Sam Altman, along with his team, has ventured into the blockchain market with World Coin, following their endeavors in artificial intelligence and cryptocurrency. The introduction of World Coin marks a significant shift towards exploring the potential of blockchain technology. According to Worldcoin, the project aims to establish a permissionless and open-source blockchain, with the ultimate goal of independent governance by the community.

Embracing Decentralization and Community Governance

World Chain, scheduled to be launched in the upcoming summer, will operate as a layer-2 network on Ethereum. The primary objective of World Chain is to expedite the adoption of World ID. In the words of the official blog, “World Chain is designed to significantly enhance capacity, enabling seamless scalability for new users and ensuring faster, more cost-effective, and reliable transactions.”

Prioritizing User Experience and Community Engagement

The blockchain network will be seamlessly integrated with the Worldcoin protocol, welcoming participation from all stakeholders. However, existing World ID holders will receive priority blockspace allocation, ensuring a seamless experience for genuine users while mitigating the impact of automated bots. Additionally, casual transactions will be facilitated through a designated gas allowance.

Evolving User Base and Platform Growth

Worldcoin boasts a substantial user base, representing approximately 44 percent of OP Mainnet’s activity, thereby emerging as the largest application on the network. With a community that continues to grow rapidly, the transition to a dedicated network becomes imperative. Over the span of nine months since its inception, the parent platform has successfully onboarded over 10 million users spanning across 160 countries. Presently, 5,010,140 individuals have verified their World ID utilizing the patented Orb technology.

Navigating Regulatory Challenges

Despite its burgeoning popularity, Worldcoin has encountered regulatory hurdles in several major markets. Notably, the project has faced bans in multiple jurisdictions, with Germany being the sole exception where biometric data collection remains permissible.

In summary, World Coin’s foray into the blockchain arena signifies a paradigm shift towards decentralized governance and community-driven innovation. With a steadfast commitment to user experience and technological advancement, the project stands poised to redefine the landscape of blockchain technology.

Source : CoinTrust / Apr 18, 2024