Altman, 36, said he conceived the idea in late 2019. The intention was to use cryptocurrency to spread money around equitably, inspired by the trendy economic theory known as universal basic income
Sam Altman has a startup that intends to give a special type of cryptocurrency
to every person on earth. But first, it wants to scan everybody’s eyeballs. The former head of the Silicon Valley
business incubator Y Combinator is one of Worldcoin’s three founders. Among the many parts of its plan, Worldcoin has designed an orb-shaped device that would scan a person’s iris to build a unique personal identifier.
The company is backed by Andreessen Horowitz, the venture capital arm of Coinbase Global, LinkedIn
founder Reid Hoffman and Day One Ventures. It recently raised about $25 million from investors.
Altman, 36, said he conceived the idea in late 2019. The intention was to use cryptocurrency to spread money around equitably, inspired by the trendy economic theory known as universal basic income. “I’ve been very interested in things like universal basic income and what’s going to happen to global wealth redistribution and how we can do that better,” he said. “Is there a way we can use technology to do that at global scale?”
Worldcoin is still preparing for a formal unveiling, but for now, it is evaluating what it might take to one day get cryptocurrency
to as many as possible. Under Altman, Y Combinator planned experiments on universal basic income that have faced some delays and complications. In a 2019 interview with economist Tyler Cowen, Altman discussed how a system that could distribute money to all could circumvent the need for government redistribution.
With Worldcoin, it promises “a new global digital currency that will launch by giving a share to every single person on earth”, says an online job description.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.