Chromia Announces $20M AI and Data Fund with Asgard Upgrade

Tech

Chromia Announces $20M AI and Data Fund with Asgard Upgrade

The Layer-1 relational blockchain Chromia received much attention at TOKEN2049 Singapore after announcing the launch of the $20M Data and AI Ecosystem Fund. It also reported its plans to launch a significant network upgrade called ‘Asgard’ in late 2024. These cuts are included in Chromias development strategy, which aims to diversify its focus into data-oriented fields and free the potential in decentralized applications (dApps) and AI technologies.

The $20M fund aims to provide funding for data-rich projects and developers focusing on AI applications, hoping to encourage creativity in these fast-moving industries. It is launched under the leadership of the head of Business Development at Chromia Yeou Jie. This is a step towards an essential development in the blockchain ecosystem, aiming to connect AI, blockchain, and data.

Chromias Enhancements to the Asgard Mainnet

The much-anticipated Asgard Mainnet Upgrade will roll out in Q4 2024. This upgrade introduces ‘Extensions,’ customized chains that add functionality to Chromias platform. These extensions will allow native dApps and third-party clients to utilize new features like oracles, AI model computations, and enhanced data availability powered by zero-knowledge proofs.

Henrik Hjelte, co-founder of Chromia also shared his remarks, commenting, “By supporting AI and other data-centric solutions, were positioning Chromia for broader partnerships and expanding the ecosystem in fresh directions,”

Chromias unique relational database architecture has already proven valuable across various industries. It allows large volumes of interconnected data to be managed efficiently, improving on-chain querying capabilities. With the Asgard upgrade, the blockchain aims to solidify its role in supporting gaming projects like My Neighbor Alice and Mines of Dalarnia. It also targets the wider AI and data-centric industries.

Growing Ecosystem for Developers

Chromia Goes further by offering a loose framework within which developers can create more innovative applications than currently available. Considering the emerging functionalities of AI and tools that focus on data, prospects for blockchain economy development are very optimistic in 2024 and the years ahead. The Data and AI Ecosystem Fund is now accepting applications, providing developers with opportunities to create innovative projects, while the full Asgard upgrade is expected to roll out by 2025.