TLDR:
- 0G Labs has raised $35 million in pre-seed funding from investors like Hack VC, OKX Ventures, and GSR.
- 0G Labs is developing a modular blockchain with a focus on decentralized AI applications.
Summary:
0G Labs, a modular blockchain developer, has secured $35 million in pre-seed funding from investors such as Hack VC, OKX Ventures, and GSR. The project, known for its focus on decentralized artificial intelligence applications, aims to create a decentralized cap table with numerous investors involved in the funding round. The funding was structured as a simple agreement for future equity (SAFE) with token warrants, indicating significant interest in the project.
0G Labs is working on building a data availability system within its modular blockchain project. This system is designed to enable all transaction data to be accessible to nodes or validators, ensuring independent verification of transactions without the need for trust between parties. By separating key data availability tasks, 0G Labs is enhancing scalability and offering a more robust data availability system for users.
The project positions itself as a “modular AI chain” that will provide a scalable and programmable data availability layer for AI decentralized applications (dapps). With claims of being significantly faster and cheaper than competitors, 0G Labs plans to launch its testnet soon and aims for a mainnet release in July 2024. The company’s innovative approach, particularly in combining decentralized storage with its data availability layer, sets it apart in the blockchain space.
Notably, the modular blockchain sector is gaining traction, with other startups like Avail, Lava, and Inco also receiving funding in recent weeks. This trend underscores increasing interest and investment in modular blockchain projects that offer unique solutions and capabilities within the crypto and AI space.
