Market Metrics

Total Crypto Market Cap: down 1.7% to $2.71T
Total AI Sector Market Cap: flat at $35.5B

Top Movers (24hrs):

📈 KWAI (KWAI): up 77.6% to $0.2113
📈 Hera Finance (HERA): up 15.5% to $3.22
📈 Forta (FORT): up 15.4% to $0.2933

Daily News

🟠 Nvidia is set to report its highly anticipated Q1 earnings after the bell today, with analysts expecting revenue and profits to surge over 200% and 400% respectively year-over-year, fueled by the strong demand for its chips amidst the ongoing AI boom.

🟠 The Bittensor community has developed the Raomittee Framework (RF-001), a temporary measure for objectively evaluating subnets and guiding emission distribution until the implementation of the market-based dTAO system. The framework establishes an impartial committee to assess subnets based on comprehensive criteria, promoting fairness and transparency, and the community is seeking feedback to refine it.

🟠 Microsoft's new Recall feature, which allows AI-indexed screen captures, has raised concerns among experts about user privacy and data security, prompting discussions about the need for transparency in AI development and the importance of open-source alternatives to centralized AI systems.

🟠 The Block released an article on Mind Network, a Fully Homomorphic Encryption (FHE) Restaking layer for AI and PoS networks that enables secure computation and consensus in decentralized AI projects, such as Bittensor Subnets.

🟠 The California Senate passed SB 1047, which aims to establish safety standards for large-scale AI development. However, the bill's reliance on input from a limited group of academics may hinder open-source initiatives and decentralized AI research, potentially stifling innovation among smaller tech companies and researchers in California. Large, well-funded AI labs will likely be favored over more diverse and distributed efforts in the field.

🟠 Akash released Akash Console 2.0, offering a comprehensive platform for seamless 1-click template deployment, custom deployments, provider status monitoring, and more.

🔦 Project Spotlight: Nillion

Overview

Nillion is a tokenless (👀) secure computation network that decentralizes trust for high-value data through the utilization of privacy-enhancing technologies (PETs) such as Multi-Party Computation (MPC). Nillion aims to enable secure storage and computation on high-value data, such as financial and health data, within a peer-to-peer network of nodes.

Overcoming Key Barriers in Data Management

Nillion addresses three main challenges associated with high-value data:

1. Secure storage: Encryption is needed for data at rest, but it limits data usage and processing.

2. Secure computation: The decrypt - compute - re-encrypt cycle creates security vulnerabilities and inefficiencies.

3. Decentralized data management: Distributing data across nodes ensures transparency and resilience but introduces complexities in maintaining security and efficient processing.

These challenges hinder the adoption and utilization of high-value data, as organizations are hesitant to share or process sensitive information due to security and privacy concerns.

Nillion's Approach to Data Security

Nillion tackles these challenges by allowing computations to be executed on masked data, eliminating the need for decryption before computation. This is achieved through the use of PETs such as MPC, which are built directly into Nillion's infrastructure.

By leveraging PETs and MPC, Nillion ensures that data remains secure and private throughout its lifecycle, from storage to computation and sharing. This revolutionary approach has the potential to transform how sensitive data is handled, enabling secure collaboration and data sharing across organizations and industries.

Primary Use Cases

The potential applications of Nillion's technology are vast, spanning across industries such as finance, healthcare, gaming, and digital identity management.

In the context of AI, Nillion can enable the training and inference of models in a secure and confidential manner, while also forming a confidential backend for other DePIN networks.

Encrypted trading platforms can leverage Nillion to ensure the privacy and security of sensitive trading data, while private healthcare analytics can enable secure collaboration and data sharing among multiple users and enterprises.

Trustless games, decentralized multi-factor authentication, private inference of LLMs, and private retrieval augmented generation (RAG) are just a few more examples of how Nillion can be utilized.

Quantum secure messaging is another promising use case, providing fully private peer-to-peer communication with quantum security at rest.

Furthermore, Nillion can serve as a decentralized storage vault for secure data storage and a foundation for composable digital identity solutions, allowing users to store and manage their personal identity information in a secure and privacy-preserving manner.

Projects Built on Nillion

There are a number of projects building products using Nillion. Some notable ones include:

• Rainfall: the world’s first self-sovereign personalized AI platform and data marketplace.

• Pandora: the world’s first fully decentralized secure computation and storage infrastructure for the supply chain industry.

• MailChain: enabling private blockchain-based communication between decentralized entities.

Nillion has also been used for quite a few ETH Global projects which are fully available for use. Here is a handful of them:

• nfl: Using Nillion for training federated learning models while keeping datasets private.

• NillionHealthcare: Showcasing blind computation between healthcare datasets.

• PrivyCal: a consumer facing app that allows you to schedule meetings with others without sharing your entire calendar.

• EmailEon: a decentralized email marketing platform.

Fundraising

In December 2022, Nillion raised $20 million in a funding round led by Distributed Global, along with 150 other investors. Some other notable names include: AU21, Big Brain Holdings, Chapter One, GSR, HashKey, OP Crypto and SALT Fund.

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