Worldcoin Rebrands to “World” and Unveils Major Updates

Highlights:

• Worldcoin rebranded as ‘World’ during Sam Altman’s keynote speech in San Francisco.
• New updates include World Chain, enhanced Orbs, and app partnerships.
• The platform aims to reach one billion users through decentralization efforts.

Worldcoin, the Sam Altman-backed digital identity initiative, has rebranded itself as ‘World’. Altman announced the rebranding during a keynote speech at the San Francisco event on October 17. The event was live-streamed on YouTube, and the rebranding appeared on the company’s social media accounts immediately after the announcement.

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Altman and co-founder Alex Blania announced key updates to promote the global adoption of their decentralized identity platform. The updates included the launch of World Chain, an Ethereum-secured Layer 2 blockchain, as well as a new version of the biometric Orb devices and partnerships with popular apps like FaceTime, WhatsApp, and Zoom.

Hello World pic.twitter.com/VIfL0wONbu

— World (@worldcoin) October 17, 2024

Overview of World Network

Launched in July 2023, Worldcoin offers a digital identity solution called World ID. This service verifies users’ humanity and identity online and on-chain. Users who provide biometric data, such as an iris scan through a metal orb, receive an online passport and the cryptocurrency WLD. World Network claims over 10 million signups in 160 countries. World Network aims to help distinguish humans from automated actors as the internet becomes more populated with AI chatbots and assistants.

The company stated:

“World Chain is a humans-only community with more useful apps, savings on gas fees and eventually, the ability to share your voice in the direction of World Chain itself.”

World Unveils Enhanced Orb Biometric Device for Eye Scanning

World introduced a new version of the “Orb” biometric device for eye scanning. The updated Orb, powered by Nvidia hardware, will be more efficient and five times more powerful than the previous version, featuring a smaller size and fewer components. The firm also stated that the new Orb will be available in self-service kiosks in some markets. 

Chief designer Rich Heley highlighted the need for more Orbs, suggesting that about 1,000 additional devices are required. These Orbs will be placed in various locations, including storefronts in Buenos Aires and Mexico City, as well as local coffee shops, and will be available for home delivery through an app.

World App 3.0 Introduces Enhanced Identity Management

The World App, a key part of the project, is being updated to Version 3.0. This update will enable users to manage their World ID credentials and access additional services like World Pay, a decentralized payment system, and World Chat, a messaging tool.

Chief Information Security Officer Adiran Ludwig noted that this method is not as effective in confirming user identity as the Orb, but it includes extra checks to prevent deepfakes. A new feature, World ID Deep Faces, will let internet users verify that the people they interact with online are not deepfakes as long as they have a World ID.

World Chain Launch

Alongside its expanded biometric capabilities, World officially launched World Chain, a Layer 2 blockchain built on the Ethereum network. This blockchain is designed to support millions of users and reportedly garnered 15 million registrations globally on its first day. The company states that this positions World Chain as one of the largest human verification blockchains currently available.

The Network Aims for One Billion Users 

The rebranding reflects World Network’s evolving mission from identity verification to a broader, decentralized network. With 15 million users, including 7 million verified through its Orb technology, the platform aims to onboard a billion verified human users. Blania, CEO of Tools for Humanity, emphasized the focus on scalability and decentralization.

He stated:

“Today, we are taking the next big step in our mission — scaling the World Network to reach 1 billion users.”

WLD Price Drops Following Announcement

Following the announcement, the price of World native token (WLD) dropped as many traders remained skeptical during the event. At the time of writing, WLD is trading at $2.19, reflecting a 1.88% decrease in the past 24 hours. WLD has a market capitalization of $1.2 billion.

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