HomeNEWSWorldcoin unveils world chain for defi and verification applications

Worldcoin unveils world chain for defi and verification applications


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Popular digital identity project, Worldcoin has announced the development of a new blockchain; World Chain for decentralized finance and verification applications that offer utility for human day-to-day life. The firm made the announcement through an official blog post on Wednesday. In the announcement, the firm emphasized that the World Chain is designed for humans.

Furthermore, Worldcoin stated that the new blockchain will be open to everyone. As revealed, the blockchain will be permissionless, open-source, and independently governed by the community. More so, according to the firm, the network will give priority blockspace to verified humans ahead of bots. This priority, as revealed, will see verified humans get gas fee allowance for casual transactions. 

Also, the firm stated that World Chain will be “deeply integrated with the Worldcoin protocol. With that, developers building on the network will be able to reach out to millions of real users verified on the Worldcoin platform. Additionally, the firm revealed that the network will be secured by Ethereum as a Layer 2 blockchain and designed for scalability with the superchain ecosystem.

Side Notes on World Chain and Worldcoin 

As announced, the network will use ETH as its native token. While promising to be a permissionless blockchain that allows everyone to submit transactions, Worldcoin indicated that only verified humans will enjoy faster confirmation times. 

Meanwhile, the firm revealed that World Chain will launch later in the summer. It is worth mentioning that the development of World Chain came at a time when Worldcoin is gaining popularity. Despite launching nine months ago, Worldcoin has proved useful in verifying personhood amid the advancement of Artificial Intelligence technology.

So far, about 5 million humans have verified their World ID using an Orb. In total, more than 10 million individuals across 160 countries have created a World ID and a compatible wallet. Consequently, the wallet has carried out about 75 million transactions. The unveiling of the World Chain came shortly after Worldcoin introduced new updates to its protocol. 

Early this month, Binbits reported that Worldcoin added permanent iris code deletion and an in-person age verification update. As reported, one of the updates allows verified humans to delete their World IDs. Likewise, the second update is targeted at ensuring that holders of the digital passport are humans beyond the age of 18. As part of the update, on-site verification at all orbs centers is now mandated for users while registering their World ID. 

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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