Cryptocurrency has taken the financial world by storm. Yet, despite its success and publicity, cryptocurrency has reached a mere 3% of the world’s population. Worldcoin cofounders Alex Blania, Sam Altman and Max Novendstern have a plan to change that. Worldcoin aims to accelerate the reach of cryptocurrency to every human. Every person on the globe can claim their share of this cryptocurrency. This novel idea has captured the imagination of backers and has raised $25 million at a $1 billion valuation.
Identification Through The Orb
So, how do you put digital currency within reach of a person who has no idea about it? Worldcoin’s answer is a shiny and futuristic looking device called the Orb. This handheld hardware takes cryptocurrency distribution to people from all walks of life. It uses images of the eye to identify a person and check if they have already claimed their cryptocurrency. There are no other personal information, details or documents required. The image of the retina is not stored. The Orb converts the captured image of the retina to a numeric code that ensures user privacy by not being linked to a wallet or a device.
Users can participate in the Worldcoin network without ever visiting an Orb. But to receive the free currency, an Orb verification is required. The Orbs will be deployed to and operated by independent entrepreneurs around the world. Worldcoin will use the recent funding to ramp up Orb production and distribution across the globe.
Orb Deployment: Access For All
So far, the signup numbers are over 100,000 people from different countries. If Worldcoin can sustain its momentum of signups, it could onboard over a billion people in two years. As of date, more than 30 Orbs are being tested by 25 independent entrepreneurs in four continents (Africa, Asia, South America and Europe) at an average rate of over 700 people per Orb per week. The number of Orbs is planned to go up to over 4,000 per month (50,000 annually) after an initial ramp up stage.
Wallets For Easy Access
A non-custodial wallet is being developed for all users to access and transact peer-to-peer through the Ethereum ecosystem. The wallet will also support learning more about the project and other currencies. Users can use the wallet to locate Orbs near them to claim their Worldcoin. All users will have direct control over their Worldcoin.
The Worldcoin protocol will be a Layer 2 on top of Ethereum for enhanced transaction throughput and energy efficiency. Being a layer on Ethereum will enable it to have bridges to other protocols such as Polkadot and Solana. It will be permissionless and operated by individual operators.
How Does The Future Look For Worldcoin: The Great Equalizer
Worldcoin does not require know-how, sign-ups or purchase, which is a big differentiator from any other cryptocurrency. It is a colossal proposition to give cryptocurrency to every person who inhabits the planet. But if it succeeds, Worldcoin will have touched users’ lives in geographies and demographics that other cryptocurrencies have no access to. If the hardware distribution and ramp-up go as planned, Worldcoin can achieve the dream of a global digital currency for everyone. The financial world may never be the same again.