Web3 Foundation achieves another breakthrough by officially signing its grant program 302 development projects. This milestone means that the Web3 Foundation has already funded 100 projects in 2021, as of the time of reporting. There are more grants in progress.
The Web3 Foundation is well-known for its transparency and celebrations of grant successes. This happens just after January 2021’s last milestone. Funding for 200 projects was provided by the organization.
Web3 Foundation has received over 840 applications since December 2018, when the program was launched. This includes teams from more than 50 countries. Each project is related to the goal of Web3 Foundation, which is to sponsor and develop innovative applications for decentralized Web protocols powered by Web3.0 technology.
Web 3.0 technology is the foundation of the Internet of the future. Users have complete control over their identity and privacy. All 302 projects approved by Web 3.0 technology cover all five layers.
Many of the projects have decentralized runtimes. Other tools include UI development, wallets for cryptography, APIs and other features.
The selection process
On its Medium blog, the Web3 Foundation stated that it first selected grant recipients through its General Grants and Open Grants programs. The Web3 Foundation allowed project teams to submit pitches through the General Grants program without making their project details available.
Each project that was approved by the media was awarded $ 100,000, payable in fiat. The Open Grants Program supported a public pitching system via GitHub. In this instance, each project was approved and received $ 30,000
Web3 Foundation has merged both selection methods to offer more flexibility and funding for projects, while keeping the best aspects of both. Because of the transparency and ease of GitHub, the organization accepts applications only. However, funds can be sent via fiat or cryptocurrencies.
Dr Gavin Wood (CEO of the Web3 Foundation) reiterated in several interviews that the organization will not relent on its vision. As such, Request for new grantsThis is a work in progress.
In July 2021, the last wave of grants, which was also 10th, involved 27 grants. Enthusiasts are hopeful that a new wave will be announced soon. From the 302 projects approved to date, 143 have been completed.
The ultimate goal of these grants is to encourage widespread adoption and privacy of Web3 technology. But when will this vision become a reality?