- Worldcoin implements a ZK-proof entity, significantly reducing its reliance on the Optimism platform.
- WorldApp’s daily transaction count spikes, achieving a staggering 500,000 transactions in a single day.
Worldcoin’s Transformative Leap
Ever since its inception, Worldcoin recognized the integral role that Optimism played in the optimal functioning of its blockchain. The identity network relied heavily on Optimism’s ability to harness the Ethereum [ETH] network’s strength while counteracting potential attacks.
A New Dawn for Worldcoin and Optimism
However, the landscape changed dramatically with Worldcoin‘s most recent update. This upgrade has empowered Worldcoin to dramatically cut down its fee expenses. Most notably, the load on Optimism has been reduced by a significant two-thirds.
Historically, Worldcoin‘s transaction costs were bifurcated between Ethereum’s L1 and the Optimism L2. A breakdown of these costs revealed that a whopping 90% was dedicated to L1 gas fees on Ethereum, with the remaining 10% going to L2 gas fees on Optimism. This economic model saw a shift post-update, which became evident when WorldApp recorded an all-time high single-day transaction volume of 500,000 transactions.
The positive ripples of this developer-centric update didn’t stop there. According to data-analytics platform Santiment, Worldcoin’s development activity witnessed a surge, moving from 1.19 to 1.85 in a short span. This metric, which evaluates the public GitHub repositories linked to a project, indicates the heightened dedication and commitment of the Worldcoin development team. Consequently, WLD, Worldcoin‘s native token, has enjoyed a remarkable 33.13% increase over the past week, making it one of the standout performers in the altcoin sector.
The Role of Zero-Knowledge Proofs
The question that arises is: how did Worldcoin manage to reduce its dependence on Optimism so drastically? The answer lies in its strategic implementation of compression algorithms between L1 and L2 network sections.
The spotlight, however, shines on the Groth16 proofs – a Zero-Knowledge (ZK) proof protocol revered for its emphasis on privacy and confidentiality. Faced with the challenge of substantiating its judicious use of users’ data, Worldcoin turned to Groth16 proofs, a timely and effective solution. Ensuring the robustness of this integration, Worldcoin’s Groth16 verifier underwent an audit by Least Authority, a globally renowned team of security consultants, highlighting Worldcoin’s commitment to transparency and security.
Amidst these strategic technical decisions, Worldcoin continues to make strides, reshaping its relationship with Optimism and setting new benchmarks in the blockchain realm.