The Swiss-based nonprofit firm DFINITY Foundation revealed plans to launch the Olympus accelerator program that will promote the mainstream adoption of Web3 technology. In the announcement, the DFINITY team, in partnership with the ICP Asia Alliance, plans to invest nearly $15 million to support the accelerator program in attaining the intended plans.
The investment will be used to foster the growth of Web3 and AI in the Asian region. The foundation plans to introduce the Olympus program in Africa, the EU, America, and some parts of MENA in the future.
Significance of the Olympus Accelerator Program
At the primary development of the Olympus program, the DFINITY team collaborated with Web3 Labs, aiming at nurturing sustainable projects in Web3. The partnership with Web3 Labs allows DFINITY to offer mentorship programs to the Olympus participants. Currently, Web3 Labs has partnered with numerous VC firms, including Fenbushi Capital, Softbank Vision Fund, and NewTribe Capita.
The foundation stated that the newly launched accelerator project will allow the interested parties to create and develop their program. The team behind the Olympus project plans to launch the program as a decentralized autonomous organization (DAO) before the end of this year.
This implies that after launching the Olympus project, the DFINITY team will continue to improve the accelerator program to promote the use of Web3 across various industries.
In the announcement, the foundation plans to invest $15 million to support further development of Project Olympus. The multimillion-dollar investment will cover the maintenance cost for running project Olympus.
DFINITY Seek to Boost Web3 Use Case
Also, the $15 million will be allocated to finance the first cohorts enrolled in the accelerator program. Having gained popularity as a significant contributor to the Internet Computer Blockchain, the DFINITY team plans to support projects building on ICP.
According to the announcement, the Internet Computer is a decentralized computing protocol that relies on the power of blockchain to develop software on the Internet. The DFINITY seeks to support the democratization of internet infrastructure that promotes an open and equitable digital sector.
Moreover, the foundation encourages projects supporting the development of Bitcoin and Ethereum multichain to apply for the accelerator program. During the launch of the Olympus program, the DFINITY team vowed to offer financial support to accelerator cohorts.
The announcement illustrated that Olympus was designed to be a consolidated platform that offers a wide range of services. The team behind Project Olympus confirmed that the accelerator program would offer grants, crowdfunding, and VC investments on the on-chain DFINITY.
Additionally, the qualified candidates for the Olympus program will access funding through the native token generation event (TGE).
Importance of Accelerator Program
A statement from the founder of DFINITY Foundation, Dominic Williams, confirmed that the newly launched Olympus program seeks to promote decentralization, innovation, and entrepreneurship.
He believes that the accelerator program seeks to promote the growth of the internet computer. The executive anticipates that the Olympus program will encourage more people to build their projects on Internet computers.
Williams described the Olympus project as a Web3 focus platform accommodating the needs of diverse users. He projects that the Olympus project will unite top talents, investors, projects, and mentors by creating a credible and trustless marketplace.
Williams confirmed that the Olympus program will offer equal opportunity and easy access to sustainable projects. Compared to the traditional accelerator program, Williams admitted that the Olympus project was permissionless and sustainable and would not rely on grants.
Williams stated that he was pleased to be part of Olympus as a mentor who was mandated to share knowledge with future industry makers. He noted distinctive features of the Olympus accelerator program, including the Open Stake Model, which allows the participants to interact with fewer requirements.
Compared to the ordinary accelerator program, the Olympus participants are not required to request for permission to interact. The Olympus project leverages multichain infrastructures to enable participants to access capital from crowdfunding and other programs.
The executive encouraged the founders and developers interested in the Olympus program to submit their projects to the foundation.
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