Market Metrics

Total Crypto Market Cap: down 3% to $2.44T
Total AI Sector Market Cap: down 2.5% to $32B

Top Movers (24hrs):

📈 Optimus AI (OPTI): up 52% to $0.3104
📈 Spectral (SPEC): up 28.2% to $10.20
📈 Synesis One (SNS): up 23.1% to $0.05763

Daily News

🟠 Crypto Distilled breaks down the Golden Trio of AI:

• zkMLzero knowledge ML

• opML - optimistic ML teeML

• trusted execution environment ML

Including projects building in each niche.

🟠 In the next two weeks, the US house of representatives will vote on one of the most important pieces of crypto-related legislation to date: FIT21. For more information and helpful resources, check out @standwithcrypto.

🟠 Following the Bittensor FUD from last week, the narrative appears to be changing. Bittensor has just approved the expansion from 32 subnets to 64, with a plan to reach 1024 by the end of the year. This opens up opportunities for new projects to get exposure and benefit from the ecosystem.

🟠 Some wise words from Balaji:

🔦 Project Spotlight: Akash Network

Akash is an open-source, decentralized cloud computing marketplace that enables users to buy and sell computing resources securely and efficiently. The project describes itself as the “Airbnb for Data Centers.”

By leveraging a distributed network of providers and their underutilized resources, Akash offers a lower-cost, transparent, and censorship-resistant alternative to centralized cloud platforms. Notably, Akash provides not just GPU resources, but a full suite of cloud computing services including CPU, memory, storage, and dedicated IP addresses, making it a versatile platform for hosting a wide range of applications.

Key Features

• Decentralized Marketplace: for peer-to-peer leasing of computing resources, including GPU, CPU, memory, storage, and dedicated IP addresses

• Seamless Deployment and Scaling: of containerized applications using Stack Definition Language (SDL)

• Infrastructure as Code: for intricate deployments across regions and providers

• Kubernetes-Powered Platform: for secure, tested, and reliable application hosting

• Persistent Storage: for data-intensive applications

• Permissionless: democratizing secure and censorship-resistant app deployment

• Growing Ecosystem: utilized by projects across AI, metaverse, healthcare, mapping, gaming, and more, driving increased demand for Akash's decentralized cloud resources

AKT Token

The AKT token serves as the native utility token of the Akash Network, facilitating the efficient and secure exchange of computing resources in the decentralized marketplace. It is used for staking in Akash's Proof-of-Stake (PoS) consensus mechanism, enabling stakers to earn passive income while contributing to the network's security. AKT holders also participate in the governance of the Akash ecosystem, voting on proposals and managing various network parameters.

As the decentralized cloud computing paradigm gains traction, driven by the demand for cost-effective and censorship-resistant solutions, the AKT token is well-positioned to capture significant value. Its expanding use cases across AI, metaverse, healthcare, gaming, and web3 projects, coupled with its 70% cost savings over centralized providers, make Akash an attractive infrastructure solution. This growing adoption by a diverse range of projects, from large-scale deployments to individual developers and startups, underscores the vast potential and future value capture of the AKT token in the rapidly evolving decentralized cloud computing landscape.

Meme of the Day

Birthrates declining at an accelerating rate…

Exclusive Report: Top 5 AI Cryptocurrencies to Watch 2024

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