One the most polarizing projects in crypto is launching their own blockchain.
What’s happening:
- Worldcoin has announced they are launching their own layer two blockchain known as World Chain
The big idea:
- By building their own blockchain, Worldcoin is aiming to be able to reduce fees for users and also enable more developers to build apps that reach users of Worldcoin
- Worldcoin users who have verified their identity through Worldcoin's retina scanning technology will have their transactions prioritized ahead of non verified users, which Worldcoin hopes will diminish the amount of automated transactions from bots that will occur on World Chain and typically crowd networks which cause higher transaction fees
Why it matters:
- OpenAI founder Sam Altman is the co-founder of Worldcoin, which has seen rapid adoption globally amidst their push to reward users for verifying their identity through their biometric data
Going deeper:
- Worldcoin’s new blockchain will be based on Optimism's OP stack framework, which was also used by Coinbase (NASDAQ: COIN) to launch their own blockchain known as Base
By the numbers:
- Worldcoin has verified more than 5M individuals through their orb technology since inception
- Worldcoin has users in 120 countries across the globe
The fine print:
- Many countries have taken issue with Worldcoin’s iris scanning technology and have raised concerns relating to biometric data collection and privacy, which has led to multiple lawsuits and formal investigations aimed at the parent company of Worldcoin Tools For Humanity
