Worldcoin Foundation Allocates $5 Million for Startups

The Worldcoin Foundation has taken a significant step in supporting innovation by dedicating a generous sum of $5 million to a grant program known as Wave0. This initiative is designed to foster the development of robust technologies and more equitable systems using the Worldcoin protocol.

The foundation plans to allocate these funds across three primary focus areas, with investments to be made in the cryptocurrency WLD, the native token of the Worldcoin protocol running on the Ethereum blockchain.

Remco Blumen, the Head of the Worldcoin Foundation protocol, emphasized that these grants are not limited to developers alone. He stressed the need for broader community efforts, including raising awareness, educating people, and addressing various aspects of the initiative. Blumen underlined the significant amount of work ahead and highlighted that the technologies aim to bring about changes in terms of income inequality, governance, and other existential risks.

The grants will be awarded to projects dedicated to researching and developing privacy and biometrics. Furthermore, startups offering innovative and practical applications for Worldcoin and World ID will also have the opportunity to secure funding.

This news comes just a few weeks after Sam Altman, co-founder of Tools for Humanity, faced a challenging situation. Initially, he was dismissed from his position as CEO of OpenAI but was later reinstated.

Alex Blania, co-founder and CEO of Tools for Humanity, clarified that Altman's role in Worldcoin remained unchanged despite the developments surrounding OpenAI. He stated, "In five years, neither Sam nor I will have any influence over what happens with Worldcoin. This is an irreversible process, and we both agree with it."