TL;DR
- Polygon Ventures led a $20 million funding round for EMC, focused on integrating computing power with decentralized AI.
- EMC will launch a Layer 1 blockchain designed to enhance GPU computing capabilities in AI and DeFi projects.
- The fusion of AI and blockchain is expected to drive crypto adoption and add $20 trillion to global GDP by 2030.
Polygon Ventures has led a $20 million funding round for Edge Matrix Chain (EMC), a project focused on integrating computing power networks with decentralized AI applications.
EMC, which has been in development for four years, aims to offer high-performance solutions across multiple blockchain networks and stands out in the Decentralized Physical Infrastructure Networks (DePIN) market. Polygon’s investment reflects its interest in expanding its presence in the AI and DePIN sectors, capitalizing on growth opportunities that arise from merging these technologies.
🚀 EMC has successfully raised $20M, with support from @ambergroup_io & @PolygonVentures , to power the future of AI and blockchain! 🌐
Ready to see the future of decentralized AI? Dive into the revolution with us. 🌐💻 #EMCTestnet is live, and we’re just getting started!… pic.twitter.com/PbVb2qyiNK
— EMC (@EMCprotocol) August 29, 2024
The funding will enable EMC to launch a Layer 1 (L1) blockchain specifically designed for AI applications. This initiative aims to improve GPU computing capabilities for AI and decentralized finance (DeFi) projects, introducing a new class of assets backed by tokenized GPU resources.
Through this blockchain, users will be able to generate income by renting out GPU resources on the network. This would be a revolutionary change in how computing resources are managed and utilized in the crypto ecosystem.
Polygon Bets on the Fusion of Blockchain and AI
Before the official launch of the L1 blockchain, EMC has launched a two-month public testnet incentive program, with a $5 million prize pool distributed across two stages. This program was designed to encourage user participation and test the infrastructure before its full deployment, attracting developers and users interested in the network’s capabilities.
In addition to Polygon, other notable investors such as Amber Group, One Comma, Kapley Judge and Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group, and Hameem Raees Chowdhury participated in the funding round.
The fusion of AI and blockchain, according to recent projections, could add up to $20 trillion to global GDP by 2030. DePIN, in particular, is being recognized as a key driver of the next wave of crypto adoption, thanks to its ability to make decentralized services more accessible and understandable to a broad audience.
