The technology behind the controversial Worldcoin digital identification project that runs on Ethereum could become a major gas guzzler. Industry observers have predicted that if it takes off, it could be a major boost for the Ethereum network.
On Aug. 10, Ethereum advocate Ryan Sean Adams observed that the Worldcoin ecosystem could drive corporate demand for Ethereum.
Worldcoin Guzzling The Gas
He reported that the Worldcoin authority that submits zero-knowledge proofs of retina scans had already spent $500,000 in gas over the past 40 days.
If the trend continues, this could result in $4.5 million in annual gas fees, he said before adding:
“Companies will need to hoard ETH the same way they hoard other essential commodities. Ethereum blockspace is the new oil.”
Others commented that Ethereum’s blockspace is like digital real estate.
As more businesses build on the…
