Web3 developer Community Labs pledges $35M for Arweave ecosystem accelerator

A company named Community Labs, which is known for creating software solutions in the Web3 sector, is preparing to initiate a 10-week business incubator named AO Ventures. This program will specifically cater to projects within the Arweave (AR) ecosystem and will begin with an initial investment of $35 million.

Starting on April 23rd, the initiative will help projects in the decentralized storage system through financing, guidance from experienced mentors, and technical training sessions.

Some venture capital firms, including Factor and Distributed Global, support this project. It provides a platform for chosen Web3 business founders to connect with experienced industry professionals. After the program ends, they may have the chance to present their projects to well-known VCs.

Web3 developer Community Labs pledges $35M for Arweave ecosystem accelerator

The program stands out for its welcoming nature, as any project making use of the AO Computer, a decentralized computing platform based on the Arweave blockchain, is eligible to join.

The AO Computer is known for its capability to tackle typical weaknesses in centralized systems, like data breaches and censorship, through its parallel processing feature. By supporting multiple processes at once, this function boosts the system’s scalability.

In addition, it enables interoperability with the Arweave network to fuel decentralized apps in fields such as AI and gaming.

The value of Arweave’s token, AR, has surged by more than 250% in the past year due to the ongoing bull market. However, the token is yet to reach its peak prices from last year. In December, a controversial proposal by the secondary network Irys within Arweave sparked debate as it suggested discarding the data set and restarting the AR token supply.

The network holds an extensive collection of data, encompassing everything from websites to gaming information and NFT details, amounting to around 57.64 pebibytes or roughly 64.9 million gigabytes in size.

Arweave is a project initiated by Sam Williams and William Jones from the University of Kent with the goal of addressing the issue of data disappearing from the internet, or “data impermanence.” They aimed to ensure that information, websites, and applications remain accessible indefinitely.

This technology employs a distinctive blockchain version named Blockweave, which features an intricately linked architecture. Compared to conventional blockchains, this structure offers enhanced scalability and practical storage solutions, making it particularly suitable for handling vast amounts of data.

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2024-04-11 19:19