- Community Labs, a leading Web3 software development company, is gearing up to introduce AO Ventures, a 10-week, $35 million incubator program centered around the Arweave ecosystem.
Community Labs, a leading Web3 software development company, is gearing up to introduce AO Ventures, a 10-week, $35 million incubator program centered around the Arweave ecosystem.
1/ We’re thrilled to announce @aoTheVentures: a 10 week incubator for building on @aoTheComputer, with $35M in committed capital from leading investors @FactionVC, @DistributedG, and more.
The program will start on April 23rd, and you’ll be able to pitch to funds including…
— Community Labs | we're hiring! (@CommunityLabs) April 11, 2024
Set to commence on April 23, AO Ventures has garnered support from notable venture capitalists including Factor and Distributed Global.
This initiative presents selected Web3 entrepreneurs with the chance to collaborate with industry veterans and potentially pitch their projects to prominent VCs like a16z crypto, 1kx, Coinbase Ventures and more.
A distinctive feature of AO Ventures is its inclusive nature, as it welcomes participation from all projects utilizing the AO Computer, a decentralized computing service built on the Arweave blockchain.
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The AO Computer stands out for its ability to address vulnerabilities commonly found in centralized systems, such as data breaches and censorship, by facilitating parallel processing.
Moreover, the AO Computer enables seamless interaction with the Arweave network, empowering the development of decentralized applications across diverse sectors including artificial intelligence and gaming.
Arweave serves as a repository for a wide range of data, encompassing web pages, gaming data, and non-fungible token (NFT) metadata, with a total storage capacity of approximately 57.64 pebibytes (equivalent to around 64.9 million gigabytes).
Arweave (AR) has experienced significant growth of over 273% in the past year amidst the ongoing bull market, reaching a market capitalization of $2 billion.
However, it is still below its all-time highs of $90.94 reached in the previous bull market in November 2021.
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