Worldcoin, a company focused on human authentication, has announced the upcoming launch of World Chain, an open-source Ethereum layer-2 blockchain. This new blockchain aims to enhance the Worldcoin protocol by providing a dedicated infrastructure for its users.
Identity Verification with Worldcoin
Worldcoin uses iris scanning technology to create encrypted numerical codes that represent unique human identities. These codes, combined with algorithms, allow users to authenticate themselves securely across various platforms.
The Need for World Chain
As Worldcoin’s user base grows, the need for a dedicated blockchain has become apparent. World Chain will increase scalability, reduce network congestion, and provide a more efficient ecosystem for Worldcoin transactions.
Token Usage and Fees
World Chain will use Ethereum as its native token, allowing compatibility with the Ethereum ecosystem. Worldcoin token holders will be able to use their tokens to pay transaction fees. Additionally, Worldcoin grants will be available for immediate use within applications on the chain.
Market Impact
Despite Worldcoin’s ambitious vision, the market cap and token price have fluctuated. However, the announcement of World Chain has led to an increase in trading volume and a slight uptick in the token’s price.
Conclusion
World Chain is an exciting development that aims to enhance the Worldcoin ecosystem. As the launch approaches, industry observers are eager to see its impact and reception.
