Worldcoin Unveils $5 Million ‘Wave0’ Grant Program for Tech Innovators

Worldcoin (WLD) has introduced a $5 million grant program named “Wave0” with the goal of supporting innovators working on resilient technology and more equitable systems. This initiative, backed by OpenAI CEO Sam Altman, will provide grants through the Worldcoin Foundation, a nonprofit organization dedicated to supporting WLD’s initiatives.

As per a blog post dated December 6th, these grants will be distributed in the form of WLD tokens, with 2 million coins allocated across three tracks within the Worldcoin Tech Tree.

The first track, known as community grants, will allocate up to 5,000 WLD tokens for sponsorships, hackathons, and similar initiatives. The second track, project grants, aims to support larger-scale projects with grants of up to 25,000 WLD tokens.

The Open Track Grants will focus on the most significant and ambitious projects and will be awarded on a case-by-case basis without a predetermined budget. The Worldcoin Foundation may also consider issuing grants in Circle’s USD Coin (USDC) or similar stablecoins to ensure broader accessibility. It’s worth noting that the protocol previously suspended USDC payments to Orb operators in October 2023.

According to the announcement, projects that receive backing will contribute to the advancement of the Worldcoin Tech Tree by making improvements in areas such as World ID applications, protocol enhancements, user agents, hardware development, and operational enhancements.

Additionally, Worldcoin has released a paper on decentralization, outlining its strategy for creating a protocol that is purportedly owned and governed by the global human population. The ultimate goal is for Worldcoin to become an integral part of the global digital infrastructure, characterized by robustness, wide adoption, and neutrality akin to the internet itself. Anything less is considered insufficient in addressing the significant challenges at hand. This commitment to achieving a high standard has been a priority for Worldcoin from the outset, with substantial progress already made.

Worldcoin was launched in July 2023 amid intense scrutiny, primarily driven by privacy concerns raised by cryptocurrency advocates. The protocol, which utilizes iris scanning for biometric identification, established sign-up centers in various developing nations, prompting questions about its intentions. Regulatory authorities in France and Germany initiated investigations into the project, specifically examining its data collection practices and security systems. Despite skepticism, Worldcoin plans to expand its ID verification platform to encompass businesses and government entities.

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