Decoding the Essence: Why is Worldcoin Launching the World Chain Layer2 Network?

Worldcoin announces the launch of its blockchain, World Chain, which aims to achieve financial inclusivity. World Chain is open to everyone and verified users will have priority access to block space and gas subsidies for daily transactions. The integration of World Chain with the Worldcoin protocol will ensure the authenticity of users through World ID, a digital verification mechanism using phone numbers and iris devices. Worldcoin, led by Sam Altman, co-founder of OpenAI, aims to distribute cryptocurrencies globally and provide accessible financial services. The project has received investments from prominent players in the industry, indicating high market interest. However, Worldcoin faces challenges such as adapting to diverse market environments and regulatory requirements, addressing infrastructure limitations in underserved areas, and managing privacy and security concerns related to iris verification. World Chain, operating on the OP mainnet, is set to provide a scalable and cost-effective solution through its utilization of Optimism’s OP Stack technology. Developers can build their own dApps on World Chain and interact with verified users, opening up possibilities for various DeFi applications. The success of Worldcoin and World Chain depends on overcoming these challenges. As of April 17, 2024, Worldcoin has gained significant attention and usage, with over 10 million users from 160 countries/regions creating World IDs and compatible wallets, and executing 75 million transactions. The introduction of World Chain aims to cater to the growing user base and optimize transaction costs. The vision of World Chain is to attract users through Worldcoin’s applications and capture their value within the network, while providing developers with an open platform for creating DeFi scenarios based on real-world user cases. However, the sensitive nature of iris collection for World ID verification may face legal constraints in certain countries. World Chain is scheduled to launch in the summer of this year. Please note that this information is for reference only and does not constitute investment advice.