And the distribution is certainly not fair, with a small group of powerful, heavy-hitting “whales” controlling at least 70 percent of the global Bitcoin supply. Research by blockchain analytics company tripleA calculated that 300 million people, or 3.9 percent of the world’s population, own some crypto as of 2021.
But right now, the argument goes, adoption of mainstream cryptocurrencies such as Bitcoin and Ethereum is not global. “It could show the world a new way to think about-a prototype of UBI.”Īccording to Worldcoin’s promotional material, the company was born out of a belief that cryptocurrency technology, if adopted at a global level, “would open social and economic doors for billions of people”-and that’s where the UBI, or universal basic income, comes in. Plus, Altman thinks, this might be the first step toward something more ambitious. “But as far as I know, there have been no more serious plans than that.” The company has now exited stealth mode and released some extremely bold estimates on how many people it thinks will be claiming its Worldcoin: 1 billion in less than two years. “A lot of elementary school kids have thought that is a good idea,” Altman says. It’s part crypto buzz, part financial inclusion dream-and Altman believes that by piggybacking on the network effect of doling out a bit of the pie to every single human on Earth, WorldCoin could evolve into a global, fairly distributed electronic currency.Īltman, who runs the AI research outfit OpenAI and used to be the CEO of Silicon Valley accelerator Y Combinator, says the concept is untested. Cofounded by Altman earlier this year, the project has raised $25 million to date from grandees such as Andreessen Horowitz and Coinbase Ventures. It’s a lofty goal that commands a lofty name: Worldcoin.
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Sam Altman wants to give every person on the planet free money-or rather free cryptocurrency.