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Chromia relational blockchain is advancing data and AI boost with a $20 million fund.
Key Notes
Chromia just launched a $20 million Data and AI ecosystem fund.The fund will play a key role in expanding access to data-intensive projects.One of its executives Yeou Jie is set to lead the initiative.Layer-1 relational blockchain Chromia wants to expand data-centric fields and spur ecosystem growth. As a result, it has announced the launch of a $20 million Data and AI ecosystem fund and the upcoming ‘Asgard’ mainnet upgrade. This was made public alongside other initiatives during the ongoing TOKEN2049 Event in Singapore.
Chromia Focuses on Supporting Data-intensive and AI-enabled Projects
Chromia plans to use the fund to support data-intensive projects and AI-enabled applications. Yeou Jie, Chromia’s Head of Business Development, has been appointed to lead the initiative. Jie joined the company only a few months ago after serving as DeFiance Capital’s Head of Portfolio for more than two years.
His LinkedIn profile shows he has also worked as a Management Associate (Corporate Strategy) for the Bank of Singapore.
Jie acknowledged that projects that deal with a lot of data require data cleaning services and automation to handle the massive volume. This need necessitated the implementation of AI technology. He touted Chromia as the ideal environment for developers to create real-time solutions that can process, analyze, and react to complex datasets.
In the long run, Chromia co-founder Henrik Hjelte sees the potential of this initiative to boost Chromia’s position in terms of global partnerships. He says it would expand the ecosystem in fresh directions. Applications for the Data and AI ecosystem fund will soon be open to interested members of the public.
Also, the Asgard mainnet upgrade is scheduled for Q4 2024. This upgrade is Chromia’s strategy for introducing “Extensions.” These are customized chains that will bring new functionalities to the platform. Final decisions are yet to be made, but some of the proposed Extensions are an Oracle solution, computation for AI models, and support for data availability and zero-knowledge proofs.
Based on their designs, both native Chromia Decentralized Applications (dApps) and external clients can utilize these extensions when they are finally launched. This, per the projection, will play a crucial role in expanding Chromia’s capabilities. It is worth noting that the Extensions will follow an incremental rollout. The plan is to complete its implementation before the end of 2025.
Chromia Rolls out Mainnet Launch
Noteworthy, Chromia began to talk about its 2024 mainnet launch the previous year in addition to the release of a roadmap.
The L1 was initially designed to function as a standalone platform. It broadened its vision and scope to serve as a relational data layer for Web3 projects built on other blockchains. The mainnet launch eventually happened at the beginning of this year.
This latest move with the fund and Asgard mainnet upgrade is another step forward to expanding its data-centric fields. It reflects that Chromia is gradually adding other functionalities alongside supporting gaming projects like My Neighbor Alice and Mines of Dalarnia.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
