The digital identity project Worldcoin, co-founded by Sam Altman, founder of OpenAI, announced on Thursday a rebranding to World Network (referred to as World) and the launch of its Ethereum Layer 2 network, World Chain, on the mainnet. Blockchain projects such as Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan will support the activation of this blockchain.
Worldcoin, launched in July 2023, offers a digital identity solution called World ID, which helps verify users’ human identities online and on-chain. By providing their biometric data, such as iris recognition through their Orb device, individuals can obtain an online passport and the Worldcoin (WLD) cryptocurrency.
Related article: “Worldcoin Introduction: Scanning Iris, Tutorials, and Features.”
World Chain is built using the OP Stack and achieves scalability in conjunction with the Superchain ecosystem. As of October 17, all 15 million World ID holders and World App users have either migrated or are in the process of migrating to World Chain. The World team stated that their user transactions account for approximately 44% of the activity on Optimism’s OP Mainnet, making it the largest application on that network.
During the “new world” event held in San Francisco on Thursday, the World team also announced several significant 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 introducing Mini Apps.
The World team emphasized that World App 3.0 is a new platform that allows third-party applications to run directly within the World App and seamlessly integrate with users’ World ID, Wallet, and contacts while maintaining anonymity.
According to CoinMarketCap data, as of the time of writing, the market capitalization of WLD is $1.19 billion, with a price of approximately $2.2. It has experienced a 2.76% decrease in the past 24 hours and a 28% increase in the past week.