- Web3 Foundation launches the decentralized Futures Program, inviting applications for funding from teams and individuals aiming to contribute to the growth of the Polkadot ecosystem.
- The initiative reflects Web3 Foundation’s vision of a decentralized internet and its goal to empower the Polkadot community.
Web3 Foundation, known for its flagship project, the Polkadot blockchain protocol, has unveiled the launch of its decentralized Futures Program. This initiative invites applications for funding from teams and individuals aiming to kickstart ambitious projects that contribute to the expansion of the Polkadot ecosystem.
With substantial backing of 20 million USD and 5 million DOT (Polkadot’s native cryptocurrency) allocated throughout 2024, equivalent to over 45 million USD, the program aligns with Web3 Foundation’s commitment to empower the Polkadot community in steering the decentralized development of the ecosystem. Speaking on the launch of the program, CEO of Web3 Foundation, Fabian Gompf said:
“The Foundation believes its strongest asset is the community itself. The decentralized Futures Program doubles down on this belief, allocating sizeable investments and grants that can accelerate the growth of decentralized technologies”.
Gompf emphasized that the initiative aims to empower the community to take the reins in the upcoming stage of Polkadot’s development. This approach harnesses the diverse capabilities within the community, marking a departure from centralized protocol management. The program signifies a significant stride toward realizing the Foundation’s core vision: establishing a decentralized internet where users have control over their data, identity, and destiny.
The introduction of the decentralized Future Program comes on the heels of Fabian Gompf’s recent appointment as the CEO of the Web3 Foundation. Before taking on the role of CEO, Fabian had been a member of the Foundation’s Council.
Funding All Sorts of Decentralized Development
Web3 Foundation underscores that funding eligibility extends to teams and individuals of diverse sizes, backgrounds, and disciplines. This includes, but is not limited to, projects focusing on developer experience, marketing, community events, ecosystem development, common good parachains, and infrastructure. The selection criteria for funding will also prioritize projects that demonstrate the potential to scale toward self-sufficiency. Speaking on the development, David Hawig, Technical Advisor at Web3 Foundation said:
“We see decentralized governance and leadership as a core value of web3 and Polkadot. The decentralized Futures Program reaffirms that commitment, building on the success of the Web3 Foundation’s Grant program which – as of September 20th, 2023 – has processed 1,000 payments in grants funding.”
Polkadot has always found ways to reward the contributors of its ecosystem. Last month, Polkadot announced that aspirants of Polkadot parachains would be able to secure crowdloans. Typically, these crowdloans are formed through contributions from engaged users of the Polkadot protocol. Therefore, when a parachain secures an auction victory, participants who contribute to the crowdloan will see their DOT tokens locked for the lease duration. In return for their contributions, these users will also receive rewards in the form of the parachain’s native token or other incentives.
Recently Polkadot also joined hands with Cardano, wherein the latter will use Polkadot SDK substrate to boost Web3 innovation.
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