This 19-year-old beats waves in the Arweave ecosystem

This 19-year-old beats waves in the Arweave ecosystem

Community Labs, a web3-native software development company, starts "Venture Studio", which focuses on accelerating the introduction of Arweave-a database memory blockchain that also supports smart contracts.

The purpose of venture studio is to prepare startups and founders for the process of establishing an independent company in the Arweave ecosystem.

In an interview with Blockworks, Kyla Witte, COO of Community Labs, said that emerging founders will be able to “develop, build and scale and scale ideas during their time at Venture Studio.

So far, a protocol has been launched on Venture Studio - Execution Machine, a Code -independent application development environment, says Witte. But only now is the company ready to go to the stock exchange with the studio.

"This is something we have been building in the background for a few months," said Witte. "We have an ongoing application for founders who are interested in developing minutes, but we are also looking for people who want to come and build with us."

based on the model of Consensys, a software development company focused on Ethereum, Community Labs was founded by 19-year-old Tate Berenbaum.

Berenbaum has been building on Arweave since 2019, when he was still a high school student.

"The story is kind of funny, I clicked on a good advertising-the brave browser, which bragged with permanent memory-and so I discovered Arweave," said Berenbaum.

recently he concluded a strategic financing round of $ 30 million for community Labs under the direction of LightSpeed ​​Venture Partners with the participation of Bain Capital Crypto and Blockchain Capital.

at a high level, Arweave is a blockchain for permanent data storage, in which you can save a piece of data forever after payment of a one -time transaction fee. But over time, Berenbaum noticed other applications for the blockchain.

"We realized that it is an incredibly speech agonist Smart Contract layer," said Berenbaum.

"These smart contracts can be written in every programming language - and people can create their own execution environments for these smart contracts ... and Community Labs really focus on enabling this type of application."

In fact, the intelligent layer of contract by Arweave put on cyber-activists from Hong Kong to use newspaper articles from Apple Daily Archive after it was forced to close.

Arweave recently announced a partnership with Meta that will use the blockchain to archive digital collector's pieces. This made the price of arwaves nativ token Ar in the height 60%. But the movement was short -lived, and AR is now at the level before the announcement and is traded for around $ 10.20 at the time of writing.

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The contribution This 19-year-old beats waves in the Arweave ecosystem is not a financial advice.