In a recent live stream, Worldcoin founders Alex Blania and Sam Altman unveiled the project’s rebranding as World Network, alongside significant updates including the new Orb, a new verification method, World ID 3.0, World App 3.0, and the launch of World Chain. The initiative aims to create a network composed of real, verified individuals to support further advancements in AI, with World Chain, World ID, and Worldcoin serving as its three main pillars.
During the stream, the price of the WLD token fluctuated considerably. Prior to the announcement, WLD peaked at 2.3 USDT but dropped to 2.08 USDT during the broadcast, a nearly 10% decline. As of this writing, the price has rebounded to 2.2 USDT, indicating that the official updates did not significantly boost the token’s value.
Worldcoin Updates
On September 30, Worldcoin announced the live stream on X, using the tagline “Building AI on human terms takes all of us.” The market speculated that the updates would involve a collaboration with OpenAI to incentivize user participation in AI development, thus empowering the WLD token. However, expectations were not met.
Despite this, the live stream highlighted several notable features. For instance, World App 3.0 introduced Mini Apps and World Chain launched with Verified Passport as a new verification channel, marking a significant step in lowering entry barriers.
World App 3.0: A New Mini App Hub
Previously, World App functioned primarily as a wallet, but the new Mini Apps feature allows developers to create applications similar to those on Telegram or WeChat, enhancing the user experience. The integration of World ID ensures that app owners are verified humans, contrasting sharply with the many fake accounts prevalent on Telegram.
Mini Apps will enable third-party applications to run within World App, allowing deep anonymous integration with users’ World IDs, wallets, and contacts. These applications are optimized for real users, enabling functionalities like chatting, transferring funds, recharging mobile balances with digital assets, and conducting human-only votes and games.
Developers can easily create and publish Mini Apps using a customizable SDK, broadening the platform’s ecosystem.
Additionally, World App 3.0 boasts improved wallet functions:
- Speed Enhancement: Transaction speeds have increased by up to 90% with World Chain support.
- New Features: Including World Pay (global free payments), convenient funding channels, a new asset yield Vault, and improved community connectivity.
World App 3.0 also supports storing World ID credentials, allowing users to keep NFC passport information on their devices. This facilitates age, nationality, and passport validation without revealing true identities.
Extra features include:
- WLD Token Distribution: Verified Passport holders can apply for WLD tokens before fully passing the Orb verification.
- Deep Face Recognition: Coming this fall, this feature will help users verify real identities in live videos or chats to combat deepfake threats.
- Simplified Connections: New usernames and contact tags enhance community interaction.
World ID 3.0
World ID 3.0 introduces new functionalities based on its “proof of humanity” protocol, enhancing privacy, security, and scalability. It also facilitates quicker expansion of the World Network by allowing more users who have not yet verified via Orb to obtain World ID credentials.
In the U.S., Malaysia, and the U.K., World ID holders can store NFC passport information within the World App, ensuring all data remains on their devices without external access. This allows users to validate their age, nationality, and passport uniqueness without disclosing their identities.
World ID 3.0 also combats online fraud with the new World ID Deep Face feature, which verifies real communication between users using Orb imaging and facial recognition, protecting against deepfake threats.
Core Features of World Chain: Priority Block Space and Gas-Free Transactions
World Chain, initially mentioned in April, was created to address the significant transaction volume from Worldcoin users, which at times accounted for 44% of OP Mainnet transactions. The chain is built on OP Stack, integrating World ID to provide priority block space and gas-free transactions for verified human users, aiming to support a digital identity and financial network for over a billion unique identities.
Key features of World Chain include:
- Gas-Free Transactions: Verified users will not pay gas fees, with initial funding support from the Worldcoin Foundation.
- Priority Block Space: Transactions from verified users are prioritized, reducing the risk of MEV attacks.
- Native Mobile Distribution: Mini Apps allow direct access to applications within the World App.
However, the specifics of how the WLD token will function within World Chain remain unclear, and further details from the official team are expected.
Uncertain Empowerment for WLD Tokens
Currently, Worldcoin faces challenges related to insufficient demand for the WLD token, as the practical use cases remain unclear. While the launch of World App 3.0 and World Chain offers enhanced functionality and trading experiences, a lack of effective integration of the WLD token with these features may dampen user engagement. Without clear incentive mechanisms and use cases, investor confidence and token value may fluctuate.
The primary hope for Worldcoin stems from its connection to AI leader OpenAI, helmed by co-founder Sam Altman. However, the relationship between the two is not clearly defined at this stage.
To achieve its vision, Worldcoin needs to provide more information on how to empower and incentivize the WLD token, thereby boosting user confidence and demand. Sustainable growth and stable token value can only be realized when the value of the WLD token is effectively tied to the core functionalities of the World Network.
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