The identity verification project previously known as Worldcoin has rebranded itself as “World” and launched a new Ethereum layer-2 blockchain named World Chain.
This transformation, led by Sam Altman, the founder of OpenAI, was announced during a keynote speech on 17 October.
The changes aim to improve user experience, enhance functionality, and ensure that human users have priority over automated bots.
This new network will serve the 15 million users who have already verified their identities through a process involving iris scanning.
Users receive a unique identifier called “World ID” after their iris is scanned at one of the company’s biometric devices known as the Orb.
World aims to make transactions more efficient for these verified human users by giving them priority access to block space.
Additionally, the network will provide them with an allowance for transaction fees, also known as gas. This is a critical move to counteract the issues posed by bots and fake accounts, which can clutter blockchain activity and complicate user transactions.
In a bid to create a more interconnected ecosystem, World has partnered with several well-known applications.
These include Uniswap for asset swaps, Optimism for better interoperability, and Alchemy for development support.
This collaboration seeks to enhance user experience while expanding the functionalities of the World Chain.
The rebranding to World
The new name is designed to represent a broader vision beyond just cryptocurrency, focusing instead on global identity solutions.
A significant part of this rebranding includes the release of an upgraded version of the Orb, the biometric scanning device used for identity verification.
The new Orb is equipped with Nvidia hardware and promises to be more efficient, boasting five times the power of its predecessor. It is also designed to be more compact, making it easier to deploy in various settings.
The company also announced plans to expand its identity verification services by partnering with widely-used applications like FaceTime, WhatsApp, and Zoom.
These collaborations aim to make World’s technology more accessible, allowing users to verify their identities seamlessly while interacting across different platforms.
Addressing identity issues
World positions itself as a solution to growing identity concerns related to rapid advancements in artificial intelligence.
The project aims to tackle issues such as deepfakes, where manipulated videos can mislead viewers.
One of the major announcements from the recent event was the introduction of World ID Deep Face. This new service is designed to detect whether videos featuring verified individuals have been altered using AI technologies.
According to the company, this software can be integrated into most applications that allow video uploads or streaming, providing an extra layer of security and trust for users.
By identifying whether a video is genuine or a deepfake, World aims to build confidence in digital interactions.
Market reaction to the updates
Despite the ambitious updates and the rebranding effort, the market’s reaction was less enthusiastic than expected.
The price of World’s native token, $WLD, decreased by 2.1% on the day the new network was announced, as reported by CoinGecko.
This slight decline suggests that traders may be taking a cautious approach, observing how these developments will impact the project’s future.
The rebranding of World from Worldcoin, the launch of the new World Chain, and the upgrades to its biometric technology signify important steps for the project.
However, the muted market response indicates that stakeholders are closely watching how these innovations will unfold in the coming months.
