From Polygon to Optimism
Crypto asset (virtual currency) project “Worldcoin” announced on the 11th that it will partner with Ethereum’s L2 network “Optimism” and cooperate to realize the “super chain” concept.
World ID & World App are coming to the @OptimismFND Mainnet 🔴https://t.co/0utgzeWihY
— Worldcoin (@worldcoin) May 11, 2023
Worldcoin has a mission to “provide access to the global economy for all” through building a network of decentralized identities.
Founded in 2020 by Sam Altman, co-founder and CEO of ChatGPT developer OpenAI, and physicist Alex Brania. He attracted attention by constructing a system that identifies individuals by scanning the retina of their eyes and distributes the virtual currency Worldcoin for free.
Through this partnership, the privacy-focused identity protocol World ID will be available on Optimism’s OP mainnet.
In addition, Worldcoin’s first digital wallet “World App”, which was just released to the public the other day, will also be migrated from Polygon to the OP mainnet.
Built on Polygon, the World App beta has more than 1.6 million registrations and more than 500,000 monthly active users. Worldcoin expects that the official version of the World App will be deployed on the OP mainnet, increasing user access and leading to the development of the ecosystem.
Optimism has announced that it will release NFTs (Non-Fungible Tokens) for one week only to celebrate its partnership with Worldcoin.
Minting available for one week only. Get ’em while they’re hot! https://t.co/SKLIj5mWM6
— Optimism (✨🔴_🔴✨) (@optimismFND) May 11, 2023
connection:“Worldcoin” aiming to distribute virtual currency to the whole world releases a wallet
History of cooperation
According to Worldcoin, the collaboration with Optimism dates back to the work on the optimistic rollup “Hubble” started by the Ethereum Foundation’s privacy scaling research team (December 2020). The World App launched in beta using Hubble, which specializes in simple payments, but the project was moved to Polygon due to user demand for more functionality. (At the time, the cost of Optimism and Arbitrum was too expensive considering the scale of Worldcoin)
After that, Worldcoin and Optimism resumed their collaboration about a year ago by jointly contributing to the proposal “EIP-4844” that contributes to the reduction of transaction fees on Ethereum.
EIP-4844 was proposed by Ethereum co-founder Vitalik Buterin in March last year as one of the scaling solutions. It is expected to be implemented in the next Ethereum hard fork.
Liam, CEO of OP Labs, which develops Optimism, claims that it is possible to reduce the L2 fee up to 1/100. Worldcoin sees a 1/10 reduction possible.
What is Layer L2 (L2)
A “second layer” blockchain. Processing all transactions on the main chain would increase the load, leading to slower processing speeds and higher network fees. Therefore, by performing part of the transaction in L2, we can expect to reduce the load on the main chain and improve the processing speed.
connection:Ethereum to implement “EIP-4844” to reduce L2 fees up to 100 times
Optimism’s “super chain” concept
Optimism has announced the concept of Superchain as a solution to scaling Ethereum to “Internet-level scale.”
According to Optimism, Superchain is a “horizontally scalable network of chains that share security, communication layers and an open source development stack (OP Stack).” The L2 chain, called the standardized OP chain, is its component and has a different design than the multichain.
Worldcoin points out that decentralized IDs are essential not only for “democratic governance and innovation,” but also for individuals to “participate in the global economy” with independence. He argued that the introduction of WorldID to the OP mainnet is only the first step, but it will lay the groundwork for future expansion of Web3’s identity and governance areas.
Optimism and Worldcoin will work together to create a comprehensive and open ID framework that can be used in a wide variety of applications, not just superchains.