Worldcoin Announces Plans For A 'World Chain' Layer-2

Khyathi Dalal

April 17, 2024

Worldcoin (CRYPTO: WLD), a biometric data-based identification platform, has announced plans to launch a Layer-2 solution named ‘World Chain’ later this summer for prioritizing transactions over bots.

What Happened: Worldcoin, which is backed by Sam Altman currently operates on the Ethereum rollup Optimism (CRYPTO: OP). On April 17, the company announced its intention to launch its own Layer-2 blockchain called “World Chain,” as reported by Blockworks.

This blockchain will be constructed using Optimism’s software set, the OP Stack, and will leverage Worldcoin’s proof of personhood technology in conjunction with financial incentives to deter bots from making a profit.

According to a Worldcoin press release, on World Chain, humans will pay less in gas fees and be “prioritized for faster confirmation times.” Despite facing regulatory scrutiny for its data collection methods, Worldcoin continues to expand.

Also Read: OpenAI’s Sam Altman Has An Estimated $2 Billion Net Worth — And Much Of It Doesn’t Come From AI

Worldcoin aims to differentiate itself from other Layer-2 solutions by giving precedence to human transactions over bots. This move could potentially change the dynamics of blockchain transactions, making them more accessible and affordable for everyday users.

Bots and “power users” of World Chain will be charged slightly higher gas fees to subsidize gas for casual users. The Worldcoin Foundation, a non-profit that supports Worldcoin’s development, will collect these higher gas fees from bots and redistribute them to human users.

The platform recently crossed the 10 million user mark on its World App wallet. With the increasing usage, Worldcoin’s existing blockchain home is becoming congested, necessitating the shift to a new layer.

Price Action: In the past 24 hours, Worldcoin is up 3.7% on a 5% increase in trading volume.

What's Next: The influence of altcoins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Sam Altman On The Road: OpenAI Chats Up Fortune 500, Challenges Microsoft

Image: Shutterstock

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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