Hassan Maishera
Chromia, a Layer-1 blockchain platform known for its relational database architecture, has unveiled a $20 million Data and AI Ecosystem Fund and detailed plans for its upcoming 'Asgard' Mainnet Upgrade, scheduled for the fourth quarter of 2024.
Chromia made these announcements at the TOKEN2049 conference in Singapore. These initiatives aim to bolster its capabilities in handling data-intensive applications and integrating artificial intelligence (AI) functionalities.
Chromia combines blockchain technology and relational databases, enabling it to address the challenges of data management and query performance by incorporating an on-chain relational database system that allows for efficient data storage, retrieval, and manipulation.
Its unique architecture ensures that Chromia serves as a standalone platform for decentralized applications (dApps) and as a relational data layer for Web3 projects on other blockchains. By facilitating complex data operations, Chromia positions itself as a suitable environment for applications requiring real-time data processing and analysis.
Chromia Launches its $20 Million Data and AI Ecosystem Fund
The ecosystem fund seeks to support projects that are data-intensive and leverage AI technologies. Leading this initiative is Yeou Jie, Chromia's Head of Business Development, who brings experience from his previous role as Head of Portfolio at DeFiance Capital.
Chromia revealed that the fund is open for applications and seeks to attract developers and startups focusing on:
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Data Cleaning and Automation: Projects that require preprocessing and organizing large datasets for optimal performance.
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AI Model Integration: Applications that incorporate machine learning models for predictive analytics, natural language processing, or other AI-driven functionalities.
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Real-Time Data Analysis: Solutions that necessitate immediate data processing and responsiveness, such as decentralized finance (DeFi) platforms, supply chain tracking, and IoT integrations.
These investments will help Chromia expand its ecosystem and foster innovation at the intersection of blockchain and AI.
Chromia Announces the 'Asgard' Mainnet Upgrade
Chromia also announced the 'Asgard' Mainnet Upgrade, which is scheduled for the current quarter. The team introduces several technical enhancements to extend Chromia's functionality and interoperability.
Introduction of Extensions
The upgrade will come with "Extensions," which are customized chains that add specialized functionalities to the platform. These Extensions can be utilized by native Chromia dApps as well as external clients, thereby broadening the platform's applicability. Important Extensions proposed include:
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Oracle Solutions: Extensions that enable secure and reliable data feeds from external sources into the blockchain, essential for applications like DeFi that rely on real-world data.
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AI Model Computation: Facilities for executing AI models on-chain, allowing for decentralized and transparent AI-driven applications.
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Data Availability Support: Mechanisms to ensure that data required by smart contracts is available and accessible, enhancing the reliability of decentralized applications.
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Zero-Knowledge Proofs (ZK Proofs): Support for ZK proofs to enable privacy-preserving transactions and computations, which is crucial for applications requiring confidentiality.
Improvements in Data Management and Querying
The upcoming upgrade is also set to further refine Chromia's relational database capabilities. Improvements may include:
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Optimized Query Performance: Enhancements to query execution plans and indexing strategies to handle even larger datasets efficiently.
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Advanced Data Types and Functions: Introduction of complex data types and functions to support more sophisticated data manipulation and analysis.
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Interoperability Protocols: Protocols to facilitate seamless data exchange between Chromia and other blockchains, enhancing cross-chain functionality.
According to the Chromia team, the 'Asgard' Mainnet Upgrade and the $20 million Data and AI Ecosystem Fund represent substantial technological innovation and ecosystem development investments.
Chromia aims to tackle existing challenges in data management and AI integration within the blockchain space by focusing on technical enhancements and providing financial support to developers.
