- Worldcoin (WLD)-powered blockchain, World Chain, has finally gone live after an earlier announcement was made by the Foundation in April.
- Analysts believe that WLD could return to $10 once bulls can drag the price above the $3 resistance level.
World Chain, the blockchain created by Worldcoin (WLD) has officially gone live. According to reports, this blockchain was created to prioritize real humans over bots. Interestingly, more than 15 million users have officially migrated or are in the process of moving to the new chain.
Our investigation shows that this development would solve several existing gaps including network congestion and high fees. According to their announcement, this launch would enable developers to unlock new opportunities and accelerate the financial inclusion initiatives in places where crypto provides important financial tools.
World Chain allows developers to reach the largest verified human user base, unlocking new possibilities for financial apps and other on-chain services.
What is World Chain
The initial announcement of this groundbreaking initiative was made in April when the Worldcoin Foundation disclosed that this blockchain would be a first of its kind. As pointed out earlier, the primary focus is to fight against bots and transactions facilitated by algorithms rather than humans. According to Dune Analytics data, 80% of all blockchain transactions are carried out by bots, leading to a frustrating user experience.
Our research also shows that the World Chain blockchain would provide numerous services with the support of major blockchain projects including Uniswap, Optimism, Alchemy, and Etherscan. For verified users who are identified by Worldcoin ID, the system would grant them access to prioritize gas allowance to cover gas costs. In addition to that, the network is meant to target a throughput of 5 Mgas/s to ensure that the network remains efficient and low-cost. Meanwhile, regulatory challenges have been a major concern for the expansion of the project.
Regulatory Challenges Faced by Worldcoin (WLD)
In March, for instance, the Spanish authority instructed Worldcoin to stop scanning people’s eyeballs. Some of the issues of concern raised by authorities in our former publication included the collection of data from minors, the sensitive nature of the biometric data involved, and the level of information it provides about processing. Meanwhile, Thomas Scott, Chief Legal Officer of Tools for Humanity, believes that its commitment is appreciated by the majority based on its survey in Spain.
While it is encouraging that, in a recent survey of World ID users in Spain, more than 80% of the 21,000 respondents said they believe technologies like World ID are important to distinguish between bots and humans online and nearly 90% of them support the project’s return to Spain, we voluntarily offered to extend pausing orb operations in the country. Our commitment demonstrates just how fully committed Tools for Humanity and all Worldcoin project contributors are to explaining the project to AEPD and to allowing BayLDA the opportunity to thoroughly review the project and its technology.
Following the World Chain launch and the recent rebrand to “World,” as we reported, WLD has recorded an impressive surge of 9% in the last 24 hours to trade at $2.4. According to analysts, the asset could retest its $10 price point once it overcomes the $3 resistance level.
