Worldcoin Announces $5 Million Grant Program for Innovators
Worldcoin (WLD) has introduced a $5 million grant program called “Wave0” to support the development of resilient technology and more equitable systems. The initiative, backed by OpenAI CEO Sam Altman, will be administered through the Worldcoin Foundation, a non-profit organization that aids WLD’s endeavors. The grants will be distributed in WLD tokens, with 2 million coins allocated across three tracks known as the Worldcoin Tech Tree.
Three Tracks for Grants
The first track, community grants, will provide sponsorships, hackathons, and other similar initiatives with up to 5,000 WLD. The second track, project grants, aims to support large-scale projects with up to 25,000 WLD. The third track, Open Track Grants, will focus on the most significant and ambitious projects and will receive amounts on a case-by-case basis without a specific budget.
Inclusion of Stablecoins in Grants
To ensure greater inclusion, the Worldcoin Foundation may issue grants in Circle’s USD Coin (USDC) or similar stablecoins. This move comes after the protocol ceased USDC payments to Orb operators in October 2023.
Advancement of Worldcoin Tech Tree
The supported projects will contribute to the advancement of the Worldcoin Tech Tree by improving World ID applications, protocols, user agents, hardware, and operations.
Decentralization Strategy Outlined
“To become part of the global digital infrastructure, Worldcoin must be as robust, widespread, and neutral as the internet itself. Any lesser standard is insufficient to effectively address the grand challenges. This has been a priority from day one, and much has already been achieved.”
Worldcoin Wave0 grant blog post
Controversies Surrounding Worldcoin
Worldcoin faced scrutiny upon its launch in July 2023 due to privacy concerns raised by cryptocurrency proponents. The protocol, which utilizes iris scans for biometric identification, established sign-up centers in various developing nations, leading to suspicions about its intentions. Regulators in France and Germany have initiated investigations into the project, focusing on its data collection and security systems. Despite skepticism, Worldcoin plans to expand its ID verification platform to businesses and government entities.
Hot Take: Worldcoin Empowers Innovators with Grant Program
Worldcoin’s $5 million grant program, Wave0, demonstrates the project’s commitment to supporting innovators and fostering resilient technology. By issuing grants through the Worldcoin Foundation, backed by OpenAI CEO Sam Altman, Worldcoin aims to drive progress in the development of more equitable systems. With three tracks available under the Worldcoin Tech Tree, the grant program offers opportunities for various projects at different scales. Additionally, the inclusion of stablecoins in the grants ensures greater accessibility. Despite facing controversies and regulatory scrutiny surrounding its privacy practices, Worldcoin remains determined to advance its ID verification platform and contribute to the global digital infrastructure.
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