Community Labs to Launch $35M AO Ventures Incubator for Arweave Ecosystem
Summary:
Web3 software development firm, Community Labs, is launching its 10-week incubator program, AO Ventures, with a $35 million initial investment. The program is specifically designed around the Arweave (AR) ecosystem and aims to provide resources, including funding, mentorship, and technical workshops. AO Ventures will support projects using the AO Computer, which leverages the Arweave blockchain. The Arweave blockchain hosts a diverse array of data, and Arweave's token, AR, has seen significant growth over the past year.
Web3 software development expert, Community Labs, is ready to initiate its 10-week incubator program, AO Ventures, which is designed around the Arweave (AR) ecosystem. The scheme, set to kick off on April 23, is backed by considerable initial funding of $35 million with intentions to aid the growth of projects within the framework of decentralized storage network. In addition to financial assistance, participants will receive mentoring and have access to technical workshops. Venture capital giants including Factor and Distributed Global are among those supporting the program.
The incubator has a perceived inclusiveness about it, accepting all projects that make use of the AO Computer, a decentralized computing platform that is built upon the Arweave blockchain. The AO Computer is credited for its resistive ability against routine flaws found in centralized networks, notably data breaches and censorship, thanks to its facilitation of concurrent processing. This unique attribute improves scalability by allowing multiple processes to function simultaneously. Moreover, this feature provides a pathway to interact and power a variety of sectors' decentralized applications through the Arweave network.
Arweave’s financial token, AR, has seen a notable 250% growth over the previous year, despite not reaching its peak 2021 high points just yet. During the last month of 2021 however, the community was embroiled in a debate sparked by Irys's, a top layer-2 network, proposed plan to abandon the data set and restart the token supply. This blockchain hosts a diverse array of data in its network, accumulating to around 57.64 pebibytes (roughly 64.9 million gigabytes), from web pages, gaming data, and NFT metadata.
The creation of Arweave was the brainchild of the duo, Sam Williams and William Jones, from the University of Kent who envisioned a solution to the problem of data disappearance from the internet, a phenomenon known as data impermanence. To ensure the indefinite availability of information, websites and applications, Arweave employs a unique blockchain variant labelled Blockweave. Its intricate structural design delivers superior scalability and storage options in comparison to classic blockchains, rendering it perfect for accommodating large data volumes.
Published At
4/11/2024 7:06:09 PM
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