Worldcoin Evolves into 'World' with Launch of World Chain & Advanced ID

[TL; DR]

The three pillars of World Network (World) are World Chain, World ID and Worldcoin (WLD).

In a bid to offer more products to its users World Network has improved its infrastructure and products.

World ID Deep Face is a feature that will help the world to fight against deep fakes.

Introduction

In the recent past several blockchain projects have rebranded to incorporate new features and expand their visions. Others have rebranded after forming alliances and partnerships. On the other hand, some crypto projects that were under-performing had to reposition themselves in the market in order to expand their user bases or generate more revenue for developmental purposes. Today, we look at WorldCoin’s rebranding to World Network.

Introduction of World Chain and World ID 3.0.

Alex Blania and Sam Altman, co-inventors of Worldcoin, gave some updates on the project which they launched 5 years ago. Basically, WorldCoin, now known as World Network, will introduce measures that will improve its infrastructure and its scale of operation. The founders want to ensure that the World services and products will be available to all eligible people around the globe. The three pillars of World Network (World) are World Chain, World ID and Worldcoin. Basically, World Network aims to create a network of verified human beings so that they increase their security when they interact with AI powered products.

WorldCoin’ Transition to World Network: Vision and Mission

World Network, a digital project that uses iris scanning technology to create virtual identity for human beings, is rebranding for several reasons. The World’s vision has evolved, from merely focusing on providing proof of personhood to pursuing a more decentralized network that has a broader product base. Additionally, it aims to unleash more improved products and services than ever before. As of 17 October more than 15 million users have migrated to World Chain.

According to Blania and Altman, the name WorldCoin no longer encapsulates the project’s mission, leading to the rebrand as “World.” The company gave more details about this development on its website. It explained: The name “Worldcoin” no longer encapsulates the mission of the project—to accelerate every human… 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 is not the only crypto project that has rebranded in recent months. MakerDao has rebranded itself as Sky while Fantom is now known as Sonic. More notably, SingularityNET, FET, and Ocean Protocol have merged to form Artificial Superintelligence Alliance - a partnership of AI projects. Also, SingularityDAO, Cogito Finance, and SelfKey have partnered to form Singularity Finance (SFI).

Read also: Worldcoin Price Prediction & Forecast for 2025, 2030

New Generation of Orb Devices and Their Improved Performance

As part of its rebranding, World Network has launched an orb device upgrade which makes the process of human verification more scalable, more efficient and faster than before. The new orb device uses the NVIDIA Jetson chipset which is five times faster than the previous one. Orb devices are also accompanied by more advanced hardware and software improvements. In addition, it has a removable external SD card. That upgrade is accompanied by features and services that include flagship locations, self-serve Orb kiosks and on-demand Orbs.

This Orb device upgrade will enable World Network to expand its services to all corners of the globe. Since the upgraded orb is cheaper and faster to develop, World Network will expand its production to cater for all people who need the devices. Currently, World Network has a target to launch its products in various countries and cities including Buenos Aires and Mexico City. Then, again, the upgraded orbs will be available in cafes and will also be deliverable on demand. However, the new orb will be distributed in the spring of 2025.

Read also: What is World Mobile Token? All You Need to Know About WMT

World Chain Mainnet Launch

In addition to the upgrading of its orb device, World Network has launched World Chain, a Layer 2 blockchain based on the Ethereum network. The World Chain launch occurred on 17 October and it has on-boarded more than 7 million verified users. Currently, it is the largest blockchain that offers decentralized human verification services. World Network is supported by many blockchain service providers and related applications that include Optimism, Alchemy, Dune, Etherscan, Uniswap, and Safe.

World Network focuses on Human Security with World ID 3.0

One of the most important features World Network has introduced in its latest move is World ID 3.0. With this feature, many people across the world will have the opportunity to verify their digital identities using the Orb device. Also, this feature will enable World ID holders to store relevant personal information from their physical NFC-enabled passports on their World App. As a result, the users will be able to use their World ID to prove their personal data such as nationality and age.

Interestingly, World ID 3.0 has another unique feature, Mini-Apps, that makes it possible for the users to integrate other applications to run within World App. Such applications will be linked to an individual’s World ID, Contacts and Wallet. In addition, it has improved security and community features. With these developments, World Network has evolved into a truly human-centric internet service provider as it enables humans to have control over their identities and security in the wake of artificial intelligence and cyber-threats.

More significantly, due to the central role the World ID 3.0 plays in the digital identity blockchain it will be easier to fight emerging cybersecurity threats such as deepfakes. More significantly, World Network has introduced the World ID Deep Face, an advanced way to combat deep fakes and other online fraudulent practices. The World ID Deep Face is a technology which combines personal data custody, orb imaging and Face Auth to enable the users to verify if they are communicating with real humans to prevent deepfakes.

The World ID Deep Face can be integrated with the World App or installed on computers. Therefore, it can work with different video chat platforms or video conferencing apps. To enable seamless native integration the World ID Deep Face app has an SDK which makes it effective on detecting deepfakes. Thus, World Network is developing the technology for crypto fraud prevention and verification of blockchain human transactions.

The threat of deepfakes is increasing by day since some bad actors are developing pieces of malware and bots that can create deep fakes. This trend is visible on various social media platforms where there are many chat-bots and bot accounts. For instance on dating sites some individuals create dozens of bot-managed accounts. In all, such practices are aimed at manipulating the truth for political, social and even economic gains. As an example, in the crypto sector some individuals or organizations use bots to manipulate trading volumes or prices of certain assets.

WLD Price Movement: Predictions and Dynamics

World Network native cryptocurrency, WLD, has witnessed mixed fortunes. Nonetheless, it has been moving sideways for the greater part of the year. It peaked in March when it reached $12 on the 10th of the month. By 7 July its price had dropped to around $2. Since then it has never fully recovered. The following graph shows WLD price movement during the past one year. WLD Price Action - CoinMarketCap

As the graph shows, the world coin price is around its lowest yearly point. This is because at the beginning of the year it was trading at around $3.60. At the time of writing, people would buy WLD at a cost of $1.99. Already, it is in a downtrend since its value dropped by 6.84% within the last 24 hours. The 7-day price chart shows that WLD is within a descending channel. WLD Weekly Price Chart - CoinMarketCap

On the monthly price chart the WLD price is within a horizontal channel between $1.70 and $2.41. if the price breaks below the channel it may drop to $1.55. Nonetheless, if it breaks above the channel it may rise towards $2.45. If the buying pressure increases its value may reach $5.74, its 7 month high, attained on 29 April.

Conclusion

World Network, previously called WorldCoin, has roped in many changes in a bid to reposition itself as a leading digital identity blockchain. It launched its blockchain, World Chain, in October. The focus of this network is to make proof of humanity service available to all eligible people around the globe. Soon it will launch an upgraded Orb device and World ID 3.0.