- Near protocol co-founder states plans to launch NEAR AI, allowing users to build web3 apps without code.
- The company plans to become a native ecosystem for decentralized AI.
- NEAR is up 4% as the news is already taking effect on its market price.
Near protocol (NEAR) co-founder Illia Polosukhin stated in a social media post on Wednesday plans for NEAR to launch NEAR AI, a user-owned AI system that will allow users to build web3 apps without code on an end-to-end network.
Read more: NEAR Protocol's Chain Signature launch could kick-start another leg for NEAR price
NEAR to launch AI smart contract builder
Near protocol, a blockchain network that utilizes a decentralized application (Dapp) to enhance user-friendliness, has recently revealed plans to launch user-owned AI.
Illia Polosukhin, Near's co-founder, revealed the protocol's plans to become a home for user-owned AI, aiming to optimize AI technology for the privacy and sovereignty of users. To this effect, they have established NEAR AI, a research lab focused on AI projects.
"NEAR Foundation commits to incubate and invest in NEAR-based AI infrastructure projects including compute and inference, data curation, and rewarding creators," said Illia.
Also read: Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings
With the introduction of a user-owned AI, NEAR hopes to welcome anyone interested in building end-to-end Web3 applications without code, shifting the focus from centralized industry players.
"Any AI application and novel consumer use case can leverage NEAR for the best User-Owned AI infrastructure and access everyone in Web3 via Chain Abstraction." he further stated.
NEAR is up 4%, as the news seems to already be having an effect on its market price. The news also adds to the continuous attention that AI tokens have gathered over the last few months.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%
Ripple announced that the payment remittance firm extended its collaboration with FCA regulated digital securities exchange Archax. The collaboration is focused on Real World Asset tokenization, an emerging narrative in the ecosystem.
ONDO extends gains despite surge in profit-taking
ONDO, the governance token of Ondo Finance, trades in the green on Friday, defying the effects of a surge in profit taking from large-wallet investors following the 76% gains seen in the past 30 days.
Monero price poised for a downward correction
Monero (XMR) price has encountered resistance at a critical level. The technical outlook suggests a potential short-term correction as momentum indicators signal a bearish divergence.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for potential short-term correction
Bitcoin price daily candlestick closes below the weekly support level of $67,147. Ethereum price is weakening and could retrace to its immediate support at $3,321. Ripple price fails to close above the 50-day Exponential Moving Average.
Bitcoin: Has BTC found a local price bottom?
Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Federal Reserve (Fed) keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.