List of typical VC grifters who have created thousands of scams over the past few years.
This kind of prove your identity solution has been solved by the banking system already. The real solution is one that doesnt require any identity. They claim to have solved the sybil attack problem. The problem with such a system is that backdoors could exist, or an orb operator could choose to tamper the device and harvest millions of biometrics for themselves. The company claims the orb will not store any biometrics, but will use an irreversible function to convert them into a hash that is unique for every person. They dont have any incentive to stop fraud, as they continue to earn their commission for onboarding more people into the scam. If it is profitable enough, orb operators who earn for every signup will find a way to game this. The technical model they have adopted is just awful. The business model is so simple - a bunch of unethical VCs, not satisfied with the amount of money they have created for themselves, fund this project and keep a huge allocation for themselves (20%), so if it succeeds they get to become masters of currency while their project contains biometrics of everyone who has signed up. Orb operators get to earn worldcoins for each person they manage to sign up for the scheme. The game plan is to dispatch independent contracts to villages across the world, looking to sign a billion people up for this in promise of a "free" crypto token that has entirely been minted without any economic cost. It tries to tout itself as a "fairly launched" coin, but the insiders and VCs keep a huge chunk in yet another example of pre-mined cantillon altcoins. Create a pre-mined coin, backed by 70+ billionaires and then distribute it "freely" to over 1 Billion people.
Lots of scams and shady stuff have come out of this crypto space, but this one really takes the cake.
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