Worldcoin Rebranding to World: This is What You Need to Know

Bittime - Worldcoin, a digital identity management platform initiated by OpenAI founder Sam Altman, has now changed its name to World. Not only did they change their name, they also introduced a new network called World Chain and a new device called Orb. 

This step aims to accelerate technology adoption and targets a big ambition: involving billions of people in its digital ecosystem. Follow this article to find out more!

Worldcoin transformation for the sake of a new future

In the midst of this name change, World bring new enthusiasm. Previously, Worldcoin attracted controversy due to various issues related to privacy and data security when using the World ID digital identity. 

Now, with a change of direction and name to World, the company wants to show commitment. This is to improve services and build public trust.

Although Sam Altman is known as a visionary entrepreneur with a series of successes, his track record also raises questions. For example, OpenAI, the company behind leading artificial intelligence technology, is often criticized for focusing more on product innovation than ethics. 

Also read: What is Memeland Airdrop? Airdrop for $MEME Token?

This company was involved in a polemic regarding imitation of actress Scarlett Johansson's voice without permission. They also terminated employees who raised privacy concerns. 

Against this backdrop, it's no surprise that World's relaunch was met with public skepticism. However, this rebranding step sends a signal that World wants to improve itself.

The World's Own Orb: The Key to Mass Adoption

One of the main innovations launched by World is the latest generation of Orb. It is an identity verification device that allows human iris scanning. 

This Orb is expected to speed up the user verification process and support World's mission to reach more than one billion verified users. To date, the platform has around 15 million users.

The use of the Jetson module from NVIDIA is claimed to be able to increase Orb performance up to five times, enabling a faster verification process. Additionally, World plans to triple Orb production capacity and open flagship service centers in Mexico and Buenos Aires to accelerate distribution of the device.

Worldcoin Migrate to World Chain

Another big step is the launch of a new blockchain network called World Chain, which is built on the Ethereum network as Layer-2. Starting October 17 2024, all World ID owners and World App users have started transitioning to this new network. 

World Chain is predicted to be the first blockchain that is completely designed to prioritize human interests.

Users who have been verified with World ID get special benefits on this network. They do not have to pay transaction fees (gas fees) and have priority access to transaction blocks, reducing the risk of being outcompeted by automated bots. 

World Chain will also connect with popular applications and networks such as Optimism, Uniswap, Zerion, and Alchemy, enriching the ecosystem that users can access.

However, the claim that World Chain is the first blockchain network that “puts people first” still raises question marks. After all, networks like Ethereum, Solana, or Arbitrum also operate to serve human needs. Is this just marketing jargon, or true innovation? Time will tell.

Also read: Vitalik Buterin Wants Ethereum to Process 100,000 Transactions per Second!

Positive Trends in the $WLD Token Market

The launch of World Chain also had a positive impact on the price of the $WLD token. After experiencing a decline of up to 25% in the previous week, the value of this token rose again by 20.86% after the launch of the new network. 

Overall, the monthly performance of this token is positive with an increase of 49.92%. This shows that even though there were doubts, there is optimism from the market regarding the future of this project.

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