Worldcoin launches World Chain with gas allowances for verified users

Key Takeaways

• World Chain prioritizes transactions initiated by verified people, shortening confirmation times and minimizing congestion.
• Verified users receive gas allocations, lowering barriers to entry and strengthening inclusion within the ecosystem.
• Integrating WLD tokens makes fee payments easier and improves accessibility and usability for users.
• World Chain provides developers with a fertile ground for innovation in decentralized finance and identity solutions, with a broad user base and a focus on real-world applications.

To foster widespread adoption of decentralized finance (DeFi) and the innovative concept of proof-of-private in an era dominated by artificial intelligence (AI), Worldcoin announced a significant milestone in its journey since its founding nine months ago.

Worldcoin, a venture co-founded by Sam Altman, aims to hand out digital IDs and free cryptocurrency to users in exchange for scanning their irises with a device known as an “orb.”

With over 5 million individuals already participating and successfully verified on the Worldcoin platform, the timing of this achievement marks a pivotal moment in the project’s trajectory, seamlessly synchronized with the World Chain unveiling. Specifically, more than 10 million individuals from 160 countries have set up World ID-compatible wallets, resulting in 75 million transactions. Additionally, 5 million individuals have strengthened their World ID through the Orb authentication process.

The emergence of World Chain demonstrates the need for such innovative solutions in the ever-evolving blockchain technology landscape. As the community grows at a rapid pace, the need for improved efficiency, seamless user experience, and improved utility becomes essential.

Worldcoin’s user transactions currently account for approximately 44% of OP mainnet activity, highlighting its status as the most important application on the network. However, during periods of high activity, this number often increases to over 80%, sometimes exceeding the network’s capacity limits. As a result, the transition to a dedicated network implemented in the form of World Chain appears to be a logical progression to accommodate the burgeoning user base.

World Chain implements a multi-pronged approach to revolutionize the blockchain environment. By prioritizing transactions initiated by verified people, the platform seeks to alleviate congestion and improve transaction speeds. Verified users are also provided with gas quotas, minimizing barriers to entry and strengthening inclusivity within the ecosystem.

Additionally, World Chain’s integration of WLD tokens for fee payments provides a seamless way for users to engage with the platform’s products, further improving accessibility and usability.

From a developer’s perspective, World Chain offers extensive opportunities to leverage a broad user base across multiple geographies. With a focus on decentralized finance and identity applications, developers can leverage World Chain to create innovative solutions that solve real-world needs.

Crucially, World Chain’s inclusive and collaborative spirit emphasizes its commitment to being a community-driven initiative. By fostering open source principles and collaborating with the broader Ethereum network, World Chain is working to usher in a new era of decentralized innovation with humanity at its core.

With a developer preview scheduled to launch soon and a full launch expected later this summer, World Chain is poised to usher in a new chapter in the evolution of decentralized finance driven by humanity’s collective aspirations.

Also Read: Vitalik Buterin Expresses Support for Worldcoin Amid Regulatory Hurdles