What Is the Web3 Foundation?

The technological advancements that lie behind crypto assets are frequently overshadowed by the assets themselves. The shadowed technologies are the ones that are responsible for assisting the world in moving closer to the most recent version of the World Wide Web, which is referred to as Web 3.0.

As a direct consequence of this need, organizations such as the Bitcoin Foundation, Dash Foundation, IOTA Foundation, Cardano Foundation, and Ethereum Foundation have been established in order to safeguard the development of cryptocurrency and blockchain technology. In addition to this, they provide funding for innovative projects and efforts to advance research and development.

Today, we are going to talk about the Web3 Foundation, which is an organization that works to support web 3.0. Let’s get a better understanding of what it is and how it helps keep crypto technologies secure!

Who Is the Web3 Foundation’s Founder?

Dr. Gavin Woods, Ashley Tyson, and Peter Czaban established the Web3 Foundation in 2017. Dr. Woods serves as the organization’s current president. In addition to being a co-founder of Ethereum, Gavin Woods formerly held the position of Chief Technology Officer for the company. The Web3 Foundation was established in order to foster and protect the technologies that lie beneath the applications that make use of the decentralized web.

In order to preserve decentralization, the foundation has the goal of acting as a guardian for the most advanced cryptographic technologies currently available. Long term, the web3 ecosystem will benefit from your actions, and it will also become more stable.

In addition, the Web3 Foundation provides funding to research and development teams that are active in the field of the decentralized web in order to encourage the growth of cryptographic technologies and the applications that make use of them. In essence, the mission of the foundation is to work toward the realization of the full potential of the underlying technologies that are driving the cryptocurrency revolution.

What are Some of the Web3 Foundation’s Projects?

Since 2019, the foundation has been awarding grants to cryptocurrency projects. It distributes grants four times a year, each time referred to as a wave. A wave corresponds to one-quarter of the year. The foundation is currently working on the fourteenth wave of grant distribution.

Since the start of 2022, the foundation has signed 55 projects to help build a more decentralized web. In its history, the organization has given out 395 awards in over 50 countries (and counting).

The Web3 Foundation’s Key Projects Include:

• Polkadot: A scalable open-source protocol that provides a secure environment for cross-chain interoperability.
• Kusama: It is a canary network that is scalable (an operational blockchain with scare tokens that are used for testing features for the main net). Polkadot development and experimental version with the same codebase as Polkadot. It enables developers to move quickly, iterate, and innovate in order to deploy applications on Polkadot.
• XCMP: A messaging protocol that prioritizes privacy and security.
• Web3MOOC: It is a 20-week blockchain foundation course that covers topics such as decentralization, encryption, mining, smart contracts, and consensus.
• Web3 Summit: This is an annual event that aims to bring all members of the Web 3.0 movement together to collaborate.

Research by Web3 Foundation

In addition to grants, the Web3 Foundation conducts in-house research and collaborates with industry and academic research groups. Its research team includes many well-known scientists who are tackling the most difficult problems in order to bridge the Web3 adoption gap.

The research group is based in Zug, Switzerland. Furthermore, decentralized algorithms: Consensus & Optimization, Behavioural Economics & Usability, Cryptoeconomics & Game Theory, cryptography, and networking are their main areas of research.

Bottom Line

Web3 Foundation is an organization in charge of nurturing and maintaining the technologies (and their applications) that enable us to have a decentralized web. This is accomplished through grants to exceptional research and development teams across the continent. Furthermore, it conducts research with the assistance of its in-house research team as well as collaborations with industry and academic research groups.

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of EGG Finance. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.