Bittime - Worldcoin Foundation, the non-profit organization behind the eye scanning project Worldcoin (WLD), will launch a new blockchain called World Chain later this year.
What is World Chain?
World Chain is built on the Ethereum blockchain using “superchain” technology from Optimism, a layer-2 solutions provider. The native currency of World Chain remains ETH, but Worldcoin tokens (WLD) can be used to pay transaction fees (gas fees).
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The decision to create World Chain was based on the high activity of Worldcoin users on the Optimism network. On average, 44% of activity on Optimism comes from Worldcoin users, and has even reached 90%.
Also read: The Conspiracy Behind Worldcoin: Myths and Facts
"Worldcoin needs a dedicated network to continue growing," said Tiago Sada, head of product, engineering and design at Tools for Humanity, Worldcoin's developer.
"We're sticking with Optimism as a foundation because the technology suits us."
Blockchain for Humans?
World Chain is a layer-2 blockchain , built on top of other existing blockchains such as Ethereum. The goal is to speed up transactions compared to the main blockchain.
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Since launching in 2022, World ID from Tools for Humanity has attracted more than 10 million users in 160 countries. More than 5 million people have verified their identity using Worldcoin Orbs, Worldcoin's special eye scanner.
"World Chain is a new blockchain designed for humans," said Worldcoin. "Everyone can use it, but verified humans will have priority in using the network and subsidize transaction fees."
Also read: Worldcoin Soars 140%, Reaches 1 Million Users Despite Controversy
Controversy and Privacy
Worldcoin has indeed attracted controversy regarding privacy issues. Several countries such as the UK, Kenya, France and Germany have investigated Worldcoin because of these concerns.
"Worldcoin and World ID are actually systems that really protect privacy," explained Sada. "You can register anonymously and your data remains in your own hands."
Access for All
While Worldcoin is currently only available in certain regions, World Chain, the World app, and World ID are open to everyone worldwide.
“You can connect to World Chain using a compatible crypto wallet and use it like any other layer-2,” Sada said. "Additional benefits are gained if you use a verified World ID."
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The launch of World Chain was received positively. Although the WLD token fell 23.6% in the past week, its price rose 4.4% to $5.00 per coin since the announcement.
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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Worldcoin Token (WLD) Soars 230%, AI Innovation is the Main Driver
Worldcoin Potentially Fines IDR 16 Billion for Alleged Violations of Law in Buenos Aires
WLD Price Prediction 2024-2030
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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