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
The post Worldcoin, Sam Altman’s eye-scanning crypto project, announces its own blockchain appeared first on HIPTHER Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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