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There is a new startup, Worldcoin, that promises to launch a new cryptocurrency that would be distributed to people in exchange for scans of your eyes. The startup seems to have been inspired by the Universal Basic Income model, and wants to create a secure and universal way to distribute this income.

The idea is to build devices that scan people’s eyes and convert them into unique numerical identifiers, to ensure that the person is the legitimate recipient of the payment and that they are not taking advantage of the system to receive more than they are due. In addition, Worldcoin is creating a new cryptocurrency accessible across the globe, which would be distributed to every human being in order to distribute wealth evenly across the globe.

Worldcoin is thus trying to make cryptocurrencies truly universal, something Bitcoin has failed to do, as over 95% of this cryptocurrency is concentrated in less than 5% of accounts, thus creating a toxic, almost multi-level marketing like environment.

Experts have already said that if Worldcoin is successful, it will be more stable than Bitcoin, Ethereum and others, with less fluctuations. The idea has already attracted several Silicon Valley investors, with the company already testing a prototype of its scanning device in several cities. The company has at least $25 million in funding, according to Bloomberg.

Not everything is exactly positive about this idea. Several experts have pointed out that this solution is too fanciful and even too complicated. It is trying to solve the problem of wealth distribution in a rather strange way, and completely ignoring the anonymity aspect of cryptocurrencies.

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