Blockchain
Worldcoin, Sam Altman’s eye-scanning crypto project, announces its own blockchain
The Worldcoin Foundation, the entity behind Worldcoin, has unveiled World Chain, an open-source Ethereum layer 2 network set to debut in mid-2024. This blockchain integration is intricately linked with the Worldcoin protocol and aims to expedite the adoption of “World ID.”
Worldcoin, as described on its website, is a free, privacy-centric, open protocol envisioned to become the largest identity and financial public network globally. Its primary objective is to verify individuals’ “humanness” in an era plagued by bots and deepfakes. This verification process involves users gazing into an Orb, with the resulting biometric image transformed into an unbreakable string of numbers. Coupled with an algorithm, this code confirms an individual’s unique human identity, providing validation through a World ID stored in the World App on their smartphone.
“With the substantial and rapid growth of our community, it’s time to transition to a dedicated network,” stated the company. Currently, over 10 million individuals from 160 countries have registered their eyeballs, and verified wallets have been utilized in 75 million transactions.
This serves as a digital passport affirming personhood, akin to a blue checkmark on a social media account. It enables users to authenticate web, mobile, and decentralized applications while privately asserting their human status. As a token of appreciation for the scan, users receive airdropped Worldcoin tokens, presently valued at around $5 each.
“At this juncture, the question is not whether proof of personhood will exist—the real query is whether it will be open-source, decentralized, and privacy-preserving,” remarked Tiago Sada, head of product at Worldcoin developer Tools for Humanity.
It is estimated that 80% of all blockchain transactions are automated, leading to congested networks and higher gas fees due to bots, including those farming yield. Therefore, the necessity for solutions like World ID becomes increasingly apparent as blockchains expand.
Worldcoin user transactions currently reside on OP Mainnet, previously known as Optimism, the primary blockchain network in the Optimism ecosystem. These transactions represent nearly half of the network’s activity, occasionally exceeding 80% during peak periods.
World Chain is primarily designed to substantially enhance capacity to facilitate the seamless onboarding of new users at scale. Nonetheless, users of World ID and Worldcoin tokens will retain the flexibility to deploy them across various blockchains, maintaining their status as neutral public goods.
While Ether will remain the native token, users will have the convenience of using Worldcoin tokens to pay fees. This enables verified humans to utilize their Worldcoin grants immediately in applications on the chain.
“The objective is not solely to enhance inclusivity but to minimize friction in the onboarding process. The protocol will strive to achieve a balance where gas fees for casual users are ultimately offset by fees from bots and power users,” the company asserted.
However, the extent of interest in this plan’s implementation remains uncertain, as the market capitalization of Worldcoin tokens has declined by over a third since March 26, reaching approximately $955 million, according to CoinGecko data. Additionally, the price has halved since the start of March. Whether the development of a bespoke blockchain tailored to World ID holders will bolster the coin’s prospects remains to be seen.
Concerns have been raised regarding the Orbs’ legality in various European countries due to apprehensions about data harvesting. Presently, Germany is the sole market where Worldcoin can collect biometrics. Moreover, some observers have pointed out that Sam Altman, the co-founder and chairman of Tools for Humanity, is selling a solution to the challenges accelerated by his company, OpenAI.
Source: fortune.com
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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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