Blockchain Move From That Controversial Altcoin! But…

Blockchain Move From That Controversial Altcoin! But…
Blockchain Move From That Controversial Altcoin! But…

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Worldcoin, founded by OpenAI CEO Sam Altman, has announced its own Layer-2 Blockchain called World Chain. The Blockchain, which is rumored to be released this summer, will belong to the Worldcoin project. It will also be managed by Worldcoin. Despite this important development, the altcoin price rose, but this was limited. This was due to the bearish sentiment in the market, including Bitcoin.

Worldcoin announces World Chain!

As you have been following on, Worldcoin has been targeted for reasons such as data privacy breaches. However, the altcoin project continues on its way. In a recent development, Sam Altman’s Tools for Humanity, the lead developer of the Worldcoin project, announced that it will launch its own Layer-2 Blockchain to increase efficiency while incorporating new users.

In the company’s statement, he stated that the name of the Blockchain will be World Chain. It also noted that the Blockchain will be positioned on Ethereum. Tools for Humanity said that users who are verified as human “will benefit from priority block space over bots and some free gas.”

Altcoin price is above the important support level!

The impact of recent developments on the altcoin price was limited. WLD reached $4.82 from $4.70 amid negative sentiment in the market. Worldcoin remained in a closed range between $1.70 and $2.91 in the first two months of this year. Thus, it displayed a neutral trend. As market volatility increased, the bulls gained momentum and jumped over 443% in 32 days. In the process, WLD recorded a new ATH at $11,820. However, the bulls lost momentum after recording the ATH. Since then, the altcoin price has traded under a bearish influence. This reflected the growing selling pressure in the crypto industry.

WLD price chart. Source: CoinMarketCap

What’s the idea behind Worldcoin?

Sam Altman is CEO of the high-profile artificial intelligence company OpenAI. But Altman is also the co-founder of Tools for Humanity. The Worldcoin project assigns World IDs to people after proving they are human through an iris scan. The altcoin project also issues cryptocurrency in the form of WLD tokens to people who register. The vision behind the Worldcoin project revolves around the idea that the future health of the internet will require a system that separates human from non-human actors.

According to the statement, World Chain aims to “increase capacity so that new people can continue to participate at scale and existing users can enjoy faster, cheaper and more reliable transactions.” Tools for Humanity plans to release the new Blockchain this summer. Meanwhile, more than 5 million people have now signed up for Worldcoin, according to its website.

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Blockchain Move From That Controversial Altcoin! But…