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Worldcoin, the cryptocurrency initiative co-founded by Sam Altman, has today unveiled a new blockchain “intended to onboard all humans onto the chain.”
The newly introduced World Chain is designed to scale both Worldcoin and the wider Ethereum network to accommodate 1 billion individuals and more, according to the press release distributed to Cryptonews.
The team anticipates the developer preview of World Chain will be available “very soon.”
The complete launch is expected to occur later this summer, they noted.
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‘Graduating’ from OP Mainnet
The announcement states that Worldcoin user transactions account for approximately 44% of the activity on Optimism, a Layer-2 scaling solution for Ethereum.
This positions Worldcoin as the largest application on the network.
However, during peak times, it often exceeds 80%, and at times it surpasses the network’s capacity.
Transitioning to a dedicated network will yield “significant benefits,” they added.
Introducing World Chain, a new blockchain designed for humans
pic.twitter.com/qNb7S3vqut
— Worldcoin (@worldcoin) April 17, 2024
Priority to Verified Humans
Regarding automated transactions, Worldcoin highlighted that around 80% of blockchain transactions could be executed by bots. Notably, many of these serve legitimate purposes,
However, there are also unproductive bots, such as yield farming bots, that lead to network congestion and elevated fees.
Consequently, World ID is intended to assist the new chain in addressing this challenge.
Everyone will have the ability to submit transactions on this open and permissionless network, the team stated. However, transactions from verified humans will be prioritized for quicker confirmation times.
Maximum inclusivity, maximum privacy. pic.twitter.com/QyY8S4GcMx
— Worldcoin (@worldcoin) April 5, 2024
Thus, the new chain aims to tackle the problem of network congestion and high fees.
It plans to achieve this by offering verified humans “some” free gas as an allowance “for casual transactions” and priority blockspace over bots.
This allowance is expected to reduce initial friction for users. It will initially be funded by the Worldcoin Foundation.
However, “the protocol will aim to establish an equilibrium where gas for casual users is ultimately financed by fees from bots and power users.”
Additionally, ETH will continue to be the native token, but users will have the option to pay fees using WLD.
Therefore, when verified humans claim their WLD grants biweekly, they will be able to utilize it for applications immediately.
Moreover, the team promises to enable developers to connect with millions of genuine users worldwide through applications centered on real-world utility.
‘Apps for Every-Day Life’
World Chain will not strive to “address every conceivable blockchain use case,” the announcement stated.
Instead, it aims to create an ecosystem of decentralized financial and identity applications “focused on utility for everyday life.”
According to the announcement, the project will achieve this through World ID’s sybil resistance. The team will develop it around Worldcoin, stablecoins, payments, rewards, ramps, lending, swapping, and more.
World Chain will be integrated with the Worldcoin protocol to accelerate its growth and utilize World ID’s Proof of Personhood for sybil-resistant applications.
Furthermore, the chain will be permissionless and open source. “Ultimately,” it will be owned and governed by the community.
Ethereum will secure the chain as a Layer-2, designed for scalability alongside the Superchain ecosystem.
Additionally, World ID and WLD “will remain neutral public goods that can be utilized and deployed on networks beyond World Chain.”
World App by the numbers pic.twitter.com/zc4RNn4Ypt
— Worldcoin (@worldcoin) April 14, 2024
Meanwhile, Worldcoin launched in July 2023. To date, the team has recorded 10 million individuals across 160 countries who have created a World ID and a compatible wallet.
These individuals have utilized their wallets to conduct 75 million transactions, they reported.
At the time of this writing, WLD’s price has decreased by 0.8% over the last 24 hours.
Source: coingecko.com
According to CoinGecko, it is currently trading at $4.95.
It has declined by 24% over the past week and 46% over the past month.
It reached its peak price of $11.74 on March 10, 2024, and has fallen nearly 60% since that time.
The post Worldcoin Reveals World Chain appeared first on Cryptonews.
