Binance Labs: New AI Interest to Drive Growth in AI-Powered DApps

August 26, 2024 08:57 PM AEST | By Team Kalkine Media

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Binance announced strategic commitments to decentralized artificial intelligence (AI) ecosystems, with investments in the startups Sahara AI and MyShell.

Binance Labs, the venture capital and incubator arm of the crypto exchange Binance, has recently engaged in funding efforts aimed at advancing AI technology integrated with blockchain. Max Coniglio, the investment director at Binance Labs, detailed the company's rationale behind these moves and the broader vision for AI in conjunction with blockchain technology.

On August 14, Binance Labs allocated resources to Sahara {Cryptocurrency} AI a decentralized platform focused on creating an AI ecosystem. This ecosystem is designed to facilitate on-chain attribution throughout the AI development cycle, reward infrastructure operators, and develop autonomous agents, among other objectives.

Following this, on August 15, Binance Labs announced another investment in MyShell, a decentralized AI ecosystem that enables users to create and share their own AI applications.

Coniglio outlined that these investments aim to advance decentralized applications (DApps) driven by AI, which are intended to address shared challenges and enhance the synergy between the two technologies. He noted that AI has to improve the user experience within blockchain environments and enhance decentralized systems, while blockchain technology provides authenticity, fosters collaboration on open-source projects, and supports the computational requirements of AI.

Despite these promising developments, Coniglio acknowledged that challenges remain for developers working at the intersection of AI and blockchain.

In related news, AI-focused tokens experienced a notable increase over the past week as anticipation builds around Nvidia’s forthcoming earnings report. Tokens associated with projects such as Near Protocol, Alliance, Bittensor, and Render saw gains that outpaced the broader cryptocurrency market. Dan Ives of Wedbush Securities referred to Nvidia’s upcoming earnings report as "the most important tech earnings in years," emphasizing the company's pivotal role in the AI revolution.

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