Worldcoin to launch a new Ethereum L2 network dubbed “World Chain”

• Worldcoin will unveil the new blockchain “World Chain” in the summer.
• World Chain is an Ethereum L2 chain that will integrate with WLD and World ID.

Worldcoin is set to launch a new blockchain dubbed “World Chain”, according to an announcement on Wednesday, April 17.

The price of WLD, the native Worldcoin token rose slightly after the news. While its up 3% in the past 24 hours at $4.90 at the time of writing, its largely in negative territory after dumping from highs of $6.57 on April 12.

World Chain – what do we know?

World Chain will be an Ethereum Layer 2 and is expected to go live in the summer, Worldcoin, the project co-founded by OpenAI CEO Sam Altman, said in the blog post.

While the new blockchain will integrate with the Worldcoin protocol and World ID’s Proof of Personhood, the goal is to ultimately have it run independently as a community-driven project.

“World Chain will be an ecosystem of decentralized financial and identity apps focused on utility for everyday life,” the Worldcoin team noted.

Introducing World Chain, a new blockchain designed for humans ⚪️ pic.twitter.com/qNb7S3vqut

— Worldcoin (@worldcoin) April 17, 2024

According to the details in today’s announcement, World Chain is “engineered for scalability with the Superchain ecosystem.” However, the new L2 will prioritize verified humans over bots when it comes to access to blockspace.

The platform will also look to keep bots off the network by offering gas allowances to verified humans. This will not be accessible to automated systems such as bots deployed for airdrop farming that often congest networks.

ETH will be the native token, although users will also be able to pay fees using Worldcoin’s token WLD.

Worldcoin, which launched in July 2023, and offered WLD tokens to people who verified their identity by scanning irises via an orb. The project has seen over 10 million people create a World ID and use the World App, the project’s native wallet.

More than 5 million people have used the orb to verify their World ID. However, the project has faced increased regulatory scrutiny since its launch, the latest cases being in Spain and Portugal.