Worldcoin Unveils World Chain to Tackle Network Congestion

Worldcoin Unveils World Chain to Tackle Network Congestion

Worldcoin, a platform utilizing iris-scanning for identification purposes, has announced its plans to introduce World Chain this summer, leveraging Optimism’s OP Stack.

The launch of World Chain comes as a response to congestion issues on Worldcoin’s existing platform, which accounts for approximately 43% of all transactions on Optimism.

Backed by AI luminary Sam Altman, Worldcoin aims to facilitate the distribution of a universal currency while verifying user identities. With over five million users since its inception, the platform seeks to enhance transaction authentication and combat bot activity with its proof of personhood technology.

To address bot-related network strain, World Chain intends to implement a pricing strategy that increases gas fees for automated systems while subsidizing costs for occasional users. This approach aims to prioritize human users by reducing their transaction expenses and expediting confirmation times.

Ryan Wyatt, Chief Growth Officer at Optimism, voiced support for Worldcoin’s initiative, suggesting that focusing on human interactions could foster growth within Optimism’s user base. Worldcoin plans to develop applications focusing on payments, stablecoins, and identity verification.

However, Worldcoin is facing regulatory scrutiny in certain countries, such as Spain and Portugal, due to concerns regarding data collection practices, leading to temporary restrictions.

The associated token of Worldcoin, WLD, is currently trading at around $4.87 and will serve as the gas token on World Chain, highlighting its practical utility within the ecosystem.

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