This article sorts out which Crypto applications are integrated in Worldcoin App?

区块律动BlockBeats

特邀专栏作者

2023-05-24 11:00

This article is about 1885 words, reading the full article takes about 3 minutes

The World App takes advantage of Ethereum's composability, piggybacking on multiple protocols and APIs.

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

Original compilation: Kxp, BlockBeats

A global identity and financial tool like the World App typically takes decades to build and thousands of people to maintain, but with Ethereum composability it can become a reality today.

How is this possible? Worldcoin is committed to incorporating open protocols and APIs into this seamless and easy-to-use application. While its ecosystem is still evolving, we can start by looking at the protocol currently used by World App, which provides private digital identities and a new type of financial system for people around the world.

WalletConnect: Application Interaction

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Uniswap: Buy and Sell Crypto

The goal of the World App is to make Crypto accessible to everyone, including those who are new to Crypto. That's why the app allows people to easily buy and sell cryptocurrencies like Bitcoin or Ethereum, while abstracting technical details that can be somewhat intimidating to new users.

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clickhereLearn more about the Uniswap protocol.

Safe: wallet

Every World App user receives an Ethereum wallet with a smart contract deployed on-chain. The World App uses smart contract wallets and account abstraction to improve the overall security of the wallet, allowing granular management and, in the near future, account recovery. In addition, smart contract wallets also allow subsidization of gas fees, so that users do not have to pay gas fees for blockchain transactions. The wallet is self-custodial, meaning only its owner has control over it.

Essentially, this smart contract wallet uses Safe{Core}, an account abstraction stack provided by Safe. Safe is a decentralized hosting protocol that has become the security standard for Web3. At present, more than 600 billion US dollars of funds are stored in the Safe account. The agreement is decentralized, open source, and has undergone multiple audits.

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clickhereLearn more about Safe.

Polygon: Blockchain

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Optimism: Blockchain

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

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clickhereLearn more about Optimism.

MoonPay and Ramp: deposits and withdrawals

Depositing and withdrawing funds to the World App Wallet allows people to easily build Crypto portfolios and savings. It also allows people to withdraw Crypto assets into regular currency (or fiat currency) through bank accounts, credit cards, or debit cards. In the World App, the two partners that enable this functionality are Ramp and MoonPay, which have operations in more than 160 countries around the world.

MoonPay is a leading Web3 infrastructure company providing end-to-end solutions for payments, hosting, design and minting. MoonPay is trusted by hundreds of partners, including leading wallets, exchanges and merchant brands.

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clickhereherehereLearn more about MoonPay.

ENS: transfer

One of the biggest benefits of Crypto is its ability to enable low-cost and near-instant transfers of funds around the world, which is especially beneficial for international transfers that often come with high fees. With the Ethereum Name Service (ENS), people can easily send funds to friends and family by using names that are easy to remember and identify, rather than lengthy wallet addresses or bank accounts. ENS makes it easier to have a profile in the crypto space similar to what is currently used on social media.

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clickhereLearn more about ENS.

Circle: Digital Dollar

Holding digital dollars (and other stablecoins in the future) is a core function of the World App. Users can deposit and withdraw digital dollars (also known as USDC), and then use those digital dollars to buy Crypto. In the World App, people can always get digital dollars through Circle.

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clickhereLearn more about Circle.