New Startup Wants to Give People Crypto After Scanning Their Eyes

Worldcoin, a startup by the former Silicon Valley incubator’s head, Sam Altman, has revealed his plans to distribute a new crypto token among everyone on the planet. Still, the receiver will have to get his eyes scanned.

The company has successfully designed an orb-shaped device, which will scan the receiver’s eye to generate a first-of-its-kind personal identification. Backed by Andreessen Horowitz, DayOne, and LinkedIn’s Reid Hoffman, are backing the startup.

During an interview, Sam told the news reporter that he came up with the idea two years ago, aiming to distribute the digital currency equitably. His goals are inspired by a trending economic theory called universal basic income. Sam said,

I’ve been very interested in things like universal basic income and what’s going to happen to global wealth redistribution and how we can do that better,” Altman said. “Is there a way we can use technology to do that at a global scale?

GlobalCoin Still Awaiting Formal Unveiling

Sam decided to discuss his ambitious project with Bloomberg; however, his startup is still awaiting a formal unveiling. For now, he says that the company is evaluating its plans to get the cryptocurrency to people across the planet as many don’t have access to the financial system.

Alexander Blania, another top official of the company, stated that the firm aims to help global economies transition to the new payment system with the help of its device. It is the size of a normal basketball and can be easily carried around for scanning people’s identities to get their unique identification.

Blania further noted that though the company is not yet ready for distribution operations, it has already started pilot projects with the help of volunteers. Worldcoin is offering other currencies, mostly BTC, to people for scanning their irises. He added that the company has more than twenty prototypes circulating across the planet.

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