Worldcoin helps Optimism’s burden, drives transaction milestone
- Worldcoin has introduced a ZK-proof entity to solve privacy concerns and reduce the combat Optimism helps with.
- Transactions on the WorldApp reached 500,000 in one day.
On 18 September, Worldcoin [WLD] announced that it was relieving Optimism [OP] of a ton of workload. According to Worldcoin, the decision was because its developers upgraded the WorldApp wallet to become scalable and cost-efficient without necessarily requiring Worldcoin’s input.
Realistic or not, here’s WLD’s market cap in OP’s terms
When Worldcoin launched, it disclosed that Optimism plays a vital role in the proper functioning of the blockchain. The privacy-preserving identity network at that time said that Optimism’s ability to leverage the Ethereum [ETH] network while mitigating the risk of attacks was crucial to its choice.
A new update ushers in a record
Additionally, the transaction state and finality benefit from the decentralized Ethereum blockchain in promoting trust and reliability also played a part. Now, Worldcoin’s new update allows it to slash its fee expenditures and reduce the load on Optimism by two-thirds.
Before the new update, Worldcoin revealed that its transaction costs were shared between Ethereum’s L1 and the Optimism L2, noting that,
“World App transaction costs can generally be broken down as follows: 90% go to L1 gas fees on Ethereum, and the remaining 10% go to L2 gas fees on Optimism.”
But in light of the new development, the WorldApp was also able to record a new landmark. Based on the information from the blog post, WorldApp registered its highest single-day transaction volume— capped at 500,000 transactions.
Also, the impact of the developers’ update has reflected on Worldcoin’s on-chain data. According to Santiment, Worldcoin’s development activity rose from 1.19 to 1.85 between 17 and the time of writing.
Development activity measures the public GitHub repositories attached to a project. An increase in the metric suggests increased dedication by the developers, while a decrease implies otherwise.
So, it was obvious from the metric rise that developers were committed to polishing the Worldcoin network.
For WLD, its native token, it has been able to sustain a 33.13% increase in the last seven days. This hike made it one of the best-performing altcoins within the mentioned time frame.
A ZK and optimistic combo
Meanwhile, Worldcoin gave extra details about how it was able to achieve less dependence on Optimism. For a start, the project explained that developers implemented compression algorithms between L1 and L2 sections on the network.
To optimize gas consumption, Wordcoin identified the upstream involving Groth16 proofs as a main player. For context, Groth16 proofs is a Zero-Knowledge (ZK) proof protocol widely used for ensuring privacy and confidentiality.
How much are 1,10,100 WLDs worth today?
Since Worldcoin was having challenges proving that it was not misusing users’ data, the Groth16 proofs seemed to have come in at the right time. In clearing possible doubts, Worldcoin elucidated that,
“Worldcoin’s Groth16 verifier was audited by Least Authority, a global team of security consultants committed to building and supporting the development of usable technology solutions and ethical business practices.”