TLDR:
- Worldcoin rebrands as “World” and launches Ethereum layer-2 network World Chain
- New Orb devices with Nvidia hardware are more powerful and efficient
- World ID Credentials introduced for alternative identity verification methods
- World App 3.0 released with new features including World ID Deep Face
- Integration with popular apps like WhatsApp, FaceTime, and Zoom announced
Worldcoin, the cryptocurrency project focused on digital identity verification, has undergone a significant transformation. The company announced its rebranding to “World” during a keynote address on October 17, 2024. This change comes alongside several major developments in the project’s technology and offerings.
The rebranding effort is now visible across World’s social media platforms and website. The company’s founder, Sam Altman, introduced the new name during the keynote, signaling a shift in the project’s focus beyond just cryptocurrency.
One of the key announcements was the upgrade to World’s iris-scanning Orb devices. These new Orbs are equipped with Nvidia hardware, making them up to five times more powerful than their predecessors. Despite the increased capability, the devices have a smaller carbon footprint and require fewer parts.
World plans to deploy these new Orbs in self-service kiosks, initially in select markets, to accelerate the global rollout of human verification processes.
World is expanding its identity verification methods. The company introduced World ID Credentials, a program that allows users to verify their identity using NFC-enabled government-issued passports. This new option provides greater flexibility for users who may not have access to or prefer not to use the Orb devices.
World also unveiled its World App 3.0, which includes several new features. One notable addition is the World ID Deep Face feature, designed to detect and block deepfakes. This tool aims to ensure the authenticity of video content, addressing growing concerns about AI-generated media.
The company announced integrations with popular communication apps such as WhatsApp, FaceTime, and Zoom. These integrations will make it easier for users to verify their identity and access World’s services within platforms they already use regularly.
Perhaps the most significant technical development is the launch of World Chain, an Ethereum layer-2 network.
This blockchain went live following the keynote event and is expected to enhance efficiency and bring new functionality to users. World Chain will integrate World ID, World App, and the Worldcoin cryptocurrency. The network prioritizes onboarding verified human users over bots, offering them access to block space and free gas allowances as incentives.
Several major projects in the cryptocurrency industry, including Uniswap, Optimism, Alchemy, and Dune, have already partnered with World Chain, indicating early adoption and integration within the broader ecosystem.
Despite these significant announcements, the price of the WLD token, associated with the World project, experienced a slight decline of 1.4% to $2.20 at the time of reporting.
However, the token has shown strong performance over longer periods, with gains of 28.4% over the past week and 47% over the past month.
