What Is World Blockchain?
World Chain is an innovative blockchain focused on security and accessibility for users worldwide. It enables users to easily and safely conduct transactions, manage assets, and leverage advanced decentralized technologies. The unique feature of World Chain is its ecosystem, which combines principles of security, openness, and high throughput to handle large transaction volumes efficiently.
Brief History and Development
The World Chain project was launched in 2021 by an experienced team of developers committed to creating a reliable Layer 2 blockchain based on Superchain technology. Leveraging Superchain, the project integrated Optimism’s capabilities while maintaining compatibility with Ethereum. Since its launch, World Chain has been actively evolving, expanding user features and capabilities, including support for decentralized applications (DApps) and tools for creating unique digital assets.
Differences Between World Chain and Other Blockchains
World Chain stands out from other blockchains due to its unique characteristics:
Layer 2 Blockchain: Built on Superchain technology, World Chain processes transactions faster and with lower costs than the Ethereum main network.
Decentralized Identity Verification: World ID enables users to securely verify their identity within the network while maintaining data privacy.
High Ethereum Compatibility: Supports the ERC-20 standard, facilitating integration and interaction with other blockchains.
Low Transaction Fees: The network’s architecture ensures minimal transaction costs, making World Chain suitable for daily use.
For a more detailed understanding of World Chain’s capabilities, you can read here: What Is the World Chain?
WLD: Native Utility Token
The Worldcoin token (WLD) is the native utility token of the World Chain ecosystem, serving critical functions within the network. WLD is used for transaction processing, staking, and governance. Token holders can participate in platform governance, vote on proposals and protocol updates, and earn rewards by staking their tokens.
Use Cases of World Chain
World Chain provides a versatile ecosystem designed to meet various user needs, from secure identity verification to decentralized finance. Here are some key applications within the network:
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Global Digital Identity: World Chain integrates a unique identity verification system through World ID, allowing users to create a secure digital identity while preserving privacy. This ensures safe and convenient participation in the network.
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International Transfers: Worldcoin provides simple and accessible international transfers, allowing users to send funds globally with minimal fees and quick transaction processing.
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Governance Participation: WLD holders play an active role in platform governance, proposing and voting on protocol changes, thus enabling the community to influence the future development and functionality of the network.
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Staking for Rewards: Users can stake WLD to secure the network and receive rewards, promoting active participation and supporting the ecosystem’s stability.
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Decentralized Applications (DApps): Through DApp support, World Chain offers a platform for creating and deploying applications across finance, gaming, and identity sectors, giving developers flexible tools for innovative solutions.
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User Grants: To promote equality and accessibility, World Chain uses a gradual token distribution mechanism through user grants, or “World Grants”. These grants are awarded to unique users who verify their identity through the Orb system (a biometric-based verification tool) in the World App, allowing more people to join the ecosystem. Instead of a one-time token distribution benefiting a limited group, these grants ensure fair access and engagement across the network.
Initial WLD Token Allocation (in percent, out of 10B initial total supply). Source: world.org
Getting Started With World Chain
If you want to join the World Chain ecosystem, follow these simple steps:
Setting Up a Worldcoin Wallet
To begin, set up a wallet that supports World Chain, such as Worldcoin Wallet. This open-source, self-custody solution ensures the security and privacy of your funds, allowing you to manage assets and interact with the World Chain network.
Acquiring WLD
The next step is to acquire WLD tokens. You can receive them from friends, transfer them from an exchange account, or purchase them directly in the wallet using a credit card. This method is convenient, saves time, and reduces the risk of address-entry errors due to an automated process.
How to Stake WLD
To actively participate in the World Chain network and earn passive income, consider staking WLD tokens. This is an essential aspect of securing and stabilizing the network while also increasing your digital assets.
