Worldcoin

Worldcoin launched a few months ago to advance Proof of Personhood, a digital verification process confirming a person’s identity. Since then, over 10 million people in 160 countries have registered for a <a href="https://tradedog.io/worldchain-by-worldcoin-prioritizing-people-over-bots/" rel="noopener noreferrer nofollow">World ID</a> and wallet, completing 75 million transactions. In this blog, we explore Worldchain&#39;s features and its potential impact on blockchain.<h3 id="combating-bot-dominance">Combating Bot Dominance</h3>The Worldcoin Foundation plans to launch Worldchain, a new Layer 2 solution. This open-source platform is designed to fight bot dominance in blockchain transactions by prioritizing verified World ID holders, giving them block space and gas allowance.<h3 id="building-a-network-for-growth-and-scalability">Building a Network for Growth and Scalability</h3>Worldcoin accounts for 44% of activity on the OP mainnet, sometimes reaching 80%. This high activity level led to the development of a dedicated network for growth and scalability. Worldchain reserves block space for verified users, ensuring faster transaction confirmations and providing a complimentary gas allowance.The goal is to make blockchain more inclusive and lower entry barriers. The protocol aims to balance gas costs between casual users and heavy users, with financial support from the Worldcoin Foundation until equilibrium is reached. By balancing the load between bots and real users, Worldchain enhances transactions and ensures top-quality service.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0dcf35871c2e4a6ea8265e5c5de3e5b8.jpg" />Worldcoin isn’t distancing itself from Optimism; instead, its Layer 2 will be built atop Optimism’s Superchain network, also the basis for Base. The competition among Layer 2 solutions intensifies, and Optimism Superchain emerges as a favored platform for developers. It seems to offer extensive customization for users while staying compatible with other Superchains.Establishing a Practical Ecosystem In a landscape with numerous Layer 2 solutions, Worldcoin aims to distinguish itself by prioritizing human transactions over bot activities. Trading bots, commonly used in the crypto community for fast trades, often congest networks, limiting access for humans. Bot-generated spam has notably contributed to recent congestion issues on Solana.Worldchain’s ecosystem will focus on DeFi and identity verification apps. Integration with World ID enhances this effort, providing Sybil resistance to prevent fake identities. Worldcoin encourages organic growth by rewarding World App users with regular WLD token airdrops for verifying their identities. WLD also functions as the network’s gas token, enhancing its utility. The core team is committed to building a robust ecosystem of practical Worldchain applications targeting real-world needs like secure payments, stablecoins, and streamlined identity verification. This focus on usable applications aims to attract a broader audience and drive organic user growth, steering Worldchain towards success.Facing Regulatory Challenges Despite exciting possibilities, Worldcoin faces regulatory hurdles. Concerns about data collection methods, particularly privacy, have led to temporary bans in Spain and Portugal, with regulators in France, Germany, and Kenya expressing similar worries. Navigating the regulatory landscape will be crucial for Worldcoin’s long-term success. Industry players will closely monitor these issues as they can significantly impact the project’s future.In Conclusion Worldchain, as a Layer 2 solution, addresses a clear blockchain issue. However, its execution and community response will determine its success. Worldchain’s strategy of incentivizing verified users and focusing on practical applications not only shows promise but also aligns with industry trends towards secure and user-centric blockchain technologies. It could establish legitimacy and attract a genuine user base. Additionally, Worldchain’s unique functionalities will challenge the Web3 ecosystem to rethink user engagement strategies, moving beyond simple yield farming for long-term success.

Worldchain by Worldcoin: Putting People First

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