Web3 Foundation Grants Program Paves Way for 300 New Ventures

The Web3 Foundation awards program has reached a major landmark, with the formal acceptance of 300 proposals. Amongst them, 143 teams have finished their tasks completely. This accomplishment, like the 100 and 200 project landmarks, is recognized because it demonstrates the Foundation’s unwavering backing for teams building the decentralized web.

Since the start of the program in December 2018, it has attracted 840 applications. 302 have been approved, 212 have reached their initial stage, and over 140 have finished their tasks. Polkastarter and Acala are some of the hundreds of companies on the list of fund recipients.

Significantly, the initiatives funded to far span the whole Web3 technological stack. About half of the runtime components and design tools are covered. Wallets, UI development, tools, bridges, and cryptography are some of the other topics covered.

Furthermore, the teams’ activities are focused on a range of decentralized business cases. Digital identity and privacy, gaming, IoT, banking, data storage, and so many other topics are on the agenda. For a long time, the Foundation has supported two distinct assistance programs: General and Open Grants. The latter was implemented to make financing more accessible and visible.

Open Grants would allow proposals and landmark accomplishments to be reviewed and approved openly on GitHub. Payments would be done in digital currency as well. Although most applications were made via Open Grants, the idea proved much more productive than General Grants over time.

Finally, the two grant programs were combined to eliminate the time-consuming process of selecting between them. This pulled together the finest of the duo while avoiding extra expenses paid during the selection process. The Web3 Foundation is now providing recurrent donations, which are openly monitored on GitHub.

This implies that both fresh applicants and inquisitive community members may track the financing of the initiatives through a public forum. Payments are carried out not just in cryptocurrencies, but also in fiat currency and via private apps, all of which are stored in a centralized repository.

Furthermore, the Foundation enables for independent landmark assessments for program sustenance and stepping up process. All coders need to do is refine their products before proceeding with the submission process. Ultimately, the Web 3 Foundation initiative allows for real-time Web3 and Polkadot conversations through Element channels.

Web3 Foundation, Polkadot Watercooler, and Kusama Watercooler are among them. Ponzi schemes have been on the rise recently, and several members of the cryptocurrency world have fallen prey to them. Polkadot and Kusama pretenders, in particular, have arisen to defraud the crypto enthusiasts as the two networks pick up steam. As a result, Polkadot has released a manual to safeguard users and reduce the danger of financial loss.