NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

Source Fxstreet
May 23, 2024 00:49
  • 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.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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