Digital Transformation: Worldcoin Becomes World Network
Worldcoin is rebranded as “World” to better reflect its mission. New features such as World Chain and World ID 3.0 are introduced. World aims to combat deepfakes with advanced identity tools and introduces 5x more powerful Orb devices. In spite of legal challenges, World has registered 15 million IDs and has seen the price of WLD rise by 3.9% following the recent announcements.
Worldcoin, the digital identity project, is changing its name to World Network, or World for short, according to Sam Altman and Alex Blania. Along with rebranding, the project announced launching World Chain on the main network.
In this regard, World wrote: “As the scale of the project grows along with the importance of World ID’s human existence testing protocol, the name ‘Worldcoin’ no longer sums up the project’s mission, which is to accelerate the progress of every human being. With its three key pillars (World Chain, World ID and Worldcoin), World is truly a network of real, verified humans, built to enable an optimistic future in which humans will continue to be at the center of AI progress.”
Worldcoin Continues Development Amid Controversy
Worldcoin co-founders Alex Blania and Sam Altman presented several updates to the project at a recent event in San Francisco. One key development is to introduce a new generation of Orb devices. These are said to offer up to five times the performance of their predecessors.
World ID 3.0, a feature designed to prevent deepfake fraud, was also introduced by the project. They also introduced World Chain, which is described as: “the first blockchain designed to prioritize human activity and transactions.
With these changes, Blania and Altman emphasized that the name “Worldcoin” no longer encapsulated the mission of the project, which led to the rebranding to “World.”
“The name ‘Worldcoin’ no longer encapsulates the mission of the project: to accelerate every human being… World is truly a network of real, verified human beings, built to enable an optimistic future in which human beings will continue to be at the center of the advancement of AI,” the company said.
After the event, the price of WLD rose by 3.9%. However, over the past 24 hours, the WLD token has fallen by 3.61% and is currently trading at $2.17. From its high of $11.9 in March, the token has fallen 80%. In the recent past, World has faced a number of legal challenges related to the collection of personal data in countries such as Mexico, Chile and Colombia.
World Chain is Now a Reality
The project reported the successful registration of 15 million World IDs despite these issues. Re-branding Worldcoin to World is part of a broader trend in the crypto ecosystem. MakerDao has rebranded itself as Sky, Fantom has become Sonic, and projects such as SingularityNET, FET, and Ocean Protocol have merged to form the Artificial Superintelligence Alliance.
The most recent example is SingularityDAO, Cogito Finance and SelfKey merging to form Singularity Finance (SFI):
“Projects occasionally decide to rebrand or rename their tokens. This can be a strategic move driven by various commercial, operational or market purposes. However, not all rebranding efforts are driven by legitimate business needs. There have been instances where projects have rebranded their tokens without a clear or viable reason, sometimes with the intention of obscuring or hiding certain actions,” commented Binance Research.
According to the World Team, “World Chain is an all-human community with more useful applications, saving on gas, and eventually the ability to use your voice to help guide World Chain itself”.
By Leonardo Perez