Worldcoin, a groundbreaking identification platform utilizing iris-scanning technology, is gearing up to introduce World Chain this summer by leveraging Optimism’s OP Stack.
The launch of World Chain is set to address the congestion issues currently plaguing the platform, as Worldcoin’s activity alone accounts for roughly 43% of all transactions on Optimism. Founded by AI luminary Sam Altman, the platform’s primary objectives include the distribution of a universal currency and the verification of identities. Since its establishment, Worldcoin has managed to attract a substantial user base of over five million individuals.
The introduction of World Chain, as per the recent announcement, will incorporate proof of personhood technology to authenticate transactions and combat bot activity, which has the potential to overwhelm the network’s capacity. To curb the influence of bots, World Chain will implement higher gas fees for automated systems, thereby subsidizing costs for regular users who engage in infrequent transactions. This pricing strategy is strategically devised to prioritize human users by reducing their expenses and expediting transaction confirmations.
Optimism’s Chief Growth Officer, Ryan Wyatt, expressed his support for Worldcoin’s strategy via a tweet, indicating that focusing on human interactions could contribute to expanding Optimism’s user base. Worldcoin’s future plans involve the development of applications centered around payments, stablecoins, and identity verification.
Despite its promising outlook, Worldcoin is currently under regulatory scrutiny in regions such as Spain and Portugal due to concerns surrounding data collection practices, which have prompted temporary restrictions. The associated token of Worldcoin, WLD, is currently trading at approximately $4.87 and will serve as the gas token on World Chain, underscoring its practical utility.
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