Ultraman startup company promotes eye scanner and gives test subjects $60 in virtual currency, sparking controversy

In an intriguing development on the streets of Buenos Aires, residents are drawn to a new promotion offering $60 worth of virtual currency in exchange for eye scans. This initiative comes from World Coin, a company co-founded by OpenAI’s Sam Altman, which has been generating buzz with its eye-scanning technology. The company aims to scan the retinas of millions across Latin America and Portugal, prompting concerns about privacy and trust in high-tech methods.

Originally a cryptocurrency enterprise, World Coin has rebranded simply as “World” to focus on promoting its eye-scanning orbs. According to the company, facial scans can be easily faked, and documents can be forged. With advancements in AI making it possible to convincingly mimic human behavior online, they argue that eye scans offer a more reliable way to authenticate individuals.

In countries like Chile, Argentina, and Portugal, over 15 million people have participated in this scanning initiative, with a target of reaching a billion eye scans within a year. While some participants receive digital currency as an incentive, this practice has raised eyebrows, leading to a roughly 10% drop in the value of the virtual currency upon the announcement.

Take, for example, Lorena Potosi, a jobless seamstress from Buenos Aires. After getting her eyes scanned at a subway station, she received 25 digital coins worth approximately $60 in total. Potosi, who struggles with Argentina’s economic downturn, shared that this money could help her buy food and drinks for her children.

The participation rates are notable, with one in seven adults in Santiago, Chile, and Lisbon, Portugal undergoing scans; that figure rises to one in three in Buenos Aires. Critics have voiced concerns about the ethical implications of targeting impoverished nations to acquire biometric information for minimal financial compensation. So far, the company claims to have distributed 50 million virtual coins worldwide.

While the eye-scanning machine is relatively new to many in the U.S., co-founders Altman and Alex Blania recently showcased the latest version in a warehouse on Folsom Street in San Francisco. They discussed plans to install these devices in cafes and other public spaces, even suggesting that consumers could order them for home delivery—akin to pizza. Altman envisions a future where these scanners become as commonplace as cash registers.

Blania also indicated that the company is in discussions with governments, including Taiwan, to integrate eye-scanning data into national identification systems, clarifying that this would not replace traditional IDs but complement them.