World coin cryptocurrency

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Worldcoin is perhaps one of the most audacious efforts to bribe the world to embrace their currency. Worldcoin is aiming to make their proof-of-personhood network in the least dystopian way possible. Alex Blania, left, and Sam Altman.

Photo: Marc Olivier Le Blanc. The internet has developed with a very amorphous mesh of user networks. Bot networks operate alongside real people using their real identities, alongside users impersonating real people, alongside pseudonymous users. This can be a recipe for misaligned user incentives, as modern social media platforms have showcased, but when it comes to finance it can also be a recipe for fraud and inequality. Worldcoin wants to avoid all of that while ensuring equitable distribution of their currency, ensuring that each human on earth only signs up for one wallet in their network.

Blania says Worldcoin chose to build on top of Ethereum largely because of its developer network, which he hopes will also adopt Worldcoin. The crypto startup has one of the more comically rigorous user acquisition flows, licensing their Orb cameras to contractors across the globe who manually go through the process of verifying each and every new user on the network in every city of every country on every continent of the globe.

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.

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