OpenAI founder, Sam Altman, has announced that his intriguing cryptocurrency startup, Worldcoin, is developing its own blockchain. The new development, termed as World Chain, is a layer-2 network on Ethereum set to launch this summer. Unique to Worldcoin is its commitment to human identity verification, offering preferential treatment to those users who agree to an orbital scan, thereby obtaining a “World ID” digital passport, effectively fostering a network purely for ‘verified humans.’
Previously, Worldcoin operated as a decentralized application, merely constituting a series of smart contracts on the Ethereum blockchain. The shift to an independent chain provides the developers greater command over the project, potentially reducing user costs, and providing a myriad of other benefits.
World Chain will be founded on the OP Stack, a framework for creating blockchains gaining popularity among startups, much like the network created by Coinbase. Analogous to other layer-2 expansions, World Chain will agglomerate user transactions, maintaining a record on Ethereum for permanency. This operational model allows World Chain to present users with a reduced fee when compared to direct transactions on Ethereum.
Worldcoin’s futuristic ‘orb’, a chrome sphere housing a lens scanning users’ eyeballs, offers a unique solution to ensuring each account is human-operated and unique. As AI continues to expand and evolve, Worldcoin’s focus on ‘proof of personhood’ could prove a game-changer in the crypto space.