What about the WLD coins sent this past week that have not yet arrived?
Lost your cryptos?
Why does it happen that the transaction was successful but they did not arrive?
These are some of the most frequently asked questions by the community in recent days. In this article we will explore and explain the situation.
Importance of blockchain:
The decision by Worldchain.
Many people have interacted with the Worldcoin wallet and sent tokens to Binance to eventually sell them.
The vast majority does not know that those tokens were on the arbitrum network and that they have currently been migrated.
A priori, I consider this to be an absolute success of the company "Tools for Humanity", providing a project where you don't have to be an expert in the subject to use it. However, it is currently the cause of general discontent.
To explain in a concise way, let's start by clarifying what Optimism is:
Optimism is a Leaguer 2 on the Ethereum smart contract chain. This means that it runs within Ethereum, without being the network itself.
Its purpose is to increase the number of transactions, speed and reduce the costs of each one. To do this, it groups many transactions into a "micro block" that is sent to the main ethereum network, which occupies the size of a single transaction.
In this way, 10-100 or more transactions are performed in seconds on the layer 2 network and are validated and secured as a single transaction within the mainnet.
An analogy would be that ethereum is a huge, congested, slow highway, and the leayer 2 networks are smaller, faster routes that run in parallel. At each toll, the networks connect, validate the traffic, and continue independently.
Having briefly understood this, the new $WLD Worldchain Blockchain, is another independent layer 2 network.
Previously, its token ran within Optimism, but with the launch of its own network, the token "migrates" and is based on another chain.
In this migration, no tokens are created or destroyed, they are just changed from one network to another.
Since the Worldcoin wallet is fully centralized, the process was done automatically and users were only notified that a migration had occurred.
Many just hit "continue" ignoring the implications.
Again, I think it's a success that more than 10 million people use it, even though they don't understand much about blockchain.
The big problem:
Where did your tokens go?
Now that we know that each network is different, we must understand that when we execute a transaction, for example a shipment, we put a destination address and execute.
The network does not check in advance whether the recipient exists or can receive them, the transaction is initiated and then validated, leaving a record. Whether it was successful or whether the tokens arrived at a null address does not matter, they are lost and that transaction cannot be reversed.
In the case of sending to different networks, we can explain it with another analogy:
You want to send a message using a messaging app, you have the words and the internet to do it. But your sender uses Telegram and you use WhatsApp, so no matter how many times we schedule it, and forcefully send a message, it will never arrive because there are no "bridges" between apps.
The same thing happens with blockchains. If we send from Worldchain to a sender who is on Optimism, that transaction is lost.
Who do we blame?
This is partly a shared responsibility.
On the one hand, the Worldcoin wallet did not adequately inform its users, perhaps assuming that they would know.
On the other hand, exchanges did not suspend deposits until the new network was enabled, so users believed that everything remained the same.
Unfortunately, no matter how much we look for someone to blame, it is likely that many tokens have been permanently lost.
A compensation?
What's going to happen from now on?
Just today Binance announced to its users that there are "problems" with the Optimism network for depositing WLD, and that they are working to incorporate the new network.
The Tools for Humanity team has not yet issued any statement on the matter. Many users theorize that the company should take responsibility for the error and provide compensation, however there is no clarity on this matter.
Those who received the tokens normally is because their application did not receive an update and their tokens had not migrated yet.
In my opinion, I think that compensation will come in the next monthly bonus.
Surely an exceptional increase will be announced to celebrate migration or something like that. But that's just my theory.
Conclusions:
Unfortunately there is no official statement from anywhere.
For those who have sent tokens, I am sorry to inform you that it is highly likely that you have lost them. If the World Coin team does not announce a solution or compensation, they will likely just let the matter go.
This is not the time for sermons or malicious comments like "it's your fault for not knowing" or "It was logical, didn't you realize?", because there are many people who have lost money that they needed.
To all those who suffered losses, I wish you the best, I hope you find a solution. I send you a hug from afar and I am sorry for your loss.
Crypto Citizen says goodbye!
