Worldcoin, a crypto project co-founded by OpenAI’s Sam Altman, has announced the launch of a new blockchain called World Chain. The goal of this blockchain is to bring all humans onchain, with the team expecting the developer preview of World Chain to be released soon. Worldcoin user transactions currently represent a significant portion of the activity on the Optimism network, and with the growth of the community, the team has decided to migrate to a dedicated network. This move is expected to provide meaningful gains for users.
One of the key features of World Chain is the emphasis on verified humans and the prioritization of their transactions over bots. To address the issue of congested networks and high fees, the new chain will provide verified humans with some free gas for casual transactions and priority blockspace over bots. This initiative aims to reduce friction for users and ultimately aims to have gas for casual users covered by fees from bots and power users. Users will be able to pay fees using WLD, while ETH remains the native token of the chain.
World Chain is designed to be an ecosystem of decentralized financial and identity apps focused on utility for everyday life. By integrating with the Worldcoin protocol and utilizing World ID’s Proof of Personhood for sybil-resistant apps, the chain aims to facilitate real-world utility. The project will focus on applications such as stablecoins, payments, rewards, lending, swapping, and more. Additionally, the chain will be permissionless, open source, and ultimately owned and governed by the community.
Since its launch in July 2023, Worldcoin has garnered significant adoption with 10 million users in 160 countries creating a World ID and compatible wallet. These users have conducted 75 million transactions using their wallets. The price of WLD, the native token of Worldcoin, has seen fluctuations with a decrease of 0.8% over the past 24 hours. Despite reaching an all-time high of $11.74 in March 2024, the price has since dropped by nearly 60%. Worldcoin remains committed to expanding its reach and providing users with access to real-world utility through its blockchain.
World Chain aims to address the issue of congested networks and high fees by providing verified humans with priority for transactions and free gas for casual use. The project focuses on creating an ecosystem of decentralized financial and identity apps tailored for everyday use. By integrating with the Worldcoin protocol and leveraging World ID’s Proof of Personhood, the chain seeks to facilitate real-world utility and scalability. As the project moves forward, it remains committed to community ownership and governance, with Ethereum serving as a Layer-2 security mechanism. Worldcoin continues to strive towards inclusivity and accessibility for users globally.
