Connect with us
Active Currencies 14355
Market Cap $2,765,518,121,445.00
Bitcoin Share 50.79%
24h Market Cap Change $8.61

Worldcoin helps Optimism’s burden, drives transaction milestone

3min Read

Worldcoin’s new update allows it to slash its fee expenditures and reduce the load on Optimism by two-thirds. But there’s a strange factor driving the resolution.

Worldcoin helps Optimism's burden, drives transaction milestone

Share this article

  • 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.

Worldcoin development activity and WLD price

Source: Santiment

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.”

Share

Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.