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Worldcoin (WLD) To Launch World Chain As L2 on Ethereum – Crypto News

Published

1 year ago

April 17, 2024

Dripp

Sam Altman’s Worldcoin is looking to launch its Layer-2 blockchain dubbed World Chain, to improve its efficiency as it continues to onboards new users.

World Chain to Improve Worldcoin Efficiency

The upcoming project was announced by Tools for Humanity, the core developer behind the Worldcoin project. According to the company, World Chain will be secured by the Ethereum network and only “verified” humans will be allowed to “enjoy priority blockspace over bots and some free gas.”

With this new blockchain, developers can reach millions of real users around the world, with applications that are focused on utility for everyday life. Markedly, the team behind the tool is working to officially release it this summer.

Per a published statement, World Chain is designed to “increase capacity so new people can continue to join at scale, and existing users can enjoy faster, cheaper, and more reliable transactions.”

For this blockchain to accelerate growth and leverage World ID’s Proof of Personhood, World Chain will have deep integration with the Worldcoin project that is currently under Altman’s watch. Noteworthy, the popular Worldcoin project assigns World IDs to people who must have proven that they are human through an iris scan called Orb verification.

People who sign up for this service are given cryptocurrency in the form of WLD tokens. The official website of the project shows that over 5 million people have signed up for Worldcoin. The Worldcoin project was launched to help the internet tell humans apart from non-human actors.

Worldcoin Addresses Global Regulatory Concerns

The launch of the L2 on Ethereum comes as the company faces global regulatory challenges. Last month, the global digital identity and cryptocurrency initiative had to address its legal standing and compliance. Worldcoin went as far as shedding light on its operational, regulatory, and compliance status in different service regions.

Due to this mounting global pressure, the company announced the implementation of additional privacy features. The new package revolves around Personal Custody and introduces a new Unverify World ID option. Also, the feature leverages cutting-edge technology like zero-knowledge proofs (ZKPs).

This will give users greater control over their personal information while maintaining the integrity of the network. Noteworthy, this is one strategy that demonstrates Worldcoin’s commitment to ensuring users’ privacy.