Personal Verification Eye Scans The WorldCoin Foundation, the “custodian” of the community connected to the WorldCoin project, plans to launch the WorldChain blockchain later this year, the nonprofit said Wednesday.
Developed using a “superchain” from layer 2 provider Optimism, World Chain is built on top of the Ethereum blockchain and uses ETH as its native token. You can pay for gas using World Coin (WLD).
“We are building the World Chain because the (Worldcoin) project is no longer suitable for the Optimism mainnet,” said Tiago Sada. decryption. Sada is the head of product, engineering, and design at Tools for Humanity, a project developer, and an advisor to the foundation. “We love the Optimism stack, which is why we’re using it as the foundation for World Chain.”
Sada explained that Worldcoin users account for 44% of Optimism activity on average, sometimes exceeding 90%. More than 2 million active users use Worldcoin’s technology every day.
“There are a lot of things that need to happen to improve this, but the first thing is to have a dedicated network,” Sada said. He added that the same team that developed Worldcoin for Optimism will work on and expand the new World Chain project. .
Layer 2 blockchain refers to a network built on top of another, typically larger blockchain, such as Bitcoin, Ethereum, or Solana. Layer 2 protocols aim to provide faster transactions than the blockchain they run on. Examples of layer 2 protocols include Optimism, Bitcoin Lightning Network, and Polygon.
Tools for Humanity’s World ID has gained more than 10 million users in 160 countries since launching in 2022. According to the company, more than 5 million people have used Worldcoin Orbs to verify their identity. The goal of this project is to provide a way to verify that a user is a real human and not an automated bot.
World Coin said, “World Chain is a new blockchain designed for humans. “This will be open to everyone, and verified humans will not only get preferential block space over bots, but they will also receive gas allowances for regular transactions.”
In December, Worldcoin announced integration with Minecraft, Microsoft’s hugely popular sandbox game.
Last March, the WorldCoin Foundation made the “core building blocks” of Orb Technology open source, giving anyone the opportunity to inspect the eye scanner code.
Sada said a common misconception about Worldcoin and related technologies is that they lack privacy.
However, Worldcoin was not without controversy. Last summer, several countries, including the UK, Kenya, France and Germany, launched investigations into Worldcoin over privacy concerns related to its orb technology.
Sada acknowledged the fears surrounding Orb and cryptocurrencies, saying, “It’s very counterintuitive (because) Worldcoin and World ID don’t just protect privacy, they’re actually one of the most privacy-protecting systems out there.” said. “You can sign up completely anonymously, and your data is self-managed.”
Although Worldcoin is only available in certain regions, Sada said World Chain and its associated World app and World ID are open to everyone regardless of where they live.
“World Chain is like another layer 2,” said Sada. “You can connect using any supported wallet and use it like any other L2. Using a verified World ID adds an advantage for humans.”
While Worldcoin is down 23.6% over the past seven days, the WLD token is trading at $5.00 per coin, up 4.4% since the World Chain announcement.
Edited by Ryan Ozawa.
