Recently, Tools for Humanity, the organization responsible for Worldcoin, unveiled plans for World Chain, an open-source Ethereum layer-2 blockchain scheduled to launch around mid-2024. This new blockchain is designed to revolutionize human authentication through its compatibility with the Worldcoin protocol.
Worldcoin Unveils World Chain
Worldcoin aims to develop the biggest global identity and financial network. Using iris scanning technology through smartphones or dedicated devices called Orbs, Worldcoin converts biometric data into secure numerical codes.
With the help of algorithms, these codes confirm an individual’s distinct identity. The World ID app serves as a digital passport, enabling users to verify their authenticity in web, mobile, and decentralized platforms.
With the upcoming blockchain being deemed essential by Tools for Humanity for the shift from current networks to a specialized infrastructure, the protocol’s website reveals that over 5 million individuals from 160 countries have registered, and these verified wallets have supported approximately 49 million transactions.
With the introduction of World Chain, Worldcoin aspires to enhance scalability, create a separate network for its community, and draw in more users and contributors to its platform.
Approximately 80% of blockchain transactions are now automated. This mass adoption brings about difficulties like network overload. To tackle these issues, World ID is stepping in with a solution that ensures a fair and protected environment for all users.
A major objective for us right now is to substantially raise the gas limit for L2 blocks. However, we’re taking careful steps to execute this, as there are risks involved and we don’t want to act recklessly. To ensure safety, we’re conducting thorough research into potential negative outcomes or performance issues before making any changes.
Convenient Token Usage And Fee Payments
Currently, Worldcoin transactions utilize the Optimism OP Mainnet. However, integrating with World Chain is said to enable seamless deployment on various blockchain platforms.
Moreover, World Chain retains Ethereum as its primary token and is interoperable with Ethereum’s ecosystem. Yet, users holding Worldcoin tokens can utilize them to cover transaction charges.
Verified individuals will receive Worldcoin grants every two weeks, which they can directly utilize within applications residing on the blockchain.
In the end, as the release date draws nearer, experts in the industry are excitedly looking forward to seeing how the latest Ethereum layer-2 solution from Worldcoin will be received and make an impact. However, despite Worldcoin’s ambitious goals, the market value and price of their token have experienced ups and downs.
At the moment I’m writing this, the Worldcoin project’s native token, WLD, is priced at $4.86. This is a substantial decrease of more than 45% over the last 30 days, with an additional drop of around 25% in just the past week.
Based on information from CoinGecko, the market cap of WLD has dropped from its highest point of $1.4 billion on March 26th, down to its present value of $950 million.
After the announcement, there’s been a significant rise in trading activity with a 6.40% jump in volume. Furthermore, the token price has seen a small bump up by 3%.
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2024-04-18 04:11