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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MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase
MicroStrategy has increased its Bitcoin holdings to 214,400 BTC with a recent purchase of $7.8 million worth of the cryptocurrency. This move further solidifies MicroStrategy’s position as a major institutional holder of Bitcoin and demonstrates its continued bullish outlook on the digital asset.
MicroStrategy, a publicly traded business intelligence firm, has been actively accumulating Bitcoin as part of its treasury strategy, viewing the cryptocurrency as a long-term store of value and hedge against inflation. The recent purchase of $7.8 million worth of Bitcoin adds to the company’s already substantial holdings, reaffirming its confidence in the future potential of the digital currency.
MicroStrategy’s ongoing accumulation of Bitcoin reflects a broader trend of institutional adoption and investment in the cryptocurrency space. As more companies recognize the value proposition of Bitcoin as a hedge against economic uncertainty and fiat currency devaluation, they are increasingly allocating funds to acquire and hold the digital asset.
Overall, MicroStrategy’s decision to boost its Bitcoin holdings with a $7.8 million purchase underscores the company’s conviction in the long-term viability and potential of Bitcoin as a strategic asset. This move is likely to further encourage other institutions to explore Bitcoin as a component of their investment portfolios, driving continued growth and adoption in the cryptocurrency market.
Source: crypto.news
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