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Worldcoin has launched an international cryptocurrency and every person on earth must get a share.

By J.Austine Oct. 30, 2021, 3:48 p.m.
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Worldcoin is unveiling a new global cryptocurrency that will be given to every human on earth. It has raised $25 million at a $1 billion valuation.

News reaching us is, 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.

Brought to life by Alex Blania, Sam Altman and Max Novendstern, Worldcoin plans to create a new global digital currency. It will be fairly distributed and used by as many people as possible. Among the major investors is Andreesen Horowitz. The big Silicon Valley investment company that has made a  lot of cryptocurrency bets. Altman is president of Y Combinator and CEO of OpenAI.

To make sure that the coin is used by many people, the project wants everyone to claim some free share of it. Now, it's true an adopted cryptocurrency would open doors for billions of people. The challenge however is, cryptocurrency is still in its early stages of development and adoption. According to estimations, cryptocurrency has reached only 3% of the world's total population. Worldcoin wants to change this by creating more awareness.

How it works

Users will claim their free share by using one of the thousands of Orbs. The Orbs will be operated by thousands of independent investors around the world. Furthermore, the Orb is a secure custom hardware device and captures images of prospective users' eyes. This helps them determine whether the user is real and whether they've gotten their free share.

Unlike is the norm with many other centralized services used by several people nowadays, no other detail is needed. Additionally, those who want to take part in the Worldcoin network without visiting an Orb will do so. This is without receiving their free share of the currency.

Good news is, more than 100,000 individuals from all-over the globe have already signed up to Worldcoin. Given the huge number of individuals showing interest, Worldcoin is going to be on pace to attract more users. There's a possibility of beating all other cryptocurrencies. For one, should this trajectory be maintained, more than a billion people would have registered in just two years.

And if you thought this might be a nightmare, then I'm sorry for you. So get this, more than 25 independent entrepreneurs have already signed up. The operators are on a mission of testing not less than 30 Orbs in 12 countries. The countries are across four continents Africa, South America, Europe and Asia). Just like any other business minded fellow would, they're expecting the scale of these tests to increase. This is because hundreds of devices and Orb operators are expected to come on board.

Worldcoin launches an inclusive plan

The operators will scan people without the need for any other personal identification. Furthermore, to ensure that the coin is inclusive, the team is also working on an app that anyone can understand and use.

So 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 which will soon transition from proof-of-work to proof-of-stake.

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