Worldcoin Announces Upcoming Release Of Layer-2 Ethereum Blockchain

Worldcoin is a project aiming to become the world's largest identity and financial public network. Using iris scanning technology via smartphones or specialized devices called Orbs, Worldcoin transforms biometric images into encrypted numerical codes. These codes verify the individual's unique human identity. The World ID app is a digital passport that allows users to authenticate themselves across web, mobile, and decentralized applications.

Tools for Humanity considers the new upcoming blockchain necessary to transition from existing networks to a dedicated infrastructure. According to the protocol's website, more than 5 million people from 160 countries have signed up, and the verified wallets have facilitated 49 million transactions.

With the launch of World Chain, Worldcoin aims to increase scalability, provide a dedicated network for its user base, and attract more users and participants to the project's ecosystem.

The proliferation of automated transactions, estimated to account for 80% of all blockchain activity, poses challenges such as network congestion. World ID aims to address this, ensuring an inclusive and secure ecosystem.

While Worldcoin transactions currently run on the Optimism OP Mainnet, the integration with World Chain will reportedly allow for frictionless deployment across multiple blockchain networks. Additionally, World Chain will maintain Ethereum as its native token, ensuring compatibility with the Ethereum ecosystem. However, Worldcoin token holders will be able to use their tokens to pay transaction fees.

In tandem, Worldcoin grants, distributed biweekly to verified individuals, will be available for immediate use within applications on the chain.