Everything You Need To Know About World Chain

Blockchain technology has undergone significant evolution since its inception with Bitcoin (BTC), promising a revolutionary approach to digital interaction. However, this progression faces challenges, particularly in scalability and governance, which are consistently undermined by bot activity.

Under the leadership of Sam Altman, Worldcoin is preparing to introduce World Chain in the upcoming summer of 2024, a fresh blockchain network that seamlessly integrates with the World ID system. The objective is to prioritize transactions by authenticated human users.

Validating Genuine Users

On April 17th, 2024, Worldcoin revealed World Chain, a blockchain network interconnected with World ID, prioritizing transactions made by humans. Utilizing the Worldcoin Proof of Personhood system and iris-scanning orbs, biometric data ensures the authenticity of human users on the network.

On the technical front, World Chain will operate as an L2 solution on Ethereum, leveraging the security of the largest smart-contract-enabled blockchain networks while retaining the speed of an L2 network. The network, scheduled for launch in the summer of 2024, will give preference to transactions originating through verified human users, which includes the 5 million individuals by 160 countries who have authenticated their World ID through the iris-scanning orb.

Through this, World Chain can authenticate users as genuine humans, enabling expedited transaction processing for humans. Moreover, verified users will receive a designated amount of free gas for transactions, facilitating cost-free transfers across the network, further encouraging participation.

Targeting Bots

Bot activity has become a growing concern for blockchain networks, impacting network congestion, airdrops, and decentralized governance systems within the blockchain ecosystem. Most recently, bot traffic has caused significant congestion issues on the Solana network.

Regarding cryptocurrency airdrops, bots often dominate rewards, with airdrop farmers programming bots to create multiple wallets, thus acquiring a disproportionate share of rewards, distorting distribution and devaluing rewards for genuine participants.

In governance, bots can accumulate substantial voting power, leading to manipulated outcomes that do not align with the intentions of the community. Additionally, in systems where governance participation is incentivized, bots can exploit these mechanisms, diverting valuable resources.

On The Other Hand

Several countries, including Kenya and Spain, have prohibited the aforementioned iris scanning technology, citing various privacy concerns. To make matters worse, Worldcoin encountered a significant hack last year, exposing sensitive user data. The project has since addressed its vulnerabilities.

Still, by alleviating congestion and prioritizing human transactions, World Chain has the potential to enhance the blockchain user experience, rendering it faster and more economical for everyday users.