The project of Worldcoin, a company that hands out free cryptocurrency in exchange for biometric data, is facing a scarcity of the orbs that scan people’s eyeballs, according to a recent report from Semafor. However, Tools for Humanity seems to perceive this shortage as a positive development. Apparently, 10 million people across 160 countries have been willing to hand over their scans for some free crypto. The organization Tools for Humanity was established in 2019 by Sam Altman of OpenAI and CEO Alex Blania as a means of testing universal basic income. According to Semafor, everyone who submits to an eye scan receives 10 Worldcoin (roughly $50 in total at the current price) and three Worldcoin every two weeks thereafter. The program currently excludes people within the U.S., which Americans may interpret as either a positive or negative indication based on their attitudes toward crypto. Semafor reports that there are now between 300 and 500 Worldcoin orbs in operation globally, and while the initial concept involved making the devices mobile so they could be transported to densely populated areas, the idea appears to be gaining enough traction that Worldcoin can remain stationary and allow people to come to them. In fact, they are experiencing such an overwhelming influx of people that the orbs cannot be manufactured quickly enough. Despite the requirement to surrender sensitive data, the allure of free money is irresistible, but what exactly is the business model here? That part remains unclear, at least officially, despite the involvement of several high-profile investors. Worldcoin declared last week that it has been built on the Ethereum network, and World Assets, a subsidiary of the Worldcoin Foundation, announced on Tuesday that it will be selling a substantial amount of crypto in the near future, as reported by CoinDesk. It’s worth noting that anyone trying to access the announcement page from within the U.S. is greeted with a notification that it is inaccessible to Americans, as seen in the screenshot below. In recent years, the U.S. has taken a hard stance against cryptocurrency following the spectacular collapse of FTX due to the shenanigans of Sam Bankman-Fried. But Worldcoin is eager to spread its orb scanner throughout the world. Tools for Humanity is certainly aware of how dystopian the whole concept might seem. The business insists, however, that it places a high priority on personal privacy. ‘To give privacy priority, all liveness verification takes place on the device itself. Additionally, anyone can verify their humanity at an Orb without providing information such as names, email addresses, phone numbers, social profiles, etc.,’ states the Worldcoin website. Semafor asserts that intense resistance to Worldcoin is fading, although the news source merely points to a Business Insider article as evidence. The headline of that article does not exactly support the assertion: ‘We tried out Sam Altman’s eyeball-scanning Worldcoin orbs. It all felt too low-key to be truly dystopian.’ Because, as we all know, low-profile endeavors are never cause for concern. And historically speaking, nothing bad has ever come from creating your own currency out of nothing. Since its launch in July 2023, the price of Worldcoin has been on a wild ride, fluctuating between $1-2 for the first few months before experiencing a significant surge in February and reaching an all-time high in March of just over $10.60, according to CoinGecko. Since then, the price has corrected and currently stands at around $5. Tools for Humanity did not respond to questions about the orb shortage that were sent by email on Wednesday. We will update this post if we receive any new information.
Worldcoin Orb Shortage Signals Success, Despite Privacy Concerns
