Worldcoin Rebrands and Unveils New Orb

At an event in San Francisco, Worldcoin co-founders Sam Altman and Alex Blania announced significant updates to the project, including a rebranding to World Network, or simply World.

According to a statement, the name change aims to better reflect the startup’s mission to “accelerate every human.”

Among other key upgrades:

1. A next-generation Orb retina scanner. Built on the NVIDIA Jetson chipset, it boasts nearly five times the AI performance of its predecessor. The device features “significant software and hardware improvements,” such as being easier to assemble with 30% fewer parts. It also allows for a full audit via a removable memory card.
2. World ID 3.0 — “the most advanced identification system to date” for granting access to the project’s ecosystem to those not authenticated through Orb. The software enables storing information from physical documents in the World ID app and verifying data without revealing identity. Users can also request WLD tokens. Version 3.0 enhances privacy protection and introduces measures to combat online fraud.
3. World App 3.0 with expanded capabilities. These include a Mini Apps platform for third-party applications, as well as a wallet with World Pay payment options and new security features.
4. The mainnet of the L2 solution World Chain. The blockchain is supported by well-known projects like Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan.

The startup noted that approximately 15 million World ID holders and World App users have either migrated to World Chain or are in the process of doing so.

The project’s new branding is already present on its website and social media.

Hello World pic.twitter.com/VIfL0wONbu

— World (@worldcoin) October 17, 2024

WLD prices have fallen by 1.5% in the past 24 hours, although they surged by over 13% following the event announcement on October 14. The token is trading at $2.2. Over the past week, its price has risen by nearly 25%, doubling the performance of Bitcoin (CoinGecko).

In April, the project announced the launch of World Chain based on Optimism’s OP Stack. By July, the network was available to developers for applications.