Cronos Labs, a blockchain network development lab launched from the Cronos ecosystem, has opened applications for the third cohort of its $100 million accelerator program.
According to an announcement coinciding with the start of Korea Blockchain Week, the program is focused on projects that utilize AI for speed and market efficiency. The 12-week initiative aims to support startups working at the intersection of artificial intelligence (AI) and cryptocurrency.
Rebranded from its former identity as the Cronos Web3 startup accelerator (also formerly known as Particle B) and ecosystem development fund, Cronos Labs operates within a wider ecosystem that includes Cronos, an open-source blockchain protocol. This protocol is the first EVM-compatible blockchain constructed on the Cosmos SDK. The ecosystem also encompasses a cryptocurrency, Cronos ($CRO), which serves as the native token for both the Cronos and Crypto.org chains.
Cronos Labs' initiative is uniquely positioned within a vibreant ecosystem. Built on Cosmos SDK and Ethermint, Cronos is EVM-compatible, allorwing for the rapid porting of apps and smart contracts from Ethereum and other EVM-compatible chains.
Its interoperability is further amplified by the Cosmos SDK and Inter Blockchain Communications (IBC) protocol, which facilitate bridging to other IBC-enabled chains like Crypto.org and Cosmos Hub. On the performance front, Cronos offers scalability, supporting thousands of transactions per second through a mesh of layer-2s that use Cronos as the settlement layer-1.
With over 80 million users involved in the CRO, Crypto.com, and Crypto.org ecosystems, and over 500 validators, apps, and infrastructure partners selecting Cronos as their base, the accelerator program is poised to draw from a deep well of technical expertise and user engagement.
Accelerator & Partnerships
The current cohort will receive mentorship from significant industry players, including Google Cloud, Amazon Web Services (AWS), and blockchain security firms PeckShield and Certik. These establtished partnerships aim to provide a solid framework of support for the selected startups.
The AI focus of the accelerator program comes amid a broader trend of increased venture capital interest in AI technologies, further augmented by the success of AI tools like ChatGPT. The integration of AI and cryptocurrency technologies has garnered attention as a potential avenue for advancing the capabilities and efficiencies of blockchain systems.
While the accelerator is set to run for 12 weeks, the recruitment phase has been scheduled to align with Korea Blockchain Week, a significant annual event in the global blockchain community. This timing suggests a strategic intention to engage with the international dialogue surrounding blockchain and AI technologies.
The launch of this cohort follows a rebranding effort that took place in April 2022. The rebrand aimed to enhance the visibility of the various facets of the Cronos ecosystem. These facets include the open-source blockchain protocol, the cryptocurrency, and Cronos Labs itself—a startup accelerator and development fund focused on ecosystem growth.
Cronos Labs has not provided specifics on the metrics for success for this accelerator program but has stated that the program aims to attract projects that will contribute to technological advancements at the intersection of AI and blockchain.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
