• Worldcoin, a cryptocurrency startup known for its biometric authentication technology, is facing scrutiny from regulators in multiple countries over privacy concerns.
• Despite these challenges, the company, co-founded by OpenAI CEO Sam Altman, has launched its own blockchain network named World Chain to accommodate its growing user base.
• The World App, a crypto wallet application associated with Worldcoin, previously operated on the Optimism blockchain but has now transitioned to its dedicated network on World Chain.
• Leveraging Optimism’s Superchain technology, which is also utilized by Coinbase, Worldcoin aims to scale horizontally to cater to its ambitious goal of onboarding 1 billion users.
• The primary focus of Worldcoin is to establish digital identities in a world where distinguishing between humans and automated entities is increasingly important.
• By utilizing biometric data such as eyeball scans, Worldcoin issues digital passports to users, offering WLD tokens in return.
• With the introduction of World Chain, the company plans to streamline financial transactions for verified human users amidst a landscape dominated by automated bots in various DeFi blockchains.
• To address network congestion and high transaction fees caused by bots, World Chain will prioritize and subsidize transactions from human users.
• While Ether will serve as the native currency of World Chain, casual users will have the opportunity to earn Worldcoin token grants.
• The Worldcoin Foundation intends to eventually shift the burden of subsidizing gas fees from human users to revenue generated from bots and power users, ensuring cost-effective transactions for all users.
• Although there is no confirmation of a future airdrop for early adopters, the company remains dedicated to enhancing user experience and accessibility on its platform.

For more insights on DeFi and technology, you can reach out to Osato Avan-Nomayo, the DeFi correspondent based in Nigeria, at [email protected].