There are around 4K different types of cryptocurrencies, and the number keeps increasing by the day. Technical innovators are coming up with new ideas every day to make use of blockchain technology. Sam Altman is a well-known Silicon Valley entrepreneur, and he is also the head of the Y Combinator.
The fintech expert has recently launched a new digital token on a global level called Worldcoin or WBC. This crypto project is built on top of the Ethereum blockchain and has a separate economy. This token is backed by big wigs in the financial world like Andresson Horowitz. The unique factor associated with this token is that it is awarded to people for free for getting their iris scanned.
According to the official website of Worldcoin, the main objective of this project is to distribute the digital token to as many people as possible. The only condition for getting qualified to gain this token is to get your iris scanned. As per the management of WBC, the iris scan is a process to ensure that there is no lapse of security in the identification of the individual receivers.
The WBC has a limited supply of 10 billion tokens, and 20% of its total revenue is set aside to invest in the production of iris scanners. Another part of the same profit portion is going to get invested in carrying out the initial protocol development. WBC website notes that orb scan is a better way of recognition and devoid of any possibility of fraud.
The estimated number of people who have agreed to get their retina scan done to receive Worldcoin has reached 130,000. This number keeps increasing, and people are eager to receive the token, considering its increasing popularity. Altman said in a new post on the WBC website that during the last four weeks, 60K investors have shown an interest in signing up.
As per the estimates of CoinDesk, the market value of the WBC project is currently valued at $1 billion. The project management is certain that very soon, the project is going to recruit its one billionth receiver. WBC has claimed that with time the number of coin giveaways per person is going to keep reducing. It is worth noting that the largest cryptocurrency by market cap is Bitcoin, with a total value of $1.2 trillion.