The digital identity project Worldcoin, co-founded by Sam Altman, founder of OpenAI, announced on Thursday that it is rebranding as World Network (referred to as World), and it announced that its Ethereum Layer 2 network, World Chain, has gone live on the mainnet. Blockchain projects such as Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan will support the launch of this blockchain.
Worldcoin, launched in July 2023, provides a digital identity solution called World ID, which helps verify users’ human identities both online and on the chain. People can obtain an online passport and the cryptocurrency Worldcoin (WLD) by providing their biometric data, such as iris recognition through their Orb device, to prove their unique identity.
Related article: “Worldcoin Introduction: Scanning Iris, Tutorial, and Features.”
World Chain is built using OP Stack and achieves scalability together with the “Superchain” ecosystem. As of October 17th, all 15 million World ID holders and World App users have migrated or are migrating to World Chain. The World team stated that their user transactions account for about 44% of the OP Mainnet activity on Optimism, making it the largest application on the network.
At the new world event held in San Francisco on Thursday, the World team also announced several important updates, including a new generation of Orb devices, World ID 3.0 with new features such as World ID Credentials and Deep Face, and World App 3.0 that introduces mini-applications.
The World team pointed out that World App 3.0 is a new platform that allows third-party applications to run directly within World App and deeply integrate with users’ World ID, Wallet, and contacts while maintaining anonymity.
According to CoinMarketCap data, as of the time of writing, the market value of WLD is $1.19 billion, with a price of approximately $2.2. It has dropped by 2.76% in the past 24 hours, but has seen a 28% increase in the past week.
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