According to WABetaInfo, WhatsApp is developing a username key feature. This feature will allow the user to set up a code that must be entered by those looking to contact the person for the first time. It was previously known as the “username PIN”.
The username key serves as a privacy feature as it allows the user to have control over who can reach out to them. Usernames let users contact people without needing their phone numbers. However, this also means that if someone knows your username, they can easily reach out to you.

The idea behind the username key is to prevent instances of unwanted contact, as anyone looking to message the user must first have the key. Basically, the key is a sort of secret code the user can share with their friends and acquaintances.
Naturally, the user must first set a code before they can use the feature. This means that the user has the freedom to decide whether they want to limit the messages they receive. While a username key is useful for more private users, some people may want to be easily reachable. These users can choose not to configure a code.
WhatsApp will also display a banner at the top of the Chats tab for users who have set a username but not a username key. The banner will inform the users of the feature. Additionally, the name change from “username PIN” to “username key” is likely for added clarity, so users will not mistake it for security features like two-step verification.
Currently, the username key is still under development. It is unclear when WhatsApp will release it to the public. The final iteration of the feature may not match the current version exactly.
(Source: WABetaInfo)