Did you know that a cryptocurrency Is it giving away money? Here are 5 important facts about Worldcoin, the new Bitcoin competitor that's generating a lot of controversy worldwide.
Worldcoin, a solution to world poverty
This cryptocurrency will be global in nature, meaning it will be available to everyone free of charge., Operating thanks to Ethereum's "Layer 2" technology, it leverages the security of this system's blockchain while also having its own economy.
Only a limited supply of 10 trillion Worldcoins will be generated.
The creators' idea is to be able to distribute it worldwide in the shortest possible time., They're giving away sums between $10 and $200. In return, they only ask that you scan your eye with a spherical device called an orb.
The amount of Worldcoin you receive as a gift will vary depending on how quickly you join the project, with more being given in the early stages than in the later ones.
It is important to mention that It will not be possible to withdraw all the money in full. The company will seek to do so gradually as its network and profits increase.
The aim is to create a universal basic income (RBU) that allows people worldwide to have a permanent and free income over time, improving the quality of life for all
Where did I seem to have seen or read this utopia of the rich and powerful giving money to the poor and malnourished in exchange for something with the promise of improving their lives?
Founders and investors of Worldcoin
Worldcoin was founded by Sam Altman, Alex Blania, and Max Novendstern, all of whom are involved in the world of large-scale ventures and startups in Silicon Valley.
Yes, that mythical valley south of San Francisco Bay, California, in the United States. Where Zuckerberg, Gates, Jobs and company have transformed all that Silicon into veritable mountains of gold.
The project is also backed by a number of private investors. Among them are billionaire Sam Bankman Fried, Reid Hoffman, co-founder of LinkedIn, and Andreessen Horowitz, of Coinbase Ventures and Digital Currency Group,
They made a $25 million contribution to Altman's initiative. This has resulted in Worldcoin currently being valued at one billion dollars.
Many wealthy people want to be part of Worldcoin? It seems the Cheshire Cat will reveal its mischievous grin! Will it also slowly disappear into the sky?
Would you let a 2.26-kilogram chromatic sphere called The Orb scan your eye?
The orb was born from an obvious question that Alex Blania, co-founder of Worldcoin, expressed via Twitter: “How can you prove that you are a real human being (not a bot) and that you have already claimed your share of the cryptocurrencies?”
In street terms, How will Worldcoin know that it is giving digital coins to real human beings and not to machines, and that these coins will be given only once to a person and not multiple times to the cheater who cut in line on different occasions?
Answer: We're going to scan your iris! Given that It contains a large amount of unique information about each individual. This information can be transformed into numerical codes. Furthermore, it is virtually impossible to fake a human iris.
To achieve this, they are manufacturing an army of orbs 20 cm in diameter, which have integrated biometric scanners. When used on the human eye, they generate a unique hash or cryptographic function from which public and private keys are obtained. This allows sending or receiving Worldcoin.
Additionally, the orb can scan a QR code generated by any cell phone, allowing a mobile device to be attached.
Let's hope more than one person doesn't want to follow in the footsteps of Minority Report (Preliminary Sentence) and go around like John getting eye transplants to receive more money!
The Hatter laughs while the rabbit trembles! They know humans are capable of many things!
Orb Operators for Worldcoin
Let's set the scene. You want to scan the iris of every living human on this planet. There are approximately 7.8 billion of us. How do you do that?
Easy! You send a legion of workers with orbs in their hands to the 5 continents to do the job. These people are called "orb operators." Or at least that's the idea of Sam Altman and his team.
This allows contractors, business owners, and entrepreneurs to request one of these devices. (each orb has a value of $5.000) with the autonomy to launch their own marketing campaigns or the freedom to associate with other people.
Currently, the company has 70 operators and nearly 30 Orbs spread across twelve countries on four continents. (Africa, South America, Europe, and Asia). Among these countries, Sudan, Chile, Indonesia, France, and Kenya stand out. Worldcoin has registered 130,000 individuals.
To continue growing, Worldcoin will increase orb production to 4,000 per month thanks to an international manufacturer located in Germany with the goal of producing approximately 50,000 units per year.
It would be interesting to know who the brave operators will be who will do the job of dragging a delicate metal ball to the far reaches of the Serengeti to ensure everyone gets their Worldcoin. Again, the cat grins mischievously and brazenly.
Controversies of Worldcoin
The great controversy that this project has generated worldwide is more than evident., AND HE HASN'T EVEN MADE HIS OFFICIAL ANNOUNCEMENT YET!
“Premine”
Why will the 20% of this digital currency be reserved only for the development team? In cryptocurrencies, this used to be known as a “premier” And it is generally a warning sign that indicates when a project from the beginning is geared towards enriching the founders.
Worldcoin responded that the funds premine will be used for the development and improvement of the cryptocurrency itself. But this would indicate that these resources will be sold on the market for fiat money, which leads us to another issue:
Devaluation
Wouldn't performing such an operation directly undermine the value of the Worldcoins that were given away to the world's population in exchange for scanning their eyes?
Distrust in Worldcoin
Is it worthwhile to have your iris scanned to open a Worldcoin account if you can simply open a Bitcoin wallet without the risk of a wealthy Silicon Valley entrepreneur selling your iris print to the highest bidder?
Nor have they explained to the public how they will generate all that global basic income revenue, while at the same time obtaining the dividends their investors expect.
Another important point is that "The Orb" is not open source. Not everyone can obtain a copy of its source code files. Only Altman and other members of the project know what might happen to our personal information.
Edward Snowden
Finally, until Edward Snowden He criticized Worldcoin via Twitter arguing that the hashes generated by iris scanning could also be linked to our personal identity through a new scan.
And if we go to the Worldcoin website itself, we see that in the privacy section they themselves and textual form indicate that, if necessary, and under official requests or summonses from governments or law enforcement agencies They could share all our transactions and biometric information with them.
Conclusion
It seems we only have two options: trust or distrust of these new technological altruists who seek global well-being.
But with our past riddled with deceit and our present full of metaverses, Neuralink, COVID-19, space mining, surveillance capitalism, digital currencies and the disappearance of physical money, it's very difficult to trust.
It's logical to be suspicious., We all know what happened to Alice when she went down the rabbit hole. And as the popular saying goes... “They don’t give much of that good stuff.” Or has humanity become overly distrustful? Why is that?
Image: Pixabay
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