Web3 developer Community Labs has pledged $35M to the ArWave ecosystem accelerator.
Web3 software developer Community Labs is set to launch a 10-week incubator program, AO Ventures, focused on the ArWave (AR) ecosystem, with an initial investment of $35 million.
The program, scheduled to launch on April 23, aims to support projects in decentralized storage networks through funding, consultancy and technical workshops.
This initiative is backed by venture capitalists like Factor, Distributed Global and others. It gives selected Web3 entrepreneurs an opportunity to engage with industry veterans and pitch their projects to prominent VCs after the program ends.
A significant aspect of the program is inclusiveness, as participation is open to all projects using AO Computing, a decentralized computing service that leverages the Arweave blockchain.
The AO computer excels in optimizing parallel processing to address common vulnerabilities found in centralized systems, such as data breaches and censorship. This feature allows it to support multiple processes running simultaneously, increasing scalability.
In addition, it allows interaction with the Arwave network to develop decentralized applications in various fields, including AI and gaming.
Arwave's token, AR, has gained over 250% as part of the continued bull market over the past year, although the token is still below its 2021 all-time high. Last December, Arwave's unofficial forking plan sparked controversy when popular Layer-2 network Iris proposed to “dump its data set and restart its token offering.”
The network stores a wide variety of data, from web pages to game data and NFT metadata, totaling 57.64 pebibytes (about 64.9 million gigabytes).
Arwave was created by Sam Williams and William Jones from the University of Kent to address data impermanence by making data, information and applications removed from the Internet available indefinitely. .
It uses a unique blockchain variant called Blockweave, whose interlocking structure offers greater elasticity and efficient storage options than traditional blockchains, making it ideal for storing large amounts of data.
Related: NFTs, Games and Storage: The Key Filecoin and Arweave Storage Value?
