aglocologo.bmpAGLOCO, the controversial site that awards you shares for surfing the Web and signing up other people to do the same, boasts that it has already signed up “tens of thousands” of members.

More striking, the company hasn’t even released its Viewbar yet, which you have to download to start earning credit with AGLOCO. Some would call the company a pyramid scheme, because AGLOCO gives you an incentive to sign up your friends to also surf the Web with AGLOCO’s Viewbar, and there is no guarantee of any financial reward for doing so — only the hope of one. (See VentureBeat’s story here.)

On the other hand, it’s not like you’re breaking your back on AGLOCO’s behalf. You simply surf the Web as you normally do, and the Viewbar operates at the bottom of your screen.

AGLOCO says 700,000 pages refer to AGLOCO in Google’s search results, and that its website is more popular than Bloomingdales or Kmart’s.

The AGLOCO Viewbar will be released in “seven to ten weeks,” the company said in statement early this morning.

Its goal is to sign up ten million members by July 1.