1. 0G Labs, a web3 infrastructure firm, raised $35 million in a pre-seed round for their modular AI blockchain technology.
2. The company aims to make blockchain as performant and inexpensive as web2 applications by focusing on high security, throughput, and scalability.
3. Once fully operational, 0G plans to enable new use cases on-chain, such as on-chain AI, on-chain gaming, and high-frequency DeFi, with negligible gas costs per transaction.
A web3 infrastructure firm called 0G Labs has raised $35 million in a pre-seed round to develop a modular AI blockchain that aims to enhance on-chain AI applications in the web3 ecosystem. The company’s goal is to make any blockchain as performant and cost-efficient as a web2 application through their modular approach. Co-founders found a gap in the market for data storage critical for scaling blockchain systems and on-chain AI and are committed to building the necessary infrastructure.
The company attracted interest from over 40 crypto-native institutions and chose Hack VC as their lead investor, resulting in oversubscription with over $100 million in interest. The capital raised will be used to hire engineers, build up market functionality, community, and ecosystem. Although 0G does not currently have its own token, they plan to release one in the future as a web3 company.
0G aims to focus on high security and throughput by offering a fast and cost-effective solution compared to competitors. With a focus on scalability, the company’s goal is to reach “infinite capacity” on its mainnet by the third quarter of this year. They plan to enable new use cases such as on-chain AI, on-chain gaming, and high-frequency DeFi, allowing for more AI applications to evolve and addressing bigger issues on-chain.
The company envisions their technology as a public good that can serve humanity in various forms, and has a strong commitment to building the necessary infrastructure for decentralized storage and scalability in the web3 ecosystem.