Pavel Dolzenko of the Worldcoin Alliance Committee, the group supporting development and application of Worldcoin, explained the reasons for the technical upgrades in a press release yesterday. Dubbed ‘Worldshield’, the project aims first and foremost to increase “security and integrity” of Worldcoin in light of recent high-profile crypto-currency meltdowns:
“Worldshield will not only prevent multipool abuse, 51% attacks, and other ASIC-generated disruptions, but it will also allow modifications to handle new threats as quickly as possible.”
Worldcoin is appealing for consumers as blocks are generated every 30 seconds and only two confirmations are required per transaction, meaning most are securely confirmed within around one minute, compared to Bitcoin taking in excess of one hour for larger transactions.
While the increased speed has not sacrificed security, the structural upgrades are intended to safeguard the system for the future as user technology progresses to create more demand and place crypto-currency networks under more strain:
“Numerous hardware manufacturers are currently developing ASIC miners for Scrypt-based crypto-currencies at high pace. Once these processing units are available, many—mostly new—crypto-currencies will be swept away because they lack proper protection mechanisms,” asserts Dolzhenko.
Worldcoin is separately developing integrated Android wallet software, which it hopes to launch sometime after the end of this month.
While details are yet to be released, with speed and ease of confirmation forming the backbone of its capabilities, Worldcoin seeks to appeal especially to the instant payment and money sending markets. A dedicated tool for Android will open up this functionality to a vast mobile clientele, making cost-effective instant money sending easily accessible.
What may provide a boost to Worldcoin, however, is not just technical innovation but the Alliance itself. On April 3 it released a crowdfunding platform where users can fund humanitarian and charitable projects, among others. One of these, the digging of a well in Kenya, has already received 100% of funding and is set to be completed later this year.
In addition to a secure platform, the demonstrable positive influence of decentralized currency groups no doubt has the potential to generate an ever-increasing pool of fans, especially with a presence in mass consumer marketplaces such as Android.
Cointelegraph will report back with any updates to the Worldcoin project.
Meanwhile, you can find out more about the Worldcoin Alliance and its projects here.