Worldcoin (WLD) has revealed “Wave0,” a $5 million grant initiative aimed at entrepreneurs creating resilient technology and more just systems.
The initiative, which has the support of OpenAI CEO Sam Altman, will provide funding via the Worldcoin Foundation, a nonprofit that aids WLD in its endeavors.
A blog post from December 6th stated that the funds will be paid out in WLD tokens, with two million of those coins designated for three tracks under the fictitious Worldcoin Tech Tree.
The first track, community grants, funds events like hackathons and sponsorships up to 5,000 WLD. The second track, project grants, is designed to provide up to 25,000 WLD supporting large-scale undertakings.
Grants under the Open Track will be awarded to the most important and ambitious projects. There is no set budget for the track; funding is granted on an as-needed basis.
The Worldcoin Foundation may donate Circle’s USD Coin (USDC) or other stablecoins to promote greater inclusion. Notably, in October 2023, the protocol stopped sending USDC payments to Orb operators.
The statement states that funded initiatives would enhance World ID apps, protocol, user agents, hardware, and operations, advancing the Worldcoin Tech Tree.
In addition, Worldcoin released a decentralization paper in which it outlined its plan for a system purportedly owned and controlled by humankind. According to a Worldcoin Wave0 grant blog post:
“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 came under intense criticism when it started in July 2023 due to privacy concerns raised by cryptocurrency supporters. Many questioned Worldcoin’s motives after the protocol—which uses iris scanning and biometric identification—created sign-up centers in a number of impoverished countries.
Authorities in Germany and France reportedly probed the project’s security and data collection mechanisms as part of their investigation. Despite opposition from detractors, Worldcoin intends to expand its ID verification platform to include the government and commercial sector.
