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Worldcoin, on October 21st, announced the launch of a global digital currency with the aim to distribute it fairly among individuals. Also, on its launch, people can get a free share of Worldcoin.
Today, we are proud to officially reveal Worldcoin, a new, collectively owned global currency that will be distributed fairly to as many people as possible. We will launch by giving a free share of Worldcoin to everyone on Earth.
The power of any network lies in its participants, i.e., the more the participants, the more influential the will be network. Talking about cryptocurrencies, these have the ability to distribute the ownership and the control of the networks among their users. It is said that cryptocurrencies can drastically increase access to the internet economy. But, the problem here is that a significantly less percentage of the global population actually participates in these networks.
Worldcoin aims to provide everyone access to its global currency, and it will allow every person to have a free share of it for the purpose of getting its new currency in everybody's hands.
I already mentioned that Worldcoin could provide every individual with a free share of currency. But, to claim your share, you have to prove that you are a human and not a bot.
To prove your humanness, Worldcoin has come up with a new device called Orb that captures the image of a person's eyes. This image is then converted to a short numeric code that checks whether the individual has already signed up. The person will get his share of Worldcoin if he hasn't signed up already.
Also, it preserves the users’ privacy by not linking this numeric code to their transactions or wallet.
The field tests are going on in many locations across the globe with Orb. A single device has the capacity to onboard nearly seven hundred individuals a year, and the testing data suggests that within the next two years, it can potentially onboard one billion people.
It is estimated that over 100,000 individuals have already signed up for Worldcoin. Note that 25 independent entrepreneurs are actively testing around 30 Orbs in 12 countries, and these tests are expected to be scaled up in the coming months.
The team is also working on the development of a wallet app that would be very easy to use and understand. With this wallet app, users will be able to participate in peer-to-peer payments across the globe and can also find the Orb operators to get their share of Worldcoin. Being non-custodial, the wallet will provide direct control to the users.