The Worldcoin Foundation, the organization behind the Worldcoin crypto project, today announced the creation of World Chain—an open-source, second-layer development on Ethereum, slated for launch in mid-2024. This blockchain will enhance the use of the World ID system, which verifies user identities and combats the issues of bots and fake media.
Worldcoin is described as an open, privacy-preserving protocol aimed at creating a scalable public network for identification and financial purposes. The system uses the “Orb” device to scan eyes, transforming biometric data into an encrypted code, which, combined with algorithms, confirms the uniqueness of each user.
To date, utilizing information from over 10 million people across 160 countries, Worldcoin has conducted more than 75 million transactions through verified wallets.
World Chain plans to significantly improve network throughput, facilitating the addition of new users. The platform will use Ethereum as the primary token but will also simplify the payment of fees using Worldcoin tokens, enabling users to immediately activate their received grants.
