Worldcoin Price Rises with Renewed Enthusiasm Following Rebranding and World Chain Launch

Key Takeaways:

• WLD is trading at $2.37, with a 22.57% increase over the past week.
• The project has rebranded from “Worldcoin” to simply “World.”
• A new Layer 2 blockchain was launched, aimed at benefitting humanity.

Worldcoin (WLD) has made a strong comeback, experiencing over a 10% surge thanks to excitement from crypto, tech, and AI enthusiasts just one day after announcing significant changes to its ecosystem.

It is currently trading at $2.37, reflecting a 22.57% increase over the past week and a remarkable 52.53% rise in the past month.

Worldcoin Rebrands to “World”

On October 17, Worldcoin organized a significant event, “A New World,” featuring Sam Altman as a speaker.

During this conference, Worldcoin revealed five key updates: a rebranding to simply “World,” the debut of World App 3.0, which includes mini-apps, World ID 3.0 showcasing World ID Credentials and Deep Face, a new Orb with improved verification methods, and the launch of its Layer 2 blockchain network, referred to as World Chain.

Read & watch the full highlights here ⬇️https://t.co/i1Bq0GCDCQ

— World (@worldcoin) October 18, 2024

World Chain is touted as the first blockchain aimed at benefiting humanity. It inherently integrates World ID and offers all verified users access to prioritized block space.

Additionally, the new Orb signifies the next evolution of this technology, equipped with advanced features that enable faster and more efficient human verifications through World ID proof.

Related: AI Crypto Market Surges Above $32.5B, Led by FET, NEAR, and RENDER

Worldcoin's Orb is a biometric imaging device that securely and privately establishes an individual's unique identity and affirms their humanity. It ensures that the verified individual is genuine and not a fraudster or impersonator.

The latest version is powered by the new NVIDIA Jetson chipset, which provides nearly five times the AI performance of its predecessor. It also includes several other substantial hardware and software enhancements.

“It's also easier to build with 30% fewer parts and has full audibility with a removable external SD card,” they said.

At the same time, World ID 3.0 is now accessible on the World App, allowing users to register their NFC-enabled passports for age or nationality verification.

The newly released third version of the World App features Mini Apps. This platform facilitates the operation of third-party applications within the app and their anonymous integration with users' World ID, Wallet, and Contacts.

The World team highlights that the app has been entirely revamped to improve its functionality and accommodate a larger user base within the World Network.

Unique Benefits for World ID Holders

Meanwhile, the launch of the new layer-2 blockchain network, World Chain, seems to have generated more enthusiasm than other recently introduced features.

It has attracted support from individual investors and traders as well as well-known blockchain brands and applications, including Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan.

Notably, World ID holders will benefit from free transactions on World Chain via the World App. Human users will receive priority block space directly integrated into block sequencing through a collaboration with Flashbots, while verified addresses will be granted free gas allowances.

The new World ID 3.0 features World ID Credentials, a way for even more people to participate in & benefit from World Network using things like an NFC-enabled passport. pic.twitter.com/sLGRCEzIiD

— World (@worldcoin) October 17, 2024

World Chain aims to maintain a gas target of 5 Mgas/s, with the potential to increase as necessary to ensure low costs and high speeds as demand grows. This structure is intended to simplify the onboarding process for new users, with casual users having their fees covered by bots and more regular users.

Related: UNI Token Soars 12% As Uniswap Announces the Launch of Unichain, a New Layer 2 for DeFi

The project proudly asserts that World Chain has the highest number of individually verified humans. Upon launch, all 15 million World ID holders and World App users transitioned to or were transitioning to World Chain.

As the World project continues to grow, a positive effect on the price of the Worldcoin (WLD) token may be anticipated. It currently ranks as the 60th largest cryptocurrency by market capitalization, valued at $1.3 billion.