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March 16, 2022 02:41 pm

Crypto Startup That Wants To Scan Everyone's Eyeballs Is Having Some Trouble

Worldcoin -- the billion-dollar startup that wants to give cryptocurrency to every living human by imaging their eyes -- has recently halted operations in at least seven countries due to a host of logistical hurdles that have prompted it to redraw its launch plans. From a report: Co-founded in 2020 by former Y Combinator chief Sam Altman, Worldcoin aims to photograph the irises of everyone on earth in order to identify them so it can distribute its new digital money fairly. So far, the company has collected images of the eyes of hundreds of thousands of people in about 20 countries. But the process has been bedeviled by problems such as uneven smartphone access, confused users and fraud attempts. Worldcoin has suspended its work in multiple countries after local contractors departed or regulations made doing business impossible. After technical challenges, it also instituted a new requirement that anyone signing up must have a smartphone -- limiting its reach in developing nations, which have been key to the company's vision. Worldcoin has also repeatedly delayed its target launch date, which is now set for later this year. Worldcoin co-founder and Chief Executive Officer Alex Blania said in an interview last week that these setbacks are the natural result of "very aggressive testing" for a young startup. The company has grown from 10 employees to 100 in the last year, Blania said, and it's still experimenting as it hones its operations. "You're still talking to a Series A company, not an Uber," he said. "Things are not perfect."

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