Biometric eye data in exchange for cryptocurrency — Worldcoin startup

[zakiyatasnim]

Former head of the Y Combinator business incubator in Silicon Valley, Samuel H. Altman, founded the startup Worldcoin with two partners, through which he wants to transfer cryptocurrency to every person on the planet.



Worldcoin has developed a device that will scan the iris of the eye and create a unique code for each person. After the code is created, the image will be deleted without saving.

Scanning will prevent people from trying to register multiple times and cheat the system, Worldcoin CEO explained. The company wants to make the process of collecting and using biometric data as transparent as possible.

The device is shaped like a silver ball about the size of a basketball. Worldcoin has already begun testing it in various cities. The currency is not yet ready for widespread use, so the company is currently offering volunteers bitcoins in exchange for eye scans and feedback on the process. There are fewer than 20 prototypes in circulation worldwide, the company said.

The production of a prototype bullet costs about $5,000, but the price will decrease, the company says.

from Andreessen Horowitz, Coinbase Global, LinkedIn founder hungary number data Reed Hoffman, and Day One Ventures. The investors declined to comment on the startup.

Worldcoin is headed by 27-year-old Alexander Blanc, a former theoretical physics student at the California Institute of Technology. He co-founded the company with Altman and Max Novendstern, who previously worked at investment firm Bridgewater Associates LP and fintech startup Wave.

Worldcoin was conceived by Altman in 2019 to use cryptocurrency for unconditional basic income. Altman was an early investor in Worldcoin, currently plays no role in day-to-day operations and serves as an advisor.

“I was interested in how basic income could affect the global redistribution of wealth,” Altman told Bloomberg.

Altman is known for his work at the Y Combinator accelerator, which gave early support to Airbnb, Dropbox, and Stripe. Under Altman, Y Combinator planned experiments with universal basic income.

After Y Combinator, Altman worked in the field of artificial intelligence at OpenAI LLC, which he founded in 2015 with Elon Musk. Altman left the company in 2017.

Worldcoin is still preparing for its official launch. The company will be headquartered in San Francisco while its employees are working in different parts of the world due to the pandemic.