Blockchain & Crypto

Crypto Startup Worldcoin Starts Global Rollout of Its Services

Worldcoin, Sam Altman’s crypto startup, which applies the practice of scanning eyeballs, announced the beginning of the process of global implementation of its services.

Crypto Startup Worldcoin Starts Global Rollout of Its Services

Within the framework of this concept of activity, the company seeks to contribute to the creation of a technological solution that will provide a reliable mechanism for distinguishing people from artificial intelligence online. Also in this case, the firm pursues the goal of promoting global democratic processes and dramatically increasing economic opportunities.

The startup is introducing not only its identification technology but also a token on the international level. Users can download the World App, a virtual wallet software compatible with the startup protocol, to their devices and visit Orb, a helmet-shaped eyeball-checking device to get their World ID.

The startup has been able to raise investment funds for about $250 million for the entire time of its existence. The company’s sponsors include Andreessen Horowitz, Khosla Ventures, and Reed Hoffman,

Experts call the Worldcoin concept one of the most audacious attempts at mass distribution of a single type of crypto wallet. The startup strives to ensure that its digital wallet is installed on every person’s smartphone. To achieve this goal, the company needs a procedure for reliably determining the uniqueness of each user.

Worldcoin has been around for more than three years. The company registers individuals in many countries of the world, providing those who have passed the appropriate procedure with 25 tokens. The startup’s data states that in the period from May 2021 to July 2023, more than 2 million people confirmed their world IDs in Orb in more than 30 countries.

On the official Worldcoin website, such areas as strengthening the incentive strategy through the introduction of coupons and loyalty programs, which are traditionally a loophole for fraudsters, combating bots using the identity verification mechanism, and promoting the global democratic process of governance, are identified as the main aspects of the functioning of the company’s application.

Worldcoin owns about 20% of all its tokens, which are not yet launched in the USA. During the first 15 years of its activity, the startup intends to limit the total supply of tokens to 10 billion units. As of the current moment, the maximum volume of the circulating supply of the token, which is ERC-20-based, is 143 million.

The company stated that in case of successful implementation of its business strategy, economic opportunities will be significantly increased and a reliable solution for identifying users using artificial intelligence tools will be scaled. The firm also considers a positive scenario as a kind of reason to promote global democratic processes. Another startup’s intention, which will be realized if successful, is to provide the global community with a potential path to an AI-funded UBI.

As we have reported earlier, SmartMetric Launches Biometric Security Solution for Credit and Debit Cards.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.