Worldcoin Rebrands to 'World Network” and Announces New Ethereum L2 Project to Onboard 1 Billion Users
- Susan SarandonOriginal
- 2024-10-19 21:42:14307browse
On Oct 17, Worldcoin's founder, Sam Altman, announced a major rebrand to World Network and unveiled plans to grow the digital identity initiative's user
Worldcoin, a decentralized identity project founded by Sam Altman, has announced a major rebrand to “World Network” and unveiled plans to grow its user base to 1 billion people.
The announcement was made during a keynote address by Altman at Web Summit 2024 in Lisbon, Portugal. The event saw the launch of World Chain, an Ethereum-based Layer 2 blockchain, and new versions of its biometric Orb devices and World App.
“We started Worldcoin with a simple mission: to give everyone in the world a digital identity,” said Altman in a statement. “With World Network, we're taking the next step in that journey, building a decentralized network that will connect billions of people and enable them to participate fully in the digital economy.”
World Network will be powered by the World Chain, an Ethereum L2 blockchain designed to handle the high transaction volume required for a large-scale decentralized identity system. The chain will be secured by a network of validators and will use a Proof-of-Stake consensus mechanism.
“The World Chain is a critical piece of infrastructure for World Network,” said Blania in a statement. “It will allow us to scale the network to billions of users while maintaining decentralization and security.”
The Orb devices and World App will be used to generate decentralized identifiers (DIDs) for users, which can then be used to access a variety of online services. The devices and app have been redesigned to be more user-friendly and efficient.
“The Orb devices and World App make it easy for anyone to generate a DID and join World Network,” said Blania. “We've worked hard to improve the user experience and make the process as seamless as possible.”
Worldcoin was founded in 2022 by Altman, also the CEO of OpenAI, and a group of entrepreneurs and technologists. The project raised $25 million in seed funding from a16z crypto, Coinbase Ventures, and others.
The rebranding to World Network reflects the project's broader mission to create a decentralized network that will connect billions of people and enable them to participate fully in the digital economy.
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