Market Metrics

Total Crypto Market Cap: up 0.9% to $2.53T
Total AI Sector Market Cap: up 0.6% to $33.23B

Top Movers (7 days):

📈 Spectral (SPEC): up 63.5% to $10.83
📈 AIT Protocol (CQT): up 32.7% to $0.2948
📈 Oraichain (ORAI): up 19.3% to $13.23

Mindshare Check:

The AI sector currently accounts for 24.71% of the total crypto market’s narrative mindshare. This is down 12.01% during the past 7 days.

Daily News

🟠 Akash released the Akash Chat API, a zero-cost chat API powered by Llama 3 and Akash GPUs. The API is currently in a limited public beta, with selected developers gaining early access, and will become open and permissionless for everyone after the beta period concludes.

🟠 Synesis One and PAAL AI have formed a partnership that will allow PAAL AI users to enhance their personalized bots by utilizing Synesis' datasets. More information about the collaboration will be shared in the near future.

🟠 imgnAI has announced that its staking and revenue sharing features are now live. Token holders can stake their imgnAI tokens to earn yield in both ETH and imgnAI.

🟠 AIOZ W3S has integrated with BeL2, a platform that transforms EVM-compatible blockchains into Bitcoin Layer2 without bridging BTC. This integration aims to bolster BeL2's data protection capabilities while expanding Bitcoin's utility as a foundation for BTC-powered applications.

Highlights of the Week

🛡️ Venice.ai - Privacy and Free Speech in the Age of AI

This week, Erik Vorhees announced the new project he is building: Venice.ai. As outlined in his introductory article, Venice.ai is a generative AI app built for non-technical people. The key unique value propositions of Venice are: privacy and censorship resistance.

If you’ve been a regular reader of this newsletter, you likely know by now that centralized companies are stealing your data every chance they get. Your data is getting sold to advertisers, governments and often even finds it way into the hands of hackers and scammers. Even if it isn’t getting sold, a data breach can quickly make all your “private” data very public. The same is true with your chat log history with centralized AI models like ChatGPT.

So how is Venice different? In the article, Erik claims that every company “respects user privacy” but in reality, the only way to respect user privacy is to not violate it in the first place. Venice doesn’t require you to download anything, your conversation history is stored on your local browser, your inference requests (chat prompts) are encrypted and go through a proxy server to decentralized compute resources powered by Akash Network. The result is that Venice knows your IP and email address, not your conversation history. The compute provider knows the conversation history, but not the IP or email address. Pretty cool in our opinion.

Now, how does Venice limit AI model censorship? Given that everyone reading this likely has some experience with use common AI tools such as ChatGPT or Claude, we’re sure you have all experienced some level of censorship. Whether that is a historically inaccurate image, refusing to answer a question that might cause offense, or something more subtle you didn’t even notice. Erik claims in the article that Venice “respects you as a sovereign individual, and believes privacy and free speech are not only human rights, but are necessary for civilizational advancement.” By offering a permissionless platform, Venice.ai empowers users to access information without the constraints imposed by centralized entities like tech companies or governments.

As we saw recently, the Department of Homeland Security formed the “Artificial Intelligence Safety and Security Board” which has exactly zero proponents for Open source AI. We think that what Erik is working is extremely important for the advancement of AI as a whole and we will be following along closely, hopefully implementing Venice as our go-to AI tool as soon as possible.

We’ll leave you with this great quote from his article (which is 100% worth the read):

🍎 Apple Is Planning To Put AI in the Hands of Billions

Apple is reportedly nearing a deal with OpenAI to integrate ChatGPT features into the upcoming iOS 18 update for iPhones, marking a significant shift in the company's stance on AI. Despite previous concerns about data security, Apple now recognizes the immense potential of advanced AI capabilities and the necessity of incorporating them into their products. This integration would expose billions of users to AI technology, regardless of whether they actively seek it out or not, underscoring the transformative potential of AI and its inevitable impact on our daily lives.

As AI becomes more deeply embedded in the devices used by billions of people worldwide, it presents a unique opportunity for investors who are able to identify promising projects in this nascent and rapidly growing industry. Apple's recent mention of Octane, a 3D design software powered by the Render Network, during the presentation of its M4 chip on the latest iPad, highlights how blockchain-based AI projects are becoming only a few steps removed from being used directly by big tech companies.

More companies will be forced to jump on the AI bandwagon and incorporate AI into their products and services in order to compete with the competitions, driving more demand for AI solutions. Investors who can identify the winners in the AI space, whether they are blockchain based or otherwise, stand to make a killing from the AI revolution.

Meme of the Day

Even the devs dump in TradFi markets. No one is safu. 😂

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