ChainGPT & KIP Protocol Propel AI Developments Amid Crypto Mergers and Fraud Alerts
Summary:
Blockchain AI platform ChainGPT is partnering with KuCoin and Gate.io to launch an initial dex offering (IDO) for its AI-powered project Wisdomise AI. Meanwhile, KIP Protocol collaborates with Aethir to expedite AI development. The crypto AI industry also saw a major token merger, resulting in the Artificial Superintelligence Alliance (ASI), which aims at exploring distinct product pipelines. However, the industry is also prey to scams, with Genius Crypto Token GNUS.ai losing $1.27 million to fraudsters.
On the 13th of May, ChainGPT, a blockchain AI platform, is set to present its inaugural dex offering (IDO), for its launchpad project, Wisdomise AI. This venture is done in partnership with KuCoin and Gate.io. Wisdomise AI is a digital tool that functions as a crypto advisor and an investment assistant, powered by AI, aiding users in understanding, forecasting, and carrying out digital asset transactions. ChainGPT's CEO and Founder, Ilan Rakhmanov, has noted that users would be exposed to "advanced AI algorithms" to facilitate their engagements on digital asset markets. Valued at $20 million fully diluted, Wisdomise is aiming for an IDO. Concurrently, ChainGPT, which utilises language learning model (LLM) for creating AI-driven chatbots and news collators, is valued at $236 million, as evidenced by its native token.
Similarly, the KIP Protocol, a web3 base layer, announced on the 3rd of May a collaboration with Aethir, a GPU cloud infrastructure provider. This collaboration aims to fast-track AI developments across their networks. As part of this partnership, KIP would integrate its KnowledgeFi revenue system and its decentralized retrieval augmented generation (dRAG) framework - a system used by AI models for collecting data after user prompts - into Aethir. Aethir, in return, would make its 40,000 GPUs and 3,000 NVIDIA H100s accessible to KIP Protocol for the generation of AI prompts. Julian Peh, KIP Protocol's co-founder and CEO, noted that there is synergy in the utilization of Aethir's computing resources for driving its AI asset distribution and monetization tools.
In the previous month, the trio of SingularityNet, Fetch.ai, and Ocean Protocol, who dominate the crypto AI industry, agreed to a $7.5 billion token merger. The resultant Artificial Superintelligence Alliance (ASI) project aims to explore three separate product lines: the deployment of AI agents in commercial situations, neural symbolic language learning models (LLMs), and AI data sharing and utilization. ASI's chairman and Fetch.ai's CEO, Humayun Sheikh, stated to Cointelegraph that they foresee deriving revenue from launching the agentive network for deployment.
However, enthusiasm about this industry is being exploited by fraudsters targeting the unsuspecting. Along these lines, CertiK, a blockchain security company, reported on the 5th of May that Genius Crypto Token GNUS.ai was scammed out of $1.27 million. An attacker was able to infiltrate the developers' private wallet on Discord, create a bogus GNU token on the Fantom blockchain, and clone GNUS.ai's Ethereum Chain code. The infiltrator then converted these fake GNU tokens to actual GNUS.ai tokens on Fantom, bridged a staggering 500,000 of these illegitimately created GNUS.ai tokens from Fantom to Ethereum, and sold them off for $1.27 million. In related news, the web3 ‘play ARPG to train AI’ game Blade of God X received an investment from OKX Ventures.
Published At
5/13/2024 8:30:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.