Moca Network to Launch Layer-1 Blockchain for User Verification
Moca Network, part of Animoca Brands, plans to launch a layer-1 blockchain, Moca Chain, enabling Web3 projects to identify and verify users independently from centralized platforms.
Key points include:
- Moca Chain will allow user data verification across any blockchain, similar to Web2 single sign-on services.
- The testnet is set to launch in Q3, with the mainnet expected by year-end.
- The native token, MOCA, will be used for validator staking and other fees.
- MOCA's price rose over 6% to approximately $0.077 following the announcement.
- Moca Network is integral to Animoca's strategy of promoting digital property rights through Web3 initiatives.
Founder Yat Siu stated that Moca Chain aims to create an ecosystem where users can own their data and online contributions, aligning with Animoca's mission.