World Chain, which is still in the developer preview stage, is built on Ethereum’s layer-2 architecture and would be seeking to address some of the issues pertinent to blockchain technology.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
Despite some assumptions that Worldcoin WLD $0.74 24h volatility: 4.8% Market cap: $927.65 M Vol. 24h: $100.12 M may have officially launched its layer-2 network World Chain, the chain remains in the developer preview stage. World Chain is built on Ethereum’s layer-2 architecture and would be seeking to address some of the issues pertinent to blockchain technology. While issues such as scalability and high transaction fees go with the terrain, Worldcoin would be hoping that this network will deliver faster and cheaper transactions. That, as well as enhanced interoperability across various blockchain networks.
Meanwhile, Worldcoin announced its partnership with the data analytics provider Dune. This collaboration will ensure access to onchain data for the Worldcoin community and increase transparency for the entire World Chain.
Reports show that the network has already processed over 6 million transactions. While that may already be impressive, World Chain has also achieved some other noteworthy early milestones.
For instance, more than 1,200 accounts have registered on the network that have completed at least one externally owned account (EOA) transaction.
Also, World Chain has already created 21 new tokens, and the importance of this can not be overstated. The fact that the network is able to foster such a number of new tokens so soon after its launch speaks volumes about its readiness and the efficiency of its underlying architecture. It now hints that the network is built to scale very fast.
Besides, the tokens are a way for developers and investors to participate in the rapidly growing decentralized finance (DeFi) space, all of which would likely contribute to its growth and overall expansion.
Recently, layer-2 networks like World Chain have been springing up, and the reason for that is not far-fetched. As earlier noted, they solve some of the biggest problems in blockchain technology, hence their rise in popularity.
Before now, Ethereum, the second-largest blockchain by market capitalization, had long faced issues related to congestion, slow transaction time, and very high gas fees. However, layer-2 solutions on top of the Ethereum mainnet now bring faster and cheaper transactions, all whilst still retaining the blockchain’s security and decentralization.
Essentially, World Chain is set to take advantage of all the aforementioned benefits. It will process transactions off-chain and then settle them on the Ethereum network, reducing costs and improving transaction throughput by a notable margin.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
