WorldCoin has entered regulatory control in the L2 Arena.

Despite controversies and regulatory issues, WorldCoin, a crypto project co-founded by OpenAI's Sam Altman, has announced the launch of its Layer-2 (L2) solution, WorldChain, on April 17, 2024.

This move follows Worldcoin reaching 10 million users for its WorldApp wallet a week ago.

The global chain claims to put people first

Built on the OP Stack and the Ethereum network, WorldChain aims to solve the scalability challenges of the Web3. This L2 solution will be launched this summer.

Worldcoin says the network will be “open to everyone.” It also promises that “verified people, including more than five million verified World ID holders, will get priority over bots and gas allowances for normal transactions.”

The network will be closely integrated with the Worldcoin protocol to facilitate growth and use the WorldID human identity verification system.

Read more: What is Worldcoin? Guide to the Iris-Scanning Crypto Project

Alex Blania, CEO of Tools for Humanity (the entity behind WorldCoin), took his excitement to X (formerly Twitter) regarding WorldChain's announcement.

“While it's still early days, five million people have already verified with Orb, and more than 10 million accounts have been created. “To continue accelerating, WorldCoin will launch a blockchain that can support everyone,” she said.

The World Chain is designed to prioritize measurement by significantly increasing the L2 block gas range. Transactions by Worldcoin users currently represent about 44% of OP Mainnet activity, sometimes exceeding 80% during peak periods.

Worldcoin believes the main issue is the proliferation of bots on the blockchain. It is estimated that up to 80% of blockchain transactions are automated.

While many bots serve legitimate purposes, non-productive ones often lead to congested networks and high fees. Ironically, this problem is exacerbated as blockchains facilitate lower gas bills and higher income.

“Bad bots like airdrop farmers will exacerbate many of the problems blockchains face today. People on the global chain will have the option of verifying their addresses as humans, with their identities completely removed from the world.

In addition to ETH, Worldcoin said WorldChain users can easily make payments using WLD.

Interestingly, the price performance of Worldcoin's native token WLD has been modest since the announcement. WLD is trading at $4.83 at the time of writing, representing a 2.39% decline in the last 24 hours.

Read More: Worldcoin (WLD) Price Prediction 2024/2025/2030

WorldCoin's decision to launch its own L2 solution comes amid regulatory investigations around the world. The Ministry of Production, Science and Technological Innovation of the state of Buenos Aires recently filed a lawsuit against WorldCoin after discovering allegedly abusive clauses in user contracts.

The company could face fines of up to 1 billion Argentine pesos ($1.2 million). Buenos Aires authorities have confirmed that the company is responsible for the fine.

In addition to Buenos Aires, WorldCoin has also faced scrutiny from jurisdictions such as Spain and Kenya.