Sam Altman’s Worldcoin To Introduce Ethereum Layer 2 Network World Chain
In Brief
Worldcoin plans to introduce an Ethereum Layer 2 network World Chain powered by Optimism’s OP Stack, scheduled for release this summer.
Biometric cryptocurrency project led by OpenAI CEO Sam Altman, Worldcoin (WLD), has disclosed its plans to introduce World Chain, an Ethereum (ETH) Layer 2 network, scheduled for release this summer. World Chain is set to be built utilizing Optimism’s OP Stack, an open-source development framework.
Transitioning to a dedicated network will position World Chain at the forefront of scaling and decentralizing the Layer 2 paradigm on Ethereum through the Superchain ecosystem. Moreover, with the upcoming network, Worldcoin will give users the option to utilize both WLD and ETH for transaction fees.
Moreover, the introduction of the new World Chain is anticipated to enhance Worldcoin’s scalability, enabling the platform to accommodate a larger user base while ensuring faster, more cost-effective, and dependable transactions for both new and existing users.
Individuals who have undergone an iris scanning procedure to acquire a “World ID” digital passport will receive priority in terms of blockspace allocation over bots, along with some free gas.
Worldcoin Introduces Personal Custody Feature for Enhanced Data Security
Established in 2023 by Tools of Humanity, an organization co-founded and led by Sam Altman, Worldcoin presents itself as a “privacy-preserving” digital identity authentication endeavor. The core aim of Worldcoin is to establish the world’s largest human identity and financial network, ensuring ownership for all individuals. The project achieves its objective by utilizing iris scanning for identity verification, offering users a modest amount of WLD tokens in return. According to its website, Worldcoin has attracted over 5 million sign-ups.
Recently, Worldcoin unveiled a new Personal Custody feature aimed at securely storing various types of data, including images, metadata, and derived data generated by the Orb, which is utilized for generating the iris code during the World ID verification process on the user’s device. The new feature grants users autonomy over how their data is managed and stored.
Worldcoin ranks as the second-largest protocol on the OP Chain in terms of transaction volume, with its WLD token boasting the largest market capitalization on the chain, trailing only behind ETH and the network’s native OP coin.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
