of shoppers.

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Offer Free Tokens Towards Worldwide Cryptocurrency Adoption

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 image of people’s iris is not stored, says the company. Instead, the biometric data serves the same purpose as the dreaded Captcha on the internet — ensuring humanness and solving the proof-of-personhood problem for cryptocurrency transactions. 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 50,000 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. The startup says it is offering an incentive with its ‘let an orb scan your eye’ tactic to get more people on board the cryptocurrency trend, but many are calling it a risky bait. 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.

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Link Source : https://screenrant.com/worldcoin-free-crypto-scan-eyes/

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