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Worldcoin Foundation to Launch World Chain Blockchain
The Worldcoin Foundation, the organization overseeing the proof-of-personhood eye-scanning Worldcoin project community, has announced the upcoming launch of the World Chain blockchain later this year. This move was revealed by the non-profit group on Wednesday.
World Chain has been developed utilizing a cutting-edge “superchain” technology provided by Optimism. Positioned as a layer-2 solution, World Chain will be built on top of the Ethereum blockchain and will utilize ETH as its primary native token. Worldcoin (WLD) will serve as the digital asset for covering gas fees within the network.
Tiago Sada, the head of product, engineering, and design at Tools for Humanity, the project’s developer, shared insights with Decrypt about the initiative. Sada indicated that the existing Worldcoin project had outgrown the Optimism mainnet, necessitating the creation of a network specifically tailored to its needs. Emphasizing the efficiency and effectiveness of the Optimism stack, Sada explained the rationale behind choosing it as the foundation for World Chain.
The Significance of World Chain
Sada highlighted that Worldcoin users currently account for a significant proportion of the activity on Optimism, making up an average of 44% and sometimes exceeding 90% of the aggregate users. With more than 2 million active users engaging with Worldcoin’s technology on a daily basis, the need for a dedicated network became apparent. The same team that spearheaded the development of Worldcoin on Optimism will be leading the efforts to scale the newly introduced World Chain project.
A layer-2 blockchain, such as World Chain, operates as an overlay network on an existing primary blockchain like Ethereum. These secondary protocols are designed to streamline transactions, providing faster throughput compared to the underlying blockchain. Key examples of layer-2 protocols include Optimism, the Bitcoin Lightning Network, and Polygon.
Since its inception in 2022, Tools for Humanity’s World ID initiative has attracted over 10 million users from 160 different countries. Notably, more than 5 million individuals have undergone identity verification using Worldcoin Orbs. The central objective of the project revolves around establishing a robust system for distinguishing genuine human users from automated bots.
Privacy Concerns and Misconceptions
Addressing prevalent misconceptions surrounding Worldcoin and its associated technologies, Sada dismissed claims that the platform lacks privacy features. He emphasized that Worldcoin, particularly World ID, is engineered to prioritize user data confidentiality. Contrary to popular belief, the platform offers a high degree of privacy protection, supporting completely anonymous sign-ups and self-custodial data control.
While Worldcoin has encountered controversies, with multiple countries including the United Kingdom, Kenya, France, and Germany launching investigations over privacy apprehensions tied to its orb technology, Sada reaffirmed the platform’s commitment to preserving users’ privacy and data security.
Accessible to All
Although Worldcoin is currently limited to specific regions, the introduction of World Chain, alongside the accompanying World app and World ID functionalities, aims to provide a more inclusive user experience accessible to individuals worldwide. Sada emphasized that World Chain functions similarly to other layer-2 solutions, enabling seamless integration with supported wallets and offering additional benefits to users with verified World IDs.
Despite a recent 23.6% decline in Worldcoin’s performance over the last week, the WLD token is currently trading at $5.00 per coin, reflecting a 4.4% increase following the announcement of the World Chain launch.
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