Worldcoin, the cryptocurrency startup founded by OpenAI CEO Sam Altman, has made a significant advancement in its mission to prioritize human users with the introduction of its new blockchain network, World Chain.
Unveiled on April 17, 2024, World Chain aims to enhance efficiency, scalability, and real-world utility in Web3 applications. Worldcoin has experienced rapid growth, generating over 10 million World IDs and completing 75 million transactions across 160 countries. To support this growth, the project has now launched its dedicated blockchain network.
The new World Chain network aims to address the challenges faced by the broader Ethereum ecosystem. Currently, Worldcoin’s transactions account for approximately 44% of the OP Mainnet’s activity, with the percentage often exceeding 80% during spikes. This highlights the need for a dedicated network to accommodate the project’s scalable growth.
World Chain is designed to significantly increase capacity, allowing new users to join at scale and providing faster, cheaper, and more reliable transactions for existing users. A key feature of World Chain is the integration of Worldcoin’s “Proof of Personhood” technology, which enables users to anonymously verify their addresses as real humans. This ensures that bots and automated transactions do not dominate the network’s resources, maintaining a healthy ecosystem and prioritizing the needs of everyday users.
The network will support both ETH and the WLD token for fee payment. Verified Worldcoin users can immediately use their WLD grants for their preferred apps.
Worldcoin (WLD) is currently trading at $4.81, showing a 3.78% increase in the last 24 hours. This positive momentum follows the announcement of World Chain, the company’s new human-centric blockchain designed to improve efficiency and real-world Web3 applications. The news seems to have overshadowed the impact of a previous fine imposed by Argentina on the company.
Tiago Sada, the head of operations at Worldcoin, explained the unique approach of World Chain, emphasizing its human-centric focus. This sets it apart from typical L2 solutions and the broader Ethereum ecosystem by prioritizing human users over bots. This prioritization addresses the common issue of bot congestion, which often hinders human transactions.
In the upcoming months, Worldcoin plans to release a developer preview of World Chain, with a full launch expected later this summer. As the project continues to innovate and scale, the new blockchain network promises to empower human-centric applications and drive the wider adoption of Web3 technologies.
