Worldcoin introduces World Chain as a solution for network congestion
Worldcoin, a platform that utilizes iris-scanning for identification purposes, has announced its plan to launch World Chain this summer. This new layer, built on Optimism’s OP Stack, aims to address congestion issues on the current platform, as Worldcoin activity accounts for approximately 43% of all transactions on Optimism.
Worldcoin, which has gained over five million users since its inception, is backed by AI pioneer Sam Altman. The platform’s objective is to distribute a universal currency and verify identities. To achieve this, World Chain will employ proof of personhood technology to authenticate transactions and deter bot activity, which often overwhelms network capacity.
To combat the presence of bots, World Chain will increase gas fees for automated systems. This strategy will subsidize costs for regular users who transact infrequently, prioritizing human users by reducing their costs and expediting transaction confirmations.
Ryan Wyatt, the Chief Growth Officer of Optimism, expressed his support for Worldcoin’s strategy in a tweet. He believes that focusing on human interactions could contribute to the expansion of Optimism’s user base. Worldcoin’s future plans involve developing applications centered around payments, stablecoins, and identity verification.
However, Worldcoin is currently facing regulatory scrutiny in countries like Spain and Portugal due to its data collection practices, leading to temporary restrictions. Despite this, Worldcoin’s associated token, WLD, is trading at approximately $4.87 and will function as the gas token on World Chain, highlighting its practical utility.
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