Worldcoin has unveiled World Chain, a blockchain platform that will be closely linked to its digital ID platform.
The startup, co-founded by OpenAI CEO Sam Altman, already uses blockchain technology for its iris-based digital identity platform, leveraging Layer 1 of the Ethereum network (more on that later). World ID, the identity component of Worldcoin, operates using this blockchain framework to manage identities while protecting privacy. The existing setup allows users to prove their uniqueness (or “Proof of Personhood”) across various applications and services, enhancing security and reducing fraud.
The introduction of World Chain, however, represents an evolution or expansion of the concept. It’s not just about managing identities anymore but creating a more specialized blockchain that further integrates the Proof of Personhood feature while prioritizing human users and reducing the influence of bots on the network.
World Chain is being developed as a Layer 2 solution on Ethereum, meaning it aims to enhance scalability and transaction efficiency without leaving the security umbrella of Ethereum. L2 solutions on Ethereum are designed to process transactions off the main Ethereum chain (Layer 1). This setup reduces the load on Layer 1, allowing for faster and cheaper transactions while maintaining the security integrity of the Ethereum network. By handling transactions in batches or separate environments and then updating the main chain with the final results, L2 solutions can significantly increase transaction throughput and reduce costs.
The planned World Chain will likely work in tandem with the existing World ID system, but focus more on optimizing transaction processes and network interactions, making the blockchain more human-centric and utility-driven. Worldcoin says it’s going to give verified users – presumably those who have linked their digital ID to an iris scan – a break on the “gas” fees that are required to successfully conduct a transaction or execute a contract on the Ethereum network.
“World Chain is a new blockchain designed for humans,” the company explained in a blog post. “It will be open for everyone, and verified humans will get priority blockspace over bots as well as a gas allowance for casual transactions.”
While Worldcoin has faced some pretty serious regulatory scrutiny across a number of jurisdictions – thanks largely to its collection of users’ biometric data through its iris-scanning “Orb” devices – it has nevertheless amassed a significant user base at this point. More than 10 million people across 160 countries have set up a World ID, and over 5 million have been verified by an Orb.
Worldcoin says it expects its World Chain to launch “later this summer.”
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April 18, 2024 – by Alex Perala
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