Worldcoin Rebrands to ‘World,’ Unveils Layer-2 Blockchain and Enhanced Biometric Tech
Sam Altman’s ambitious cryptocurrency-based identity verification project, Worldcoin, is undergoing a significant transformation. The project, previously known as Worldcoin, has officially rebranded to simply ‘World,’ marking a strategic shift in its identity. Alongside the rebranding, the team has unveiled two major developments: the launch of ‘World Chain,’ an Ethereum-based Layer-2 network, and the introduction of ‘Orb 2.0,’ an enhanced version of the biometric imaging device used to collect iris scans.
During an event on Thursday, OpenAI CEO Sam Altman, along with other project executives, presented these new developments to the public. The team emphasized the significance of World Chain, highlighting its ability to be customized to meet the project’s specific needs. This move further strengthens the project’s blockchain capabilities and positions it for greater scalability.
The introduction of Orb 2.0, the project’s biometric imaging device, has also generated significant interest. The updated device is designed to enhance the process of collecting iris scans from individuals in exchange for Worldcoin (WLD) tokens. Worldcoin has been actively building a vast database of biometric data, with the project claiming to have collected data from over 15 million individuals. The team proudly dubbed this database the “largest blockchain of humans on day one.”
However, the project’s reliance on biometric data collection has raised serious concerns about privacy and security. The Worldcoin project has already faced scrutiny and bans in several countries, including Hong Kong, Kenya, and Spain. These bans highlight the ongoing debate surrounding the balance between technological innovation and the protection of personal data.
The rebranding and the introduction of new technology have also had a noticeable impact on the performance of the WLD token. Following the initial hype surrounding the Worldcoin project’s launch, concerns over data privacy have led to a decline in the token’s value. The WLD token has experienced a 40% drop year-to-date. As of this writing, the WLD token is trading at $2.21, down 1.95% in the last 24 hours.
The future of Worldcoin, now known as ‘World,’ remains uncertain. The rebranding and the introduction of new technology are bold moves, but they are also likely to further fuel the ongoing debate about data privacy and digital identity in the age of cryptocurrencies. The project’s ability to overcome these challenges and gain wider acceptance will depend on its ability to address the concerns raised by regulators and the public.