As the crypto space continues to heat up, funding for new startups has also increased. One notable example is 0G Labs, a web3 infrastructure firm that has raised $35 million in a pre-seed round. According to an exclusive conversation with TechCrunch, this significant amount of funding will be used to build the necessary technology and hire engineers to develop market functionality.
A Modular AI Blockchain for the Web3 Ecosystem
0G Labs is creating a modular AI blockchain that aims to alleviate the pain points associated with on-chain AI applications in the web3 ecosystem. These pain points include speed and cost efficiency, which can hinder the adoption of decentralized technologies. The company’s co-founder, Michael Heinrich, explained that the goal is to enable any blockchain to be as performant and inexpensive as a web2 application.
Modularity: A Key Feature of 0G Labs’ Blockchain
One of the key features of 0G Labs’ blockchain is modularity. This allows developers to choose the components they need to build a blockchain system or application, similar to customizing orders in a restaurant. By configuring the components to suit their needs, developers can create more efficient and effective blockchains.
Reaching New Use Cases with 0G Labs’ Blockchain
Once the chain is fully operational and on mainnet, any Web 2.0 application can be built on-chain. Heinrich sees the ideal initial ecosystem members and users as layer 2 blockchains like Polygon and Arbitrum, which focus on scaling the Ethereum ecosystem. The company also plans to enable new use cases and things that were not possible before, such as on-chain AI, on-chain gaming, and high-frequency decentralized finance (DeFi).
Negligible Gas Costs: A Key Advantage of 0G Labs’ Blockchain
The gas costs, or fees, per transaction are "essentially negligible at this point." This will allow for more AI applications to evolve and bigger issues to be addressed on-chain. In the near term, the company plans to capitalize on a lot of use cases and support "things that are difficult to solve" ranging from deepfake detection on the AI side to building decentralized models.
A Public Good: Serving Humanity
Heinrich emphasized that 0G Labs wants its blockchain to be a public good, serving humanity in various forms. The company’s goal is to make its technology accessible and beneficial to everyone, not just a select few.
Funding and Future Plans
The $35 million pre-seed round will be used to build the necessary technology and hire engineers to develop market functionality. The company plans to launch on mainnet by the third quarter of this year and is expected to attract a wide range of users, including layer 2 blockchains and high-performance teams building decentralized applications.
Conclusion
0G Labs’ modular AI blockchain has the potential to revolutionize the web3 ecosystem by alleviating pain points associated with on-chain AI applications. With $35 million in funding, the company is well-positioned to achieve its goals and make a significant impact on the crypto space.
Additional Reading
