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April 25, 2022

What is Worldcoin?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today, let’s talk about a crypto project that has gotten a lot of attention lately: Worldcoin. 

The idea behind Worldcoin is to get a majority of the world population to use cryptocurrencies. According to the project’s estimates, only 3% have used a cryptocurrency so far, and it aims to change that by distributing its Worldcoin to billions of people, giving everyone an initial amount.

No small task, especially considering that not everyone has access to smartphones and the internet. And how the company plans to do this is where things get really interesting.

Faced with the challenge of letting people own and use Worldcoin without specific technology, they invented a device called “the Orb”. Operators, people who travel around with those Orbs, use it to scan a person’s eye to convert the data into a unique code. From that point forward, your eye becomes your key to your Worldcoin.

This also attempts to solve the challenge of fraudulent claims: The problem with giving away a set amount of free Worldcoin to each person is that someone will always try to game the system and get more. And since a human’s eye is unique, the Orb device will prevent that in theory.

But so far, this is all just an ambitious idea with a lot of funding. A few Orbs are allegedly already being tested in the field, but the project admits that it needs to build at least 50000 per year to scan enough people. And you should know that the creators and investors plan on keeping 10% of all Worldcoin to reward themselves.

And that is Worldcoin! And next time we’ll continue our series on fascinating new crypto currencies.

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