December 7, 2023

Worldcoin Launches $5-Mln Initiative for Blockchain Developers

Worldcoin

Worldcoin

Worldcoin (WLD) has recently announced a grant program titled “Wave0”, worth $5 million.

This initiative is aimed at supporting innovators who are working on developing resilient technology and creating more equitable systems.

OpenAI CEO Sam Altman is backing this project, and the grants will be issued through the Worldcoin Foundation, a non-profit organization that supports WLD’s efforts. As per the blog post on Dec. 6, the grants will be distributed in WLD tokens, and 2 million coins will be allocated across three tracks under the Worldcoin Tech Tree.

There are three different tracks for Worldcoin grants. The first track, Community Grants, provides up to 5,000 WLD for initiatives such as sponsorships and hackathons.

The second track, Project Grants, supports large-scale projects with up to 25,000 WLD. The third track is Open Track Grants, which focuses on the most significant and ambitious projects and has no budget. The amount of funding for this track will be determined on a case-by-case basis. The Worldcoin Foundation may issue grants in Circle’s USD Coin (USDC) or similar stablecoins to ensure greater inclusion.

It’s worth noting that the protocol halted USDC payments to Orb operators back in October 2023. The projects that receive grants will help advance the Worldcoin Tech Tree with improvements in World ID applications, protocol, user agents, hardware, and operations.

Worldcoin released a white paper on decentralization, detailing its plan for a supposedly owned and governed protocol by all humans. The cryptocurrency was launched in July 2023 and faced significant scrutiny due to privacy concerns raised by crypto enthusiasts. The protocol requires users to scan their iris for biometric identification, and Worldcoin established sign-up centers in developing countries, which raised questions about the company’s intentions.

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