Worldcoin (WLD), a digital identity project that utilizes iris scanning, has announced its rebranding to “World.”
This change is part of a broader trend, as many projects have recently undergone rebranding for various reasons.
World Continues Its Development Amid Controversy
At a recent event held in San Francisco, Worldcoin co-founders Alex Blania and Sam Altman unveiled several updates for the project.
Read more: What Is Worldcoin? A Guide to the Iris-Scanning Crypto Project
One key development is the introduction of a new generation of Orb devices. These reportedly offer five times the performance of their predecessor.
The project also launched World ID 3.0, a feature designed to prevent deepfake fraud. Additionally, they introduced World Chain, described as “the first blockchain designed to prioritize human activity and transactions.”
With these changes, Blania and Altman emphasized that the name “Worldcoin” no longer encapsulates the project’s mission, leading to the rebrand as “World.”
“The name “Worldcoin” no longer encapsulates the mission of the project—to accelerate every human… World is truly a network of real, verified humans built to enable an optimistic future in which humans will continue to be at the center of AI progress.,” the company declared.
Following the event, WLD’s price increased 3.9%. However, in the past 24 hours, the WLD token has remained down 3.61%, currently trading at $2.17.
Moreover, the token has experienced an 80% decline since its peak of $11.9 in March.
Recently, the World has faced numerous legal challenges regarding the collection of personal data in countries like Mexico, Chile, and Colombia. Despite these issues, the project reports having successfully registered 15 million World IDs.
Read more: Where To Buy Worldcoin (WLD): 5 Best Platforms for 2024
The rebranding from Worldcoin to World is a part of the broader trend in the crypto ecosystem. MakerDao rebranded as Sky, Fantom became Sonic, and projects like SingularityNET, FET, and Ocean Protocol merged to form the Artificial Superintelligence Alliance. The most recent example is the merger of SingularityDAO, Cogito Finance, and SelfKey into Singularity Finance (SFI).
“Projects occasionally opt to rename or rebrand their tokens. This can be a strategic move driven by various business, operational, or commercial purposes. However, not all rebranding efforts are driven by legitimate business needs. There have been instances where projects rebrand their tokens without a clear or viable reason, sometimes with the intent to obscure or hide certain actions.” Binance Research commented.
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