Worldcoin, the biometric-based digital identity company, announced the integration of the project into the Solana network. This way, users of World ID, a kind of digital passport, will now be able to access an even wider range of services and decentralized applications (dapps). According to the announcement, This integration was done through the Wormhole platform, a project that focuses on providing interoperability (cross-chain) between different networks, such as Ethereum, Solana and BNB Chain. Just two months ago, Wormhole Foundation received a grant from the Worldcoin Foundation, which seeks to boost the development of its community with the distribution of 830,000 WLD tokens among various projects.
The news had an immediate impact on the price of WLD, the Worldcoin token, which is reflected in a 7% increase in its value, reaching a mark of USD 1.55 per token before correcting to USD 1.50.
WLD price experienced a modest increase following the announcement of World ID integration on Solana. Source: Coinmarketcap. Despite this rally, the WLD token has lost 85% of its value since reaching its peak price of almost USD 12. One of the main factors driving this downward trend lies in the inflationary nature of the token. There is currently 437 million WLD in circulation, according to CoinMarketCap. However, the total supply that will eventually enter circulation is 10 billion WLD.
What does this integration mean for World ID users?
Worldcoin, founded by Sam Altman, CEO of OpenAI, uses a device called “Orb” to scan human irises and verify the identity of its users, providing what they call a World ID (a digital identity). This process and its technology has generated various controversies since its launch, as widely reported by BitcoinDynamic. Worldcoin’s native token plays a fundamental role for the project, by incentivizing user participation and rewarding those who verify their identity through iris scanning. With the integrationdevelopers building decentralized applications on Solana will be able to easily incorporate World ID authentication into their projects, which will allow users to access Worldcoin services.
Wormhole will facilitate the connection between Solana and Worldcoin. Source: Worldcoin In addition, the compatibility between Ethereum and Solana is getting closer, which means that World ID users will be able to take advantage of the benefits of both networks, expanding the possibilities of use. In this sense, the integration with Solana could boost even greater growth in the number of Worldcoin users, which as the company indicates amounts to more than 6.6 million people as of July 31, just after the launch of World ID in Austria.