NAIROBI (Coinchapter.com) – Worldcoin, the identity-focused cryptocurrency startup founded by OpenAI CEO Sam Altman, has taken a significant step forward in its mission to “prioritize human users” with the launch of its new blockchain network, World Chain.

A snippet of Worldcoin post on X

Announced on April 17, 2024, World Chain aims to enhance efficiency, scalability, and real-world utility in Web3 applications. Worldcoin has rapidly expanded, creating over 10 million World IDs and completing 75 million transactions across 160 countries. The project has now unveiled its dedicated blockchain network to support this growth.

Blockspace for All Humans

The new World Chain network is poised to address the challenges faced by the broader Ethereum ecosystem. Worldcoin’s transactions currently account for around 44% of the OP Mainnet’s activity, often exceeding 80% during spikes. This has highlighted the need for a dedicated network to accommodate the project’s scalable growth.

According to Worldcoin, “World Chain is designed first and foremost to significantly increase capacity so new people can continue to join at scale, and existing users can enjoy faster, cheaper, and more reliable transactions.”

The integration of Worldcoin’s “Proof of Personhood” technology is a key feature of World Chain. This allows users to anonymously verify their addresses as real humans, ensuring that bots and automated transactions do not dominate the network’s resources. This, in turn, helps to maintain a healthy ecosystem and prioritize the needs of the everyday user.

The network will support both ETH and the WLD token for fee payment. This means verified Worldcoin users can immediately utilize their WLD grants for their chosen apps.

WLD/USD 1-day price chart. Source: CoinGenko

Worldcoin (WLD) is currently trading at $4.81, showing a 3.78% increase in the last 24 hours. This positive momentum comes shortly after the announcement of World Chain, the company’s new human-centric blockchain designed to boost efficiency and real-world Web3 applications. The news appears to have outweighed the impact of an earlier fine levied by Argentina against the company.

World Chain: Enhancing Human-Centric Blockchain Access

Tiago Sada, the head of operations at Worldcoin, explained the unique approach of World Chain. He emphasized the network’s human-centric focus, differentiating it from typical L2 solutions and the broader Ethereum ecosystem by prioritizing human users over bots. This prioritization addresses the common problem of bot congestion, which often sidelines human transactions.

“Typically, every account competes for block space, and since bots can operate faster and bid higher, human transactions often get sidelined,”

Sada noted.

In the coming 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 broader adoption of Web3 technologies.

The post “World Chain” – A Human-Centric Blockchain Network – Unveiled by Worldcoin appeared first on CoinChapter.

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Filed under: Bitcoin - @ April 17, 2024 11:05 pm