The startup is bringing its hardware device, nicknamed an Orb, out of stealth today, along with testing data that says it might onboard the first billion people into crypto within the next two years.
To get its new currency into the hands of as many people as possible as quickly as possible, the initiative allows anyone to claim a free share. While a widely embraced cryptocurrency would open social and economic possibilities for billions of people, cryptocurrency as a technology is still in its infancy, with just approximately 3% of the world’s population using it. Worldcoin intends to fix this quickly, according to the business.
How it works
Users will be able to collect their free share by visiting one of the hundreds of Orbs set up by independent entrepreneurs all over the world.
The Orb is a secure custom hardware gadget that takes a picture of a potential user’s eyes to see if they’re real and if they’ve claimed their free share yet.
This is accomplished by transforming the image of the eye into a numeric code, which eliminates the need to store or upload the original image. The numeric code is also unrelated to the user’s wallet or transactions, ensuring that the user’s anonymity is protected.
No other personal information is requested, in contrast to the practise of many centralised services utilised by the majority of people today.
Users who want to join the Worldcoin network but have never visited an Orb will be able to do so, though they will not receive their free share of the currency.
The team is also designing a wallet programme that anyone can understand and use to guarantee that Worldcoin is both inclusive and beneficial to all users.
Users will be able to participate in global peer-to-peer payments throughout the Ethereum ecosystem, learn about the project and other cryptocurrencies, and locate Orb Operators to claim their Worldcoins via the wallet app. The wallet will be non-custodial, allowing users to keep full control over their Worldcoins.
As a Layer 2 protocol, Worldcoin will debut on top of Ethereum, the cryptocurrency platform. When compared to Ethereum, which is transitioning from proof-of-work to proof-of-stake, this will greatly enhance transaction throughput and energy efficiency. (This means that blockchain transactions will consume less energy.)
The Worldcoin protocol will be permissionless cryptocurrency with validators running it.