Worldcoin Unveils Plans for 'World Chain' to Enhance Blockchain Ecosystem

Worldcoin announces the imminent launch of "World Chain," a new Ethereum L2 blockchain that will integrate with WLD and World ID. The chain aims to prioritize verified human users over bots, offering gas allowances to prevent network congestion and focus on decentralized financial and identity applications for everyday use. The native token will be ETH, with the option to pay fees using WLD as well. World Chain is set to go live in the summer, enabling a community-driven ecosystem for human-centric blockchain applications.

Worldcoin Unveils Plans for New Blockchain, "World Chain", to Integrate with WLD and World ID

April 17, 2024 - Worldcoin, the innovative blockchain project co-founded by OpenAI CEO Sam Altman, has officially announced its plans to launch a new blockchain dubbed "World Chain" in the upcoming summer months. This groundbreaking development has sparked considerable interest within the cryptocurrency community, with the price of WLD, Worldcoin's native token, experiencing a slight uptick in the wake of the announcement.

Overview of World Chain

World Chain is an Ethereum Layer 2 (L2) blockchain, a type of blockchain that is designed to operate in conjunction with the Ethereum main chain to enhance scalability and transaction efficiency. It is expected to seamlessly integrate with the existing Worldcoin protocol and World ID's Proof of Personhood, a decentralized identity system. However, the ultimate aim is for World Chain to operate independently as a community-driven project.

Functional Focus

According to the Worldcoin team's blog post, World Chain will serve as an "ecosystem of decentralized financial and identity apps focused on utility for everyday life." This suggests that the blockchain will primarily prioritize applications that provide practical benefits and address real-world needs.

Scalability and Accessibility

World Chain has been engineered for scalability, leveraging the Superchain ecosystem to facilitate efficient transaction processing. However, it also prioritizes verified humans over bots when it comes to access to blockspace. This is achieved by allocating gas allowances to verified humans, a measure designed to mitigate network congestion caused by automated systems like bots.

Native Token and Transaction Fees

ETH, the native token of the Ethereum network, will serve as the primary transaction fee currency on World Chain. However, users will also have the option of utilizing WLD tokens to cover transaction costs.

Background on Worldcoin

Worldcoin was officially launched in July 2023 with the ambitious goal of providing a global identity system for individuals. It introduced the WLD token as a reward for users who verified their identity using a specialized iris-scanning device known as the "Orb." To date, the project has garnered significant adoption, with over 10 million people creating World IDs and using the World App, the project's native wallet.

Regulatory Scrutiny

Despite its widespread adoption, Worldcoin has faced scrutiny from regulatory authorities in various jurisdictions, including Spain and Portugal. However, the project remains committed to addressing these concerns and ensuring compliance with applicable regulations.

Conclusion

The unveiling of World Chain marks a significant milestone in the evolution of the Worldcoin ecosystem. The new blockchain is poised to extend the reach and impact of the project, empowering individuals with a secure and verifiable digital identity and access to a suite of decentralized financial and identity applications. As the launch date approaches, the cryptocurrency community eagerly anticipates further details and developments related to World Chain and its potential impact on the wider blockchain landscape.