Worldcoin Builds Layer-2 World Chain on OP Stack Toolkit
Worldcoin recently announced a new Layer-2 solution named World Chain, built on the OP Stack toolkit. This solution aims to address user identification challenges in the blockchain space.
Worldcoin Builds Layer-2 World Chain on OP Stack
The Worldcoin homepage has introduced the new solution, World Chain, designed to provide benefits to verified users (individuals with World ID) during transactions and prevent exploitation by bots.
According to the project, World Chain will operate as a Layer-2 solution, leveraging the OP Stack toolkit and inheriting the security features of Layer-1 Ethereum. An important statistic mentioned by the project is that 44% of gas fees on the OP Mainnet were previously generated by Worldcoin users.
World Chain will be open to everyone. Verified humans, including more than 5 million verified World ID holders, will get priority blockspace over bots & a gas allowance for casual transactions. pic.twitter.com/qs5tI0ymvO
— Worldcoin (@worldcoin) April 17, 2024
However, during network volatility phases, building applications on Optimism alone proved inadequate. Therefore, the Worldcoin team decided to establish their own network to focus on optimizing user experience.
In addition to operational efficiency and cost considerations, the new network aims to minimize transaction bot activities while maintaining identity security for verified users through World ID. The project states that verified users will enjoy prioritized transaction speeds along with gas fee benefits. The network will adjust the balance to ensure that fees from bot activities are sufficient to compensate for these user benefits.
Regarding fee payments, World Chain will continue to denominate fees in ETH gas units. However, users will have the option to pay other network fees using the project's WLD tokens.
Worldcoin, founded by Sam Altman (also known as the creator of ChatGPT), aims to verify user identities while ensuring privacy and personal information security. However, the project has faced various controversies surrounding its user scanning mechanisms and potential risks.
The price of Worldcoin's WLD token did not exhibit significant reactions to news of the new Layer-2 solution.
1-hour chart of the WLD/USDT pair on Binance as of 10:50 PM, April 17, 2024
