Original Author: Wang Xiaolou
In the wave of digital currency, the combination of AI and Web3 is gradually revealing its powerful potential, becoming the strongest narrative in the coin circle. The intelligence of AI and the decentralized nature of Web3 have jointly spawned a brand new ecosystem, not only driving market sentiment but also leading a wave of wealth creation.
As a relatively new category of encrypted business in this round, AI, benefiting from the explosive development speed and continuous hotspots in the external business world, still has the potential to bring a good amount of attention increment to the AI track projects in the encrypted world.
In 2023, the breakthrough progress of AI technology, especially the exponential improvement in large language models, has brought revolutionary changes to multiple industries. When AI technology is combined with the decentralized nature of Web3, we can not only foresee an efficient and intelligent future, but also gain insight into a brand new business model and market opportunities that are forming.
In 2024, AI is definitely the fastest growing and largest track this year, especially in the direction related to infrastructure. AI = computing power + algorithms + data. The representative of computing power, Nvidia, has a market value exceeding 3 trillion US dollars, becoming the second largest company in the world by market value in one fell swoop; the representative of large model algorithms, OpenAI, has an estimated value of 800 billion US dollars.
Web3: A New Stage for AI Development
Web3, with its characteristics of decentralization, transparency, and privacy protection, provides an ideal development platform for AI technology. The combination of AI and Web3 can not only solve the challenges of randomness, resource intensiveness, and human-machine indistinguishability in the development of AI, but also promote the efficient allocation of resources and the rapid matching of market supply and demand through mechanisms such as token incentives and smart contracts.
Leading Wealth Creation Effect
As AI is increasingly applied in Web3 projects, some innovative business models and revenue models have emerged. For example, liquidity mining optimized by AI algorithms, derivative trading based on AI predictions, etc., all provide investors with new profit paths.
In the 21st century's technology field, artificial intelligence (AI) and Web3 are leading a paradigm shift, not only as independent technological advancements, but also as a mutually reinforcing and co-evolving double helix structure. This shift has the following characteristics:
Fundamental Change: They redefine our way of working and worldview;
Cross-Industry Application: Crossing different industries, driving comprehensive innovation;
Leap in Productivity: Bringing unprecedented production efficiency to society.
I am full of expectations for these transformative advancements, which go beyond short-term trends in popular culture, such as viral social media applications. Although AI and cryptocurrencies are currently developing independently, their integration heralds a more profound transformation. This integration is based on their complementarity:
AI: Providing data intelligence, computing power, and autonomous decision-making;
Cryptocurrencies: Ensuring digital ownership, promoting economic coordination, and resisting censorship systems.
Before delving into the future narrative of the integration of AI and Web3, let's first examine the current main narratives of AI in the cryptocurrency field. According to market capitalization rankings, the major projects on the market with a market value of over 1 billion US dollars include:
Computing power providers: Render Network (RNDR, with a market value of approximately 3.85 billion US dollars), Akash (with a market value of approximately 1.2 billion US dollars), IO.NET (recent valuation of approximately 1 billion US dollars);
Algorithm networks: Bittensor (TAO, with a market value of approximately 2.97 billion US dollars);
AI agents: Fetchai (FET, with a pre-merger market value of approximately 21 billion US dollars).
These projects not only represent the application of AI in the cryptocurrency field, but also indicate the huge potential of the combination of AI and Web3. With the continuous development of technology, we can foresee that the integration of AI and Web3 will give birth to more innovative business models and bring about more wealth creation effects.
Taking Stock of Several Notable Web3 Projects
IO.NET: Distributed AI Computing Power Platform
The IO.NET project has attracted attention with its innovative distributed AI computing power platform. The project aims to provide efficient and low-cost model training and inference services for AI engineers by integrating GPU resources globally. The supply side consists of chips (mainly GPUs, as well as CPUs and Apple's iGPUs) distributed globally, and the demand side consists of AI engineers who wish to complete AI model training or inference tasks.
The business model and token economic model of IO.NET not only provide a free market for the supply and demand of AI computing power, but also promote the formation of network effects through token incentive mechanisms.
The first airdrop made a group of people wealthy, and even at that time, it directly drove up the prices of Apple's M series computers by a lot. Shenzhen directly caused a shortage of goods in Huaqiangbei.
Official website: https://io.net/
Power Ledger: Decentralized Energy Trading
As a representative project in the energy track, Power Ledger has achieved decentralized energy trading through blockchain technology, promoting the widespread application of renewable energy. Its token Powr has a circulating market value of 170 million US dollars, demonstrating its deep potential in the energy field.
Power Ledger was launched in 2017 as a comprehensive energy platform based on blockchain technology, aiming to achieve decentralized energy trading, promote direct trading of electricity for individuals and communities, support the widespread application of renewable energy, and ensure the transparency and efficiency of transactions through smart contracts. Initially, Power Ledger operated on a consortium chain based on Ethereum's transformation. In the second half of 2023, Power Ledger updated its white paper and launched its own comprehensive public chain, which was based on the technology framework of Solana, making it easier to handle high-frequency microtransactions in the distributed energy market.
Official website: https://www.powerledger.io/
Streamr: Decentralized Real-Time Data Network
Streamr allows users to freely trade and share data by building a decentralized real-time data network.
Streamr's value proposition is to build a decentralized real-time data network that allows users to freely trade and share data while maintaining complete control over their data. Through its data marketplace, Streamr hopes to enable data producers to sell data streams directly to interested consumers without intermediaries, thereby reducing costs and increasing efficiency.
In actual cooperation cases, Streamr has collaborated with another Web3 in-vehicle hardware project, DIMO, to collect temperature, pressure, and other data through DIMO hardware sensors installed on vehicles, forming weather data streams for transmission to the institutions in need.
Official website: https://streamr.network/
Covalent: Blockchain Data Indexing Service
Covalent provides a blockchain data indexing service that enables B-side users to quickly access blockchain information through efficient query databases. Its token CQT has reached a circulating market value of 150 million US dollars, reflecting its value in the data service field.
Covalent provides blockchain data. The Covalent network reads data from blockchain nodes via RPC, processes and organizes the data to create an efficient query database. This allows Covalent's users to quickly retrieve the information they need without having to perform complex queries directly from blockchain nodes. Such services are also known as "blockchain data indexing".
In June, Covalent completed a $5 million financing round. Covalent mainly targets B-side users, such as various DApps and many centralized crypto companies, with the potential to emerge if they can gain a first-mover advantage.
Official website: https://www.covalenthq.com/
Nim Network
NIM Network is the first RollApps to go live on the dymension mainnet. NIM aims to be the ultimate environment for native encrypted and fun AI games. To achieve this goal, the project focuses on developing AI game agents, which are virtual players that mimic human control. The primary purpose of these agents is to enhance the immersive experience of human players. Through NIM, anyone can use, develop, or deploy AI agents without permission, and later, other network participants can utilize and improve these agents in their applications. Ultimately, these agents will be monetized, and their owners will collect the generated income. With the exponential growth of Web3 games, AI agents may play a decisive role in making these games as entertaining as traditional games like Fortnite and FIFA.
Official website: https://nim.network/
REVOX: Modular On-Chain Artificial Intelligence Network
REVOX is a platform that innovates decentralized application development by using AI and large language models (LLMs) to create intelligent, agent-based applications. It provides developers with component APIs and diverse data sources to build custom AI agents while maintaining decentralization and flexibility. REVOX also supports scalable on-chain AI inference, dynamic Web3 integration, customizable workflows for agent developers and computing providers, and incentive mechanisms.
Products incubated under REVOX, such as ReadON DAO and ShareON, will benefit from advanced decentralized AI technology upgrades. Additionally, Lense will be integrated into this new architecture as a key entry point for decentralized content indexing. With over 2 million daily active users on-chain and over 11 million cumulative users, it is currently the largest AI project in terms of user volume and is worth paying attention to.
Modular AI network REVOX (revox.ai) announced the completion of a strategic round of financing of $6 million, with participation from several angel investors in the AI and Web3 fields, including SevenX Ventures, Arweave SCP Ventures, and other institutions.
Official website: https://www.revox.ai/
Whitepaper: https://docs.revox.ai/
Talus
Talus is a high-performance, parallelized blockchain powered by the Sui variant of the Move programming language. It integrates a native AI stack, facilitating the creation of AI intelligent agents designed to operate autonomously, such as robots. Talus provides developers with an optimized environment to easily build and deploy flexible distributed AI services. Within Talus, there will be a marketplace where intelligent agents, resources, and services can be represented, utilized, and traded in a permissionless and verifiable manner. Additionally, Talus will interconnect with other blockchains through the Inter-Blockchain Communication (IBC) protocol, enabling intelligent agents created on Talus to interact with and utilize data or assets across multiple chains.
Official website: https://streamr.network/
Worldcoin: Biometric-Based UBI System
Worldcoin uses the Orb hardware device, based on human iris biometric features, to generate exclusive and anonymous hash values using ZK technology for identity verification, distinguishing between humans and machines.
Worldcoin attempts to provide a universal basic income (UBI) system for the public and uses iris-based biometric features to differentiate between humans and AI. Its token WLD has a circulating market value of $1.03 billion, indicating its potential in the context of the advent of AGI.
Worldcoin was founded by Sam Altman, former president of Y Combinator. In the current AI era, he is more widely known as the founder of OpenAI.
Every time GPT releases a new feature, it causes a wave of price increases for WLD. It can also be said that because of the founder's AI background, it has brought a lot of potential to this Web3 coin.
Zero Gravity
Zero Gravity, also known as 0 G Labs, is defined as the first modular artificial intelligence chain. Its goal is to elevate data availability to a new level. Training AI models requires a large amount of data. If our goal is to truly integrate AI onto the chain, high-speed and highly scalable data availability solutions become crucial. Zero Gravity aims to achieve this scalability by dividing the workflow of data availability into two channels: data publishing and data storage.
Zero Gravity (0G) completed a pre-seed round, raising $35 million. This round of financing was led by Hack VC, with participation from well-known VCs such as Alliance, Animoca Brands, and Delphi Digital.
AIOZ Network is a comprehensive infrastructure solution for Web3 storage, decentralized AI computing, live streaming, and video on demand (VOD). The dCDN platform of AIOZ Network is transforming file storage and distribution in Web 3.0 dApps, providing an affordable solution for file storage and media streaming. The blockchain of AIOZ Network combines the robustness of Cosmos and compatibility with the Ethereum Virtual Machine (EVM).
Official website: https://aioz.network/aioz-node
Summary
To this day, Web3 projects have been struggling to find mass adoption. Most of the daily needs of users are often dominated by traditional internet giants, and there are very few Web3 projects that can directly compete with them and establish a foothold.
AI + Web3 is considered a very promising direction for success. The development of AI brings new product forms, and in this process, Web3 products can grow differentially, leveraging the fairness, transparency, and trustless nature of blockchain technology to build consumer products.
REVOX is advancing on this path, directly competing with traditional giants in populous countries, and establishing a relative advantage, proving its product operational capabilities, as well as proving that the characteristics of Web3 can be solidified into competitive advantages in product functionality.
According to the roadmap, REVOX will continue to emphasize the product characteristics brought by Web3 and strengthen the integration with AI. This includes establishing public invocation methods for AI models, training verification, localized model deployment, personal agents, AI transactions on the consumer end, and intent-based AI contract processing. It is expected to become the largest user base and the most realistic AI + Web3 network in terms of utility.
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