Worldcoin, a cryptocurrency project co-founded by Sam Altman has recently undergone a rebranding, it is now known as World Network or simply World. This change was announced during a keynote speech where several updates were shared about the project’s future direction on October 17, 2024.
What’s New:
The rebranding of the coin has come with the launch of a new version of the orb device used for iris scanning. This updated orb device is powered by advanced technology from Nvidia which has increased five times the processing power from its predecessor.
The company aims to enhance user privacy and security with this new device, which will be available in self-service kiosks in select locations. Additionally, World Network introduced World ID Deep Face, a feature designed to detect AI-generated images and videos, addressing concerns about deepfakes.
Key Insight:
Despite its ambitious goals of signing up one billion users by the end of 2023, World Network has faced challenges. Initially, it only managed to register around six million users, missing its target by 99.4%. As of the rebranding announcement, that number has increased to approximately 15 million users, but it still falls short of expectations.
The project has also faced regulatory scrutiny; it is currently banned in Spain and Portugal and is under review in Argentina and the UK due to privacy concerns related to biometric data collection.
How This Works:
World Network’s core offering is World ID, which serves as a digital identity for users. To obtain a World ID, individuals must undergo an iris scan using the orb device. This biometric data is used to create a unique identity that distinguishes real humans from AI bots online. Users who participate in the scanning process are rewarded with cryptocurrency tokens known as WLD.
The new orb device is designed to be more user-friendly and efficient, with improved technology that ensures data security. It deletes eye scan images after sending them to users’ linked smartphones, enhancing privacy.
Result:
The rebranding and technological upgrades aim to address previous failures and privacy concerns while expanding the project’s reach. The introduction of alternative identity verification methods, like using NFC-enabled passports through the World app, allows for broader participation without solely relying on iris scans.
As of now, the WLD token is valued at approximately $2.47, with a market capitalisation of more than $1.3 billion. The project claims that transactions related to World ID make up a significant portion of activity on its blockchain network.
Why This Matters:
World Network’s mission is ambitious, it seeks to create a global identity system that can help integrate individuals into the digital economy securely and efficiently. By focusing on biometric verification, the project aims to provide solutions in an increasingly AI-driven world where distinguishing between real humans and bots is becoming more critical.
However, ongoing privacy concerns and regulatory challenges could hinder its progress. The success of World Network will depend on how effectively it can navigate these issues while maintaining user trust.
We’re Thinking:
With this transition, the firm embraces a more advanced methodology that addresses its shortcomings and instils confidence about privacy concerns and security. As the development of technology advances, projects such as World Network will influence how digital identities are managed globally.
However, World Network must focus on user privacy and regulatory approval while going forward as it is extremely significant. The capacity to innovate while also being ethically responsible will influence the company’s survival in the long term in the competitive space of digital identity.
