Worldcoin Unveils Human-Centric Blockchain Network 'World Chain', Aiming to Revolutionize Web3 Space
Summary:
Worldcoin, a startup founded by OpenAI CEO Sam Altman, has unveiled its new blockchain network, World Chain, aimed at prioritizing human users in the Web3 space. The company's recent growth is reflected in over 10 million World IDs and 75 million transactions. Tiago Sada, head of operations, detailed World Chain's feature of prioritizing transactions completed by validated World ID holders and providing a free gas allowance to ease entry for newcomers. As Worldcoin aligns with Ethereum's principles and collaborates with other projects, a full launch is anticipated during summer. In response to privacy concerns and age verifications, Worldcoin has made certain enhancements and even opened its orb software to the public.
Sam Altman, OpenAI CEO and founder of identity coin startup Worldcoin, is enhancing the startup's commitment to a "human-focused" approach within the Web3 arena through the introduction of a new blockchain network named World Chain. Worldcoin unveiled World Chain on April 17, a fresh blockchain project established with the aim of prioritizing human users, while improving efficiency and encouraging practical uses in Web3 applications.
With over 10 million World IDs and 75 million finalized transactions to its name, Worldcoin has displayed rapid growth. Its unique network has been curated to evolve in harmony with the broader Ethereum network, performing as a layer 2 to cater to the project's requirements. Tiago Sada, Worldcoin's operations lead, provided insights into the project's network goals and strategies for maintaining a human-centric paradigm.
Sada explained that although World Chain's technical operations are akin to other L2s and Ethereum, it stands out in prioritizing humans over bots, as bots often lead to congestion in blockchains. As Sada explained, usual practice entails every account vying for block space, which often results in networks inundated with bot transactions, leaving remnants for human users.
World Chain's solution to this predicament lies in prioritizing completed transactions by validated World ID holders. He elaborated on how authenticated users would receive a complimentary gas allowance, thus easing the path for newcomers. The protocol aspires to reach a balance wherein bots and power users eventually cover gas fees for ordinary users.
Worldcoin Foundation will provide an 'allowance' to validated human users, enabling them to carry out a few transactions per month without incurring gas costs. Additionally, Sada juxtaposed Worldcoin's objective of simplifying processes for users with the daunting task of unwrapping and understanding these aspects.
Complementing the principles of Ethereum, Worldcoin's network also seeks to collaborate with projects such as Optimism and Base. A full launch is projected for this summer and a developer preview is imminent. These developments follow a slew of modifications that Worldcoin has adopted, including tighter privacy checks and age verification, along with the option to permanently delete the user's iris code to bolster user data protection.
Worldcoin further opened its orb software to the public on March 22, and instituted a new 'personal custody' privacy feature. Despite facing temporary prohibitions in Portugal, Kenya, and Spain due to governmental scrutiny over its privacy practices, Sada maintains that it's a natural trajectory when introducing a proliferating protocol such as Worldcoin.
In related news, according to a magazine, one out of every six new Base meme coins is a scam, while 91% of them have vulnerabilities.
Published At
4/17/2024 5:59:00 PM
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