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News/Worldcoin Ignites Blockchain Revolution with World Chain Preview

Worldcoin Ignites Blockchain Revolution with World Chain Preview

Van Thanh Le

Jul 10 2024

2 weeks ago3 minutes read
Cubic robot interacts with blockchain globe in digital cryptocurrency garden

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World Chain Developer Preview

The Worldcoin Foundation unveiled the World Chain developer preview on July 9, 2024, offering developers an early chance to build on the World Chain ahead of its mainnet launch. This unique preview bypasses the traditional testnet phase, allowing developers to deploy infrastructure on a "gated mainnet." Developers have been actively testing using the OP Stack, an open-source development framework maintained by the Optimism Collective.

Set for a full launch in 2024, the World Chain mainnet promises to integrate with Worldcoin’s identity protocol, World ID, facilitating real human transactions. Upon launch, more than 10 million users across 160 countries will access on-chain apps through compatible wallets, starting with the World App by Tools for Humanity. The mainnet aims to support scalable, low-cost transactions, ensuring compatibility and interoperability with existing Ethereum Virtual Machine chains.

The World Chain prioritizes transactions from verified humans for quicker confirmation times, aiming to create a robust ecosystem of decentralized financial and identity apps, including stablecoins, payments, rewards, lending, and swapping. Developers can apply for preview access on Worldcoin's official developer site, Tools for Humanity

Cubic robot manipulates World Chain network, connecting global currencies and identities.webp

The Worldcoin Foundation encourages contributions to the Ethereum network and collaboration with developers on Optimism and Base networks to enhance infrastructure, scaling, security, and interoperability.

Worldcoin's user transactions now constitute about 50% of OP mainnet’s activity, positioning it as the largest application on the network. This growth has highlighted scalability challenges on the OP Mainnet, prompting the creation of World Chain. The new chain aims to handle twice the workload compared to the OP Mainnet before fee market impacts, with further optimizations in the pipeline.

Supported by partners like Alchemy, Safe, and Elliptic, World Chain is equipped with the necessary tooling and infrastructure for developers. The project aspires to be community-governed and secured by Ethereum within the Superchain network of Layer 2 chains built using the OP Stack. 

Investor Sentiment and Price Dynamics

The current price of Worldcoin (WLD) stands at $1.9, reflecting a 1.7% increase in the last 24 hours, but a 19% drop in the past week, and a 55% drop in the past month. 

chart_3_11zon.jpg

With a market capitalization of $644.7 million and a fully diluted valuation of $25.1 billion, Worldcoin's financial landscape shows about 530 million WLD worth over $960 million are on the brink of losing profitability. Investors bought this supply between $1.71 and $1.93, with WLD currently trading around $1.83, testing the support level of $1.76.

Screenshot-2024-07-09-174014-850x205.webp
Source: IntoTheBlock

To trigger a price rebound, increased demand for WLD is crucial, as it is presently undervalued. The Market Value to Realized Value (MVRV) ratio suggests a prime accumulation opportunity, with the 30-day MVRV at -37%. 

Historically, an MVRV between -11% and -37% has signaled recovery and rally phases, marking this as an accumulation zone. If WLD surpasses the critical $2 mark, it could climb towards $3, contingent on sustained bullish investor sentiment. Conversely, failure to breach could see the asset dip to $1.5, undermining the bullish outlook.

Worldcoin-on-Ethereum-WLD-17.webp
Source: Santiment

Co-founded by OpenAI CEO Sam Altman, Worldcoin is a cryptocurrency and digital identity project aimed at differentiating humans from AI through iris scanning, issuing a World ID to prove human identity online. Worldcoin envisions a global economy accessible to everyone, regardless of location or economic status. 

The "proof of personhood" concept addresses concerns about bots, fake accounts, and AI-generated content by verifying unique human identities via iris scans. Despite its ambitious vision, the project faces significant privacy concerns and practical implementation challenges at scale.

Conclusion

Worldcoin's World Chain developer preview marks a significant step toward mainnet launch, promising scalable transactions and human-verified interactions. With growing user activity and strategic partnerships, Worldcoin aims to revolutionize digital identity and cryptocurrency. Despite recent price fluctuations, the project's ambitious vision and technological advancements position it for potential growth in the evolving blockchain landscape.

FAQs

1: What is World Chain and when will it launch?

World Chain is Worldcoin's blockchain network, set to launch its mainnet in 2024. It offers scalable, low-cost transactions and integrates with World ID for human verification. The developer preview is currently available, allowing early access to build on the network.

2: How does Worldcoin verify human identities?

Worldcoin uses iris scanning technology to verify unique human identities. This process creates a World ID, which proves human identity online and helps distinguish between humans and AI-generated content or bots.

3: What is the current market situation for Worldcoin (WLD)?

WLD is trading at $1.85, down 4% in 24 hours, with a market cap of $644.7 million. The 30-day MVRV ratio of -37% suggests a potential accumulation opportunity. Breaking the $2 mark could lead to further gains, while failure may result in a drop to $1.5.

4: Who are the key partners supporting World Chain?

World Chain is supported by partners including Alchemy, Safe, and Elliptic. These partners provide necessary tooling and infrastructure for developers. The project aims to be community-governed and secured by Ethereum within the Superchain network.

This article has been refined and enhanced by ChatGPT.

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