What crypto applications are integrated into the Worldcoin App with 1.7 million users?

2023-05-24 14:57

Read this article in 11 Minutes

AI summary

View the summary

Original Title: "COMPOSABILITY ON WORLD APP: The protocols powering Worldcoin's first wallet"

Original Source: Worldcoin

Original Translation: Kxp, BlockBeats

World App, a global identity and financial tool like this, usually takes decades to establish and requires thousands of people to maintain. However, with the composability of Ethereum, it can become a reality today.

This is how it works. Worldcoin is committed to integrating open protocols and APIs into this seamless and easy-to-use application. Although its ecosystem is still evolving, let's take a look at the protocol currently used by the World App, which provides private digital identities and new financial systems for people around the world.

WalletConnect: Application Interaction

World App allows people to hold and use World ID, which is a unique Proof of Personhood (PoP) that serves as an online digital passport. People can connect their World App to applications and prove their human identity in a privacy-preserving way. This interaction is facilitated through WalletConnect, a communication protocol for Web3 that securely connects and interacts with over 600 wallets and applications.

Click here to learn more about WalletConnect.

Uniswap: Buy and Sell Crypto

World App's goal is to make Crypto accessible to everyone, including those who are not familiar with Crypto. That's why the application allows people to easily buy and sell Crypto such as Bitcoin or Ethereum, while abstracting away some of the potentially daunting technical details for new users.

Token transactions can be conducted through the Uniswap protocol, which provides DeFi Crypto trading. Among other features, this allows people to exchange one type of Crypto for another without the need for a trusted intermediary. To date, over $1.4 trillion in transactions have been conducted on Uniswap. Now, people can use Uniswap on the World App to process transactions between digital dollars and Bitcoin or Ethereum.

Click here to learn more about the Uniswap protocol.

Safe: Wallet

Each World App user will receive an Ethereum wallet smart contract deployed on the blockchain. World App uses smart contract wallets and account abstraction to enhance the overall security of the wallet, allowing for fine-grained management and account recovery in the near future. In addition, smart contract wallets allow for gas fee subsidies, so users do not have to pay for the gas fees of blockchain transactions. The wallet can be self-custodied, meaning only its owner can control it.

Essentially, this smart contract wallet uses Safe{Core}, which is an account abstraction stack provided by Safe. Safe is a decentralized custodian protocol that has become a security standard for Web3. Currently, over $600 billion in funds are stored in Safe accounts. The protocol is decentralized, open-source, and has undergone multiple audits.

Up to now, World App is the largest Safe wallet deployer on the Polygon blockchain. You can view the statistics here.

Click here to learn more about Safe.

Polygon: Blockchain

The Beta version of World App has been deployed and launched on Polygon. Polygon enables scalability and lower transaction costs, which may not be feasible on the Ethereum main chain, but still leverages the security features of the Ethereum main chain.

Click here to learn more about Polygon.

Optimism: Blockchain

With the further expansion of World App, thanks to the work of the Ethereum Improvement Proposal 4844 (EIP-4844) community, World App will be able to run its own Rollup. This means that World App's transactions will run on its own chain while still relying on the security provided by Ethereum.

In order to prepare for the above, World App will launch on Optimism's OP Mainnet, which is a Layer 2 Rollup that can enjoy the security of Ethereum while reducing costs and delays. You can learn more about Worldcoin's vision for the superchain in this blog post.

Click here to learn more about Optimism.

MoonPay and Ramp: Deposits and Withdrawals

Depositing and withdrawing funds to and from the World App wallet allows people to easily establish a crypto investment portfolio and savings. It also enables people to extract crypto assets into regular currency (also known as fiat currency) through bank accounts, credit cards, or debit cards. In World App, there are two partners that can provide this functionality: Ramp and MoonPay, who operate in over 160 countries worldwide.

MoonPay is a leading Web3 infrastructure company that provides end-to-end solutions for payments, custody, design, and minting. MoonPay has earned the trust of hundreds of partners, including leading wallets, exchanges, and commercial brands.

Ramp is a fintech company that provides non-custodial full-stack payment infrastructure, aiming to reduce transaction difficulty and obstacles for hundreds of partners and millions of users.

Click here to learn more about Ramp, and here to learn more about MoonPay.

ENS: Transfer

One of the biggest advantages of Crypto is its ability to facilitate low-cost and almost instant fund transfers worldwide, which is particularly beneficial for international transfers that typically incur high fees. With the Ethereum Name Service (ENS), people can easily send funds to friends and family by using memorable and recognizable names instead of lengthy wallet addresses or bank accounts. ENS makes it easier to have a personal profile in the Crypto space, similar to what is currently used on social media.

World App's peer-to-peer payment supports ENS usernames for easier ERC-20 transfers.

Click here to learn more about ENS.

Circle: Digital Dollar

持有数字美元（以及将来的其他稳定币）是 World App 的一个核心功能。用户可以存入和提取数字美元（也称为 USDC），然后使用这些数字美元购买 Crypto。在 World App 中，人们始终可以通过 Circle 获取数字美元。

Translation:

Holding digital dollars (as well as other stablecoins in the future) is a core feature of World App. Users can deposit and withdraw digital dollars (also known as USDC) and use them to purchase crypto. In World App, people can always obtain digital dollars through Circle.

According to regulations in various states in the United States, Circle will be regulated as a licensed money transmission institution. USDC is always exchangeable at a 1:1 ratio with the US dollar, and its reserves are held and managed by leading US financial institutions such as BlackRock and BNY Mellon.

Click here to learn more about Circle.

Alchemy: Cross-chain Communication

Blockchain is a decentralized information ledger. To interact with it, World App uses Alchemy, a Web3 development platform that provides powerful tools to easily build and scale dapps, and handles over $100 billion in transactions. All crypto transactions for World App will be sent to Alchemy for on-chain processing.

Click here to learn more about Alchemy.