Worldcoin launches its own ‘human-centric’ blockchain network

Sam Altman, the CEO of OpenAI who established Worldcoin, a start-up focusing on identity coins, is pushing forward with a more people-oriented strategy in the Web3 realm through the development of their latest blockchain system, named World Chain.

April 17 saw the unveiling of Worldcoin’s new project, World Chain. This innovative blockchain endeavor aims to put people first, boost productivity, and encourage practical usage in the next generation of web apps (Web3).

Recently, Worldcoin achieved a significant milestone with over 10 million unique World IDs generated and more than 75 million completed transactions. This growth indicates the swift expansion of the project. To accommodate this growth, Worldcoin developed its own network specifically designed to expand in tandem with Ethereum‘s broader network as a layer 2 solution, ensuring the project’s requirements are met.

I. CryptoMoon held a conversation with Tiago Sada, Worldcoin’s head of operations, to gain clarity on the goals of their project regarding its network and the role of humans at its core.

Sada explained that although World Chain functions like any other L2 platform alongside Ethereum technically, it sets itself apart by prioritizing human transactions over those made by bots. Blockchains are prone to congestion due to the high volume of bot activities.

In most cases, each account competes to secure block space. Due to bots’ ability to act swiftly and outbid humans, networks often become congested with bot transactions. As a result, humans frequently find themselves unable to access the remaining space.

World Chain’s solution tries to troubleshoot this by favoring transactions completed by verified World ID holders:

“It’s going to be an open and permissions network like everyone else, but we are going to prioritize transactions for humans so that their transactions definitely get in, and then the remainder of the block space is just like any other blockchain.”

Moreover, Sada described that authenticated members will be granted a complimentary gas allotment as part of the process, reducing obstacles for beginners. The system strives to achieve a balance where bots and influential users end up paying for gas fees on behalf of regular users.

The Worldcoin Foundation would give eligible individuals a “stipend,” exempting them from paying gas fees for their occasional transactions.

“The idea with that is just to make it a lot easier for people to get started, so that one does not need to go through the pains of unwrapping and understanding all these things.”

The network harmonizes with Ethereum and works in partnership with initiatives such as Optimism and Base. Worldcoin is planning for a complete rollout this summer, with an upcoming developer sneak peek.

Following a string of modifications, this announcement emerges. The project has been actively working on enhancing privacy by strengthening data safeguards, restricting access to those aged eighteen and above, and providing an option for permanent removal of users’ iris codes.

Beginning on March 22, Worldcoin openly shared the source code for its orb software and introduced a fresh “personal control” privacy function.

The actions are under close examination by global authorities due to concerns about their privacy policies. Consequently, there have been brief suspensions of their activities in places like Portugal, Kenya, and Spain.

In response to the examination, Saba explained that introducing a new procedure is simply a “fortunate” part of growing at Worldcoin’s speed.

When a project grows large, it’s the responsibility of the government to verify its claims are authentic. This is a normal occurrence.

2024-04-17 18:07

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