Worldcoin, a crazy project supported by Silicon Valley crypto VC

In the global venture capital industry, Y Combinator’s name can be described as everyone knows.

On average, Y Combinator receives incubation applications from more than 10,000 companies every six months, with an acceptance rate of only 1.5%-2%. Y Combinator has incubated more than 3,000 companies. In its investment landscape, it has 110 companies valued at more than US$100 million and 25 companies valued at more than US$1 billion . Top Internet companies such as Airbnb, Dropbox, Coinbase , Reddit, etc. All are endorsed by YC.

Entering 2021, the cryptocurrency wave will sweep across all major industries, including those in the venture capital field. Now, Sam Altman, the former president of Y Combinator, has also entered the field of encryption, and he is extremely crazy and dystopian.

On June 29, 2021, OpenAI CEO and former president of Y Combinator Sam Altman, Alex Blania, Max Novendstern co-founded the crypto project Worldcoin, which received US$25 million in financing and received a16z, Coinbase, 1nfirmation, DCG, SBF, Multicoin, and three Supported by major Silicon Valley VCs such as Arrow Capital and Variant Fund, the project value reached 1 billion US dollars.

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What is Worldcoin

On October 22, 2021, Worldcoin updated its latest progress. The project is undergoing field testing in some regions and will be released globally in a few months.

According to the official website, Worldcoin aims to help economies transition to encrypted tokens through a novel method, and plans to issue a globalized digital currency to everyone in the world. Users can use a spherical device (Orb) developed by it to scan the iris of the eyeball to form a specific digital code and obtain a certain amount of encrypted currency to accelerate the adoption of global encryption technology. At the same time, the zero-knowledge proof technology Semaphore protects user privacy. Anyone can create an account, submit a transaction, and participate in the verification process.

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Worldcoin CEO Alex Blania explained that the inclusiveness of its ecosystem, the distribution of free tokens, and the incentives for newly registered users are the three levers that drive crypto adoption. No financial resources are required to register for Worldcoin. Worldcoin uses a custom hardware called Orb to scan the iris of the user’s eyeball to verify the user’s real existence and whether it has received a free share. Independent entrepreneurs around the world will operate these devices as “Orb operators.” These operators will be rewarded for each registration of a Worldcoin user.

Worldcoin also said that it may conduct a new round of financing in the next few months.

Worldcoin has 100,000 users

To test models and technologies, Worldcoin recruited 25 operators in twelve countries/regions on four continents (Africa, South America, Europe, and Asia). These operators run more than 30 devices. So far, the best-performing operators can register approximately 1,000 users per Orb per week, and one Orb has registered 2,198 users within a week.

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Worldcoin tests Orb in Chile

Worldcoin said that its current goal is to rapidly scale up. In the next few months, as hundreds of Orb devices and operators go online, the test scale will increase. After the acceleration phase of Orb production, about 4,000 devices will be distributed every month, and 50,000 orbs will be distributed a year.

Worldcoin attracted more than 100,000 users from all over the world during the test period.

sOHlgcmliZFcHW6F3ns8arphNG3ESywUGd768AD1.pngSimple extrapolation, Worldcoin aims to reach more than 1 billion people within two years. The data shows that as of 2021, there are more than 300 million encrypted users worldwide.

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The Worldcoin mainnet is expected to be launched next year.

Worldcoin will issue ERC20 tokens

Worldcoin bottom token based Ethernet Square ERC-20 standard, the user can freely extract the funds to an Ethernet Square, the main network, or migrate through the bridge any layer 2 (e.g. Optimism, the Ethernet Square Arbitrum etc.), even independent and Aspiring ecosystems, such as Solana or Polkadot .

The scalability of Worldcoin is provided by the optimistic Rollup on Ethereum. Worldcoin said that with the development of the Worldcoin network, this “2-layer” scaling solution can ensure that transactions remain cheap, fast and reliable, and the solution maintains the open and permissionless nature of Ethereum: anyone can create an account , Submit the transaction and participate in the verification. Optimistically, Rollup is built using the open source project Hubble and has expanded the implementation of the high-performance sorter, which will be open sourced in the next few weeks.

The team is developing a non-custodial mobile wallet application to simplify the process of users logging on to the platform. The wallet allows users to learn about Worldcoin and other cryptocurrencies, find Orb operators, claim their shares, check balances, send peer-to-peer payments, and use Worldcoin throughout the Ethereum ecosystem.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/worldcoin-a-crazy-project-supported-by-silicon-valley-crypto-vc/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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