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Worldcoin announces World Chain to address network congestion

worldcoin-announces-world-chain-to-address-network-congestion
Edited by
News
Worldcoin announces World Chain to address network congestion

Worldcoin, an identification platform using iris-scanning, plans to launch World Chain this summer using Optimism’s OP Stack.

World Chain’s launch addresses congestion issues on its current platform, as Worldcoin activity represents approximately 43% of all transactions on Optimism.

The platform, backed by AI pioneer Sam Altman, aims to distribute a universal currency and verify identities. Since its inception, Worldcoin has attracted over five million users. According to the announcement, the new layer, World Chain, will employ proof of personhood technology to authenticate transactions and deter bot activity, which can overwhelm network capacity.

To minimize bots, World Chain will increase gas fees for automated systems, thereby subsidizing costs for regular users who transact infrequently. The pricing strategy is designed to prioritize human users by reducing their costs and accelerating transaction confirmations.

In a tweet, Optimism’s Chief Growth Officer Ryan Wyatt said he supports Worldcoin’s strategy, suggesting that focusing on human interactions could help expand Optimism’s user base. Worldcoin plans to develop applications centered on payments, stablecoins, and identity verification.

However, Worldcoin faces regulatory scrutiny in countries like Spain and Portugal, where data collection practices have led to temporary restrictions.

WLD, Worldcoin’s associated token, trades at about $4.87. It will be used as the gas token on World Chain, emphasizing its practical use.

Worldcoin announces World Chain to address network congestion - 1