Worldcoin Unveils Human-Centered Blockchain to Tackle Bot Dominance

Worldcoin, led by Open AI CEO Sam Altman, plans to launch an Ethereum layer-2 blockchain, World Chain, prioritizing verified humans over bots. The blockchain will use Worldcoin's iris-scanning technology to verify user identities. Worldcoin has over 10 million users, with 5 million verified human identities, and plans to launch World Chain this summer. The blockchain aims to address the issue of bot-driven transactions that often congest major blockchains, leading to high gas fees for human users. Worldcoin's developer preview is expected soon.

Worldcoin Unveils Human-Centric Blockchain, Aiming to Combat Bot Dominance

Worldcoin, a project co-founded by Open AI CEO Sam Altman, has announced plans to launch World Chain, a new Ethereum layer-2 blockchain that prioritizes verified humans over bots. The announcement comes amidst increasing concerns over the prevalence of bots in the blockchain ecosystem, which often lead to network congestion and high gas fees.

A Growing Community of Verified Users

Worldcoin has amassed a significant user base of over 10 million, with half of them having verified their human identities through the project's Orb, an iris-scanning device. This strong foundation has enabled the development of World Chain, a dedicated blockchain that will address the challenges posed by bots.

The Rise of World Chain

Built on Optimism's Superchain, World Chain aims to revolutionize the Ethereum scaling landscape by focusing on human transactions. The Worldcoin Foundation, which governs the project, believes that verified humans should have preferential treatment on the blockchain, allowing them to conduct transactions efficiently and affordably.

Addressing the Bot Problem

Bots have become a significant issue in the blockchain industry, accounting for a majority of user activity on major networks. This automation often leads to network congestion and inflated gas fees, which can hinder the experience for genuine human users. World Chain seeks to alleviate this problem by offering free gas allowances and faster confirmation times to verified users who utilize the World ID.

Gas Fees and Tokenomics

Gas fees on World Chain will initially be subsidized by the Worldcoin Foundation, with the ultimate goal of reaching an equilibrium where casual users are supported by fees from bots and power users. Ether (ETH) will serve as the native token of World Chain, while verified users can leverage Worldcoin (WLD) tokens to pay for fees.

Launch Timeline

The official launch of World Chain is scheduled for this summer, with a developer preview expected soon.

Regulatory Challenges

Despite its ambitious plans, Worldcoin has encountered regulatory hurdles in several countries. Concerns regarding potential privacy violations have prompted authorities in Portugal, Spain, and Hong Kong to scrutinize the project's biometric data collection practices.

Global Presence

Despite these setbacks, Worldcoin's World App, a World ID-compatible cryptocurrency wallet, has gained traction in over 160 countries, boasting more than 10 million users and 70 million transactions.

Conclusion

Worldcoin's vision of a human-centric blockchain is a bold step towards addressing the growing problem of bot dominance in the blockchain ecosystem. With a significant user base and a dedicated blockchain, World Chain has the potential to revolutionize the way humans interact with the blockchain, enabling them to conduct transactions seamlessly and efficiently. However, the project remains subject to regulatory scrutiny, which underscores the importance of careful data handling and compliance with privacy regulations.