Key Takeaways
- Worldcoin changes its name to ‘World’ in order to better reflect the company’s primary objective.
- The three components of the new World Network are World Chain, World ID, and Worldcoin.
- Advanced biometric scanning features are available with the new Orb gadget.
OpenAI CEO Sam Altman co-founded Worldcoin, which has been renamed “World” and unveiled a new iteration of its biometric Orb device.
Worldcoin’s three main components—World Chain, World ID, and Worldcoin—as well as a new iteration of its iris-scanning gadget, the Orb, were revealed by co-inventors Alex Blania and Sam Altman at the new world event, which took place in San Francisco on October 17.
According to a blog post by the company, the old name “Worldcoin” no longer aligns with its goal of accelerating humanity’s role in an AI-powered future, hence the change was required.
The Next-Gen Orb and Its Essential Elements
The updated Orb, the main identity verification tool in the world, makes use of cutting-edge technology driven by the Jetson chipset from Nvidia Corp. Both visible light and infrared cameras are included for improved image quality and fraud detection, even in dimly lit environments. Along with additional features like a detachable SD card, the smartphone also has 5G connectivity.
According to the firm, the most recent Orb model is made with 30% fewer parts, which encourages faster assembly and third-party production and supports the decentralization objective of the world.
The business unveiled World ID 3.0, an upgraded system with improved privacy and identity management features, concurrently with the launch of Orb. Among the features are World ID credentials, which let users use NFC-enabled passports via the World App to confirm personal details like age and nationality.
World ID Deep Face is another significant invention that uses secure multiparty computation (AMPC) for enhanced data safety in order to combat AI-enabled fraud. As the system’s worldwide reach grows, it strengthens the security of the World ID ecosystem.
What Will Happen to the Cryptocurrency Token of the World?
When OpenAI CEO Sam Altman introduced Worldcoin in July 2023, its primary goal was to use biometric identification to establish a global digital identity system. The project’s beta phase saw over two million users at its debut, and it now operates in 35 locations across 20 nations.
The company’s primary focus these days is on identity goods, such as the World ID system, but the future of its cryptocurrency token, WLD, is still unknown. It remains to be seen if this focus on identity verification would affect WLD’s market value or adoption.
