Worldcoin, the cryptocurrency project of OpenAI’s founder Sam Altman, will launch its own Blockchain. Worldcoin uses retina scanning technology. World Chain is a layer-2 Ethereum network that will be released this summer. It offers benefits for users who scan their retinas and receive a “World ID” digital passport.
The new blockchain is an extension of Worldcoin’s strategy, which aims to create a platform that allows “verified human” users to be verified. This will eliminate bots in this age of artificial intelligence and increase authenticity.
The World Chain will offer lower fees when compared to transactions made directly with Ethereum
Worldcoin’s World ID protocol was only a decentralized app consisting of Ethereum’s smart contracts until recently. It is possible that the decision to create an independent blockchain will allow developers greater control over their project and more flexibility.
Tools For Humanity (the organization behind Worldcoin) announced that humans who are verified would be given priority over bots in the allocation of block space. They also offered some free gas. The organization behind Worldcoin, Tools for Humanity, announced that verified human users would receive priority in block space allocation over bots and some complimentary gas.
World Chain, a new blockchain platform, will use the OP Stack. This is a framework that has been adopted by many startup developers including Coinbase to build its base network. World Chain, like other “layer-2 rollups,” will aggregate transactions prior to committing them. Ethereum BlockchainThis is where transactions are recorded permanently. The goal of this method is to provide users with lower transaction costs than the ones incurred by Ethereum’s main blockchain.
World Chain is a blockchain that was designed specifically for human beings. pic.twitter.com/qNb7S3vqut
Worldcoin 17 April 2024
Tiago Sada, the head of Product, Engineering, and Design at Tools for Humanity, cited increased bot activity as a challenge that can lead to higher fees, network congestion, and even an increase in transaction costs on blockchains. According to him, automated transactions make up between 50% and 90% of the total activity on chain. World Chain is open to all, bots included, and anyone can start a transaction. However, only those who are verified as human will be given priority.
World Chain’s focus is on the “Proof of Personhood” mechanism
Worldcoin is unique in the digital world because of its “orb”, a chrome ball that looks like a bowling-ball and has an integrated eyeball scanning lens. Worldcoin’s unique feature verifies the identity of every account holder. This eliminates the risk of a single person owning several accounts, or robots creating new accounts.
Project focuses on “proofs of personhood”, to leverage and address the increasing demand for AI-based applications. Tools For Humanity and Worldcoin have actively promoted orbs by performing eyeball scannings in person at conferences, events, temporary retail stores, etc. The project has registered more than 10 million users in 167 different countries.
The World App is currently the main interface used by Worldcoin users. It’s a crypto wallet which not only offers support for several popular protocols, but it also gives enhanced functionality to anyone who has been verified with the orb. App is integrated into the OP Chain which is a second layer on the Ethereum Blockchain developed by the OP Stack.
Worldcoin is the second largest protocol on the OP Chain based upon transaction volume. Its WLD token has the third highest market capitalization on the chain, after ETH (the native coin of OP) and ETH. Sada says that moving to a private network will help to increase user growth and provide existing users with benefits such as faster transactions and lower transaction costs.
If the project is successful, WLD will become a first-class token just like Ether (ETH).
Worldcoin initially aimed to provide universal basic income through the reward of WLD tokens for individuals who scan their retinas in specific regions, excluding some countries (including United States). Worldcoin’s focus has shifted to digital identity as artificial intelligence becomes more prevalent on online platforms. Financial aspects are still part of the agenda.
Worldcoin integrates bot detection capabilities into its core network framework, which allows other wallet apps to include World ID beyond the original World App. World Chain also elevates WLD’s status to that of Ether (ETH), which allows both currencies to be used to pay network fees.
Worldcoin had a difficult year after its launch in 2021, as it faced privacy concerns linked to its orb that scans the retina. These concerns persist despite assurances by its founders.
It’s time to celebrate! Thank you for the 5,000,000 orb-verified World IDs and an amazing response to World Chain.https://t.co/yl3e40koAo
Worldcoin 17 April 2024
A report from the MIT Technology Review accuses Tools for Humanity (the organization behind Worldcoin) of exploiting communities that are economically disadvantaged by giving away free tokens as a reward for signing up during the test phase. Worldcoin was accused of deceptive practices in marketing, an excessive amount of data collection, and failing to obtain informed consent.
Worldcoin, amidst a boom in AI and an enthused crypto market, has released several updates, including new features that don’t require retinal scanning, as well as enhanced encryption technology aimed at reducing privacy concerns, which have been a persistent issue ever since the launch of the project.
Worldcoin has been able to grow its market reach by achieving 70 million transactions according to the most recent figures. Ethereum founder even, Vitalik ButerinIn a post on X in March,, who had previously criticized Worldcoin’s privacy efforts, acknowledged that Worldcoin has taken significant steps to address these issues.