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Worldcoin Faces Orb Shortage
Recently, a report from Semafor revealed that Worldcoin, the project distributing free cryptocurrency in exchange for biometric data, is currently experiencing a scarcity of the orbs used to scan individuals’ eyeballs. Tools for Humanity, the startup behind Worldcoin, views this shortage as a positive development. Despite the orbs’ scarcity, 10 million people across 160 countries have willingly provided their biometric scans in exchange for free crypto.
Tools for Humanity: A Universal Basic Income Experiment
Established in 2019 by OpenAI’s Sam Altman and CEO Alex Blania, Tools for Humanity operates as a universal basic income experiment. Participants who undergo eye scanning receive an initial reward of 10 Worldcoin (equivalent to approximately $50 at current rates) and an additional three Worldcoin every two weeks, as reported by Semafor. While this initiative is currently unavailable to individuals in the U.S., the reasons behind this exclusion remain unclear, leaving room for varied interpretations.
Expansion and Mobility Concerns
According to Semafor, there are currently between 300 and 500 Worldcoin orbs in circulation worldwide. Originally intended for mobility to reach diverse populations, the orbs have become so popular that they are now stationary due to overwhelming demand. This popularity has led to production constraints, hindering the timely provision of orbs to interested individuals.
Business Model and Future Expansion
Despite attracting prominent investors, Worldcoin’s business model lacks clarity, leaving observers curious about its sustainability. Recently, Worldcoin announced the launch of its proprietary blockchain on the Ethereum network, with its subsidiary World Assets preparing to sell a significant amount of cryptocurrency in the near future, as detailed by CoinTelegraph.
Notably, individuals attempting to access official announcements from within the U.S. are met with access restrictions, highlighting the country’s strict regulatory stance on cryptocurrency. Although the U.S. remains a challenging market, Worldcoin is actively pursuing expansion into other geographic regions.
Privacy and Skepticism
Amid growing skepticism surrounding Worldcoin’s operations, Tools for Humanity emphasizes its commitment to privacy. By conducting all liveness verifications on the device itself, users can engage with the orbs without divulging personal information such as names, emails, or social profiles, as outlined on the Worldcoin website.
While skeptics have questioned Worldcoin’s legitimacy, recent reports suggest that doubts are diminishing. Despite reference to a Business Insider article from July 2023, which downplays concerns, the overall sentiment remains mixed regarding the project’s long-term viability.
Market Performance and Pricing Trends
Since its inception in July 2023, Worldcoin’s value has experienced significant fluctuations, ranging from $1-2 initially to a peak of over $10.60 in March, as indicated by CoinMarketCap. The current price hovers around $5, showcasing the volatile nature of the cryptocurrency market.
As the orb shortage raises questions about Worldcoin’s operational capacity, inquiries directed at Tools for Humanity have yet to receive a response. This ongoing narrative underscores the evolving landscape of cryptocurrency initiatives and the challenges they face.
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