Worldcoin undergoes rebranding as World introduces layer2 network and fresh functionalities
Worldcoin, a cryptocurrency platform, has undergone a rebranding and is now known as World. Alongside this rebranding, the company has launched its Ethereum layer-2 network called World Chain and unveiled several significant developments.
During the Keynote address on October 17, Worldcoin founder Sam Altman announced the rebranding and upgrades for the iris-scanning Orb devices. The company has already changed its name to “World,” and this change is now visible across its social media platforms and website.
The new Orb devices have received an upgrade with Nvidia hardware, making them up to five times more powerful than before, while also reducing their carbon footprint and requiring fewer parts.
These upgraded Orbs will soon be available in self-service kiosks, initially in select markets. This is expected to accelerate the global deployment of proof of human verifications.
World is also expanding its identity verification beyond the Orbs. Users will now be able to verify their identity through other avenues, including a program called World ID Credentials. This program allows users to verify themselves using NFC-enabled government-issued passports, adding extra flexibility to the verification process.
In addition to these developments, World has introduced World App 3.0, which brings new features to the platform. One notable addition is the World ID Deep Face feature, which can detect and block deepfakes. This tool ensures the authenticity of video content, providing users with enhanced security in an era of increasing AI-generated media.
World has also announced integrations with popular apps such as WhatsApp, FaceTime, and Zoom, making it easier for users to verify their identity and access World’s services within platforms they already use.
The highly anticipated Ethereum layer 2 network, World Chain, which was first announced in April, has also gone live following the keynote event. World Chain is expected to improve efficiency and introduce new functionality by integrating World ID, World App, and the Worldcoin cryptocurrency (WLD).
The network will prioritize onboarding verified human users over bots, granting them access to block space and offering them a free gas allowance to encourage participation.
The new blockchain is already hosting some of the top projects in the industry, including Uniswap, Optimism, Alchemy, and Dune.
Despite the positive developments, the price of WLD did not react to the latest announcements and has slipped 1.4% to $2.20 at the time of writing. However, the token has seen a 28.4% increase over the past week and a 47% increase in the past month.
Worldcoin has shifted its focus from Europe to Asia due to challenges posed by GDPR regulations.
