0G, also known as Zero Gravity, a Web3 data availability system, revealed today that it has raised $35 million in a pre-seed fundraising round.
TakeAway Points:
- 0G announced today that it has raised $35 million in a pre-seed fundraising round.
- The newly raised funds will be used to construct a modular blockchain driven by artificial intelligence.
- 0G aims to solve the scalability issues related to off-chain verification of executed states on blockchains.
Pre-seed Fundraising
The newly raised funds will be utilised to construct a modular blockchain driven by artificial intelligence (AI) that provides a decentralised storage layer integrated into a scalable, secure, and adaptable data availability (DA) service.
The early-stage venture fund exceeded the team’s preliminary projections. According to TechCrunch, Michael Heinrich, one of the co-founders of 0G, said the project’s first goal was to gather $5 million “in order to construct the core technology.”
According to the news announcement, more than forty prominent industry players, including Animoca Brands, OKX Ventures, Alliance, DWF Labs, Foresight Ventures, GSR, and Arca, participated in 0G’s fundraising round. After the investment round, the project declined to reveal the valuation.
In light of the most recent developments, 0G is getting ready to launch its testnet in the next few days. The initiative plans to deploy on the mainnet in July of this year.
0G, which was part of the most recent cohort of Beacon, a web3 startup accelerator headed by Polygon co-founder Sandeep Nailwal, focuses on solving the scalability issues related to off-chain verification of executed states on blockchains. The project intends to offer a highly efficient and safe data availability solution for decentralised AI systems, layer 2 networks, and maybe a variety of scenarios.
0G’s Speed
According to the report, 0G Claims that its blockchain can process transactions 50,000 times faster and with costs 100 times lower than competitors. In addition to being quick and economical, 0G Labs is creating “Uni-Chain,” a web3 architecture that aims to smoothly integrate different networks into a single metaverse.
In the last few months, the modularity blockchain has become more and more well-known. The well-known projects EigenLayer and Celestia are centred around this idea. Modularity was also expected to be at the forefront of blockchain development in 2024 and beyond, according to a report released by a16z in December of last year.
Modular Blockchains
Modular blockchains are becoming more and more popular. A $4.5 million seed funding round led by 1kx was obtained by Inco, a layer 1 blockchain that prioritises secrecy and modularity, last month.
Placeholder and Hack VC led a $50 million series A fundraising round for modular blockchain Eclipse earlier this month.
