[NEWS] WorldCoin (WLD) launches its own Layer 2 "World Chain"

The WorldCoin Foundation, which develops the personal authentication project World Coin (WLD), in which OpenAI CEO Samuel Altman is involved in the development, announced on the 17th that it will introduce its own layer 2 blockchain, "World Chain," this summer in order to improve the efficiency of new user registration.

The WorldCoin Foundation described World Chain as "a new blockchain designed for humans," but did not disclose any details. On the other hand, it said, "World Chain will be an open, permissionless network with community governance."

This means that anyone can generate transactions without needing a "World ID," which is generated by reading the iris of the eye with a device called an "Orb."

In addition, World Chain will prioritize transactions by users with a World ID, and will anonymize transactions of authenticated users through zero-knowledge proof technology.

It also explained that users with a World ID can also claim gas fees (transaction fees) for free. Ultimately, it plans to cover the gas fees of casual users with fees from bots and power users. It appears that the WorldCoin Foundation will cover the cost for the time being.

Main applications of OP mainnet

WorldCoin emphasized that it accounts for approximately 44% of all network activity on the OP mainnet in OP. It said that this percentage could account for up to 80%, making it the largest application on the OP mainnet.

In light of this growth, WorldCoin said that it needs to "move to a dedicated network" to support 1 billion users, 100 times the 10 million users it currently serves.

WorldCoin's activities in various countries

WorldCoin aims to realize basic income through its project, and also claims that it is essential to prove one's identity in the process of developing AI.

Last year, it explained how the growth of AI has made it difficult to distinguish between AI and bots and human users. However, at the time, it said, "This problem can be solved by the user's own identity verification."

WorldCoin is seeing an increase in users, but there are also increasing opportunities for countries to warn users to stop their activities due to concerns about regulations and privacy protection. Specifically, orders have been issued to halt activities in Spain and Portugal, and investigations are also underway in several countries and regions, including South Korea, Hong Kong, and Kenya.

In response to this situation, the WorldCoin Foundation has asserted that the project is legitimate and is working to ensure transparency, such as by making parts of it open source.

Reference: Announcement
Image: Shutterstock

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