Sam Altman, the former president of startup accelerator Y Combinator, has introduced a new cryptocurrency called Worldcoin that is gaining attention in the crowdfunding and fintech industry. What sets Worldcoin apart from other cryptocurrencies is its use of iris-scanning technology for identity verification.
Worldcoin aims to create a global currency that is accessible to everyone, regardless of their location or financial status. To achieve this goal, the team behind Worldcoin has developed a unique system that uses iris-scanning technology to verify the identity of users. This technology is known as Orb, and it is designed to be used by Orb operators who will be responsible for verifying the identity of Worldcoin users.
Orb operators will be equipped with a special device that can scan a user’s iris and verify their identity within seconds. This technology is much more secure than traditional methods of identity verification, such as passwords or PINs, which can be easily hacked or stolen. Iris-scanning technology is also more reliable than other biometric technologies, such as fingerprint scanning, which can be affected by factors such as dirt or sweat.
The use of iris-scanning technology for identity verification is not new, but Worldcoin’s implementation of this technology is revolutionary. The Orb system is designed to be decentralized, meaning that anyone can become an Orb operator and earn Worldcoin for verifying the identity of users. This creates a network of trusted operators who can verify the identity of users anywhere in the world.
The use of iris-scanning technology for identity verification has many potential applications beyond cryptocurrency. For example, it could be used to verify the identity of voters in elections, or to provide secure access to sensitive information in government or corporate settings.
Worldcoin’s use of iris-scanning technology has attracted attention from investors and industry experts alike. The company has already raised $25 million in funding from investors such as Andreessen Horowitz and Coinbase Ventures. The company plans to use this funding to further develop the Orb system and expand its network of Orb operators.
In conclusion, Worldcoin’s use of iris-scanning technology for identity verification is a revolutionary development in the world of cryptocurrency and fintech. The Orb system has the potential to create a global currency that is accessible to everyone, while also providing a secure and reliable method of identity verification. As Worldcoin continues to develop and expand its network of Orb operators, it will be interesting to see how this technology is adopted and used in other industries beyond cryptocurrency.
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- Source: https://zephyrnet.com/sam-altmans-worldcoin-is-making-waves-with-iris-scanning-tech-for-orb-operators-national-crowdfunding-fintech-association-of-canada/