Chromia Announces $20M Funding for Data, AI Ecosystem

The Layer-1 relational blockchain Chromia announces a $20M Data and AI ecosystem fund as Yeou Jie, an executive, is set to head this innovation.

Relational blockchain at the layer-1 level Chromia aims to promote ecosystem growth and broaden data-centric fields. Subsequently, it has disclosed the creation of a $20 million Data and AI ecosystem fund and the forthcoming ‘Asgard’ mainnet upgrade. This was disclosed in conjunction with other initiatives during the ongoing TOKEN2049 Event in Singapore.

Chromia’s primary objective is to assist with projects that are data-intensive and AI-enabled

Chromia intends to allocate the funds to the development of AI-enabled applications and data-intensive projects. Chromia’s Head of Business Development, Yeou Jie, has been designated the initiative’s leader. Jie, who had previously served as the Head of Portfolio at DeFiance Capital for over two years, joined the company only a few months ago.

As confirmed by his LinkedIn profile, he has also served as a Management Associate (Corporate Strategy) at the Bank of Singapore.

Jie acknowledged that projects that involve a significant amount of data necessitate data cleaning services and automation to manage the immense volume. The implementation of AI technology was compelled by this necessity. He advocated for Chromia as the optimal environment for developers to develop real-time solutions that can process, analyze, and respond to intricate datasets.

Henrik Hjelte, Chromia co-founder, believes that this initiative has the potential to enhance Chromia’s global partnership position in the long term. He asserts that it would broaden the ecosystem in novel directions. Interested members of the public will soon have the opportunity to submit applications for the Data and AI ecosystem fund.

Additionally, the Asgard mainnet upgrade is scheduled for Q4 2024. Chromia’s approach to the introduction of “Extensions” is represented by this upgrade. These are chains that have been customized to introduce new functionalities to the platform. Although final decisions have not yet been reached, the proposed Extensions include an Oracle solution, support for data availability and zero-knowledge proofs, and computation for AI models.

When they are finally launched, these extensions will be accessible to both native Chromia Decentralized Applications (dApps) and external clients, as indicated by their designs. This, according to the projection, will be instrumental in the expansion of Chromia’s capabilities. It is important to mention that the Extensions will be implemented in an incremental manner. Prior to the conclusion of 2025, the objective is to finalize its implementation.

Chromia executes its mainnet launch

It is noteworthy that Chromia initiated discussions regarding its 2024 mainnet launch the previous year, in addition to the publication of a roadmap.

Initially, the L1 was intended to serve as an independent platform. It expanded its vision and scope to function as a relational data layer for Web3 projects that are constructed on other blockchains. The mainnet launch ultimately transpired at the commencement of this year.

This most recent development, which involves the upgrade of the Asgard mainnet and the fund, represents an additional stride in the expansion of its data-centric fields. It indicates that Chromia is gradually incorporating additional functionalities in addition to its support for gaming projects such as Mines of Dalarnia and My Neighbor Alice.