What Crypto applications are integrated into the Worldcoin App, which has 1.7 million users?

Which crypto apps are included in the Worldcoin App, used by 1.7 million users?

World App leverages Ethereum’s composability to incorporate multiple protocols and APIs.

Original title: “COMPOSABILITY ON WORLD APP: The protocols powering Worldcoin’s first wallet”

By: Worldcoin

Translated by: Kxp

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Global identity and financial tools like World App usually take decades to build and require thousands of people to maintain, but with the composability of Ethereum, it can happen today.

How is this possible? 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 protocols currently used by World App, which provides private digital identities and a new financial system for people around the world.

WalletConnect: Application Interactions

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 verify their human identity in a privacy-preserving manner. This interaction is achieved 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: Buying and Selling Crypto

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

Token exchanges can be done through the Uniswap protocol, which provides DeFi Crypto trading. Among other things, this allows people to exchange one Crypto for another without trusted intermediaries. As of now, Uniswap has facilitated over $1.4 trillion in trades. Now, people can use Uniswap on World App to process transactions between digital dollars and Bitcoin or Ethereum.

Click here to learn more about the Uniswap protocol.

Safe: Wallets

Every World App user receives an Ethereum wallet that is deployed on-chain as a smart contract. World App uses smart contract wallets and account abstraction to enhance wallet security, allow for fine-grained management, and enable account recovery in the near future. Additionally, smart contract wallets allow for gas subsidies, so users do not have to pay gas fees for 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 custody protocol that has become a security standard for Web3. Currently, over $600 billion worth of funds is stored in Safe accounts. The protocol is decentralized, open-source, and has undergone multiple audits.

Thus far, World App is the largest Safe wallet deployer on the Polygon blockchain. You can view statistics here.

Click here to learn more about Safe.

Polygon: Blockchain

World App’s beta version has been deployed and operational on Polygon. Polygon enables scalability and lower transaction costs, which may not be feasible on the Ethereum main chain, but it still leverages Ethereum’s security properties.

Click here to learn more about Polygon.

Optimism: Blockchain

As World App expands further, with the help of Ethereum Improvement Proposal 4844 (EIP-4844) community work, 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 Ethereum’s security.

To prepare for this, World App will launch on Optimism’s OP Mainnet, which is a Layer 2 Rollup that can enjoy Ethereum’s security while lowering costs and latency. You can learn more about Worldcoin’s vision for the metachain here.

Click here to learn more about Optimism.

MoonBlockingy and Ramp: Deposits and Withdrawals

Depositing and withdrawing funds to and from the World App wallet enables people to easily build crypto investment portfolios and savings. It also allows people to extract crypto assets as regular currency, also known as fiat currency, via bank accounts, credit cards, or debit cards. The two partners that enable this functionality in World App are Ramp and MoonBlockingy, both of which operate in over 160 countries worldwide.

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

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

Click here to learn more about Ramp, as well as here to learn more about MoonBlockingy.

ENS: Transfers

One of the biggest advantages of Crypto is its ability to facilitate low-cost and near-instantaneous fund transfers worldwide, which is particularly beneficial for international transfers that typically incur high fees. With Ethereum Name Service (ENS), people can easily send funds to friends and family by using easily remembered and recognized names instead of lengthy wallet addresses or bank accounts. ENS makes it easier to have a personal profile in the Crypto field, 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 Dollars

Holding digital dollars (and 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 get digital dollars through Circle.

Circle will be regulated as a licensed money transmitter under U.S. state regulations. USDC is always redeemable for one U.S. dollar, and its reserves are held and managed by leading U.S. 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 in World App will be sent to Alchemy for on-chain processing.

Click here to learn more about Alchemy.

Note: All articles blocked represent only the author’s views and do not constitute investment advice

Original link: https://www.bitpush.news/articles/4448150

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