NEAR Protocol, a Layer 1 blockchain platform, has announced a new strategic direction focused on fostering a user-owned AI ecosystem. The initiative, led by co-founder Illia Polosukhin, is designed to support the development and incubation of native AI infrastructure. This move aims to position NEAR as a leading environment for AI research and applications, marking a significant pivot from its initial focus on blockchain and payment solutions.
Integrating AI with Blockchain Technology
Originally established as an AI company, NEAR quickly transitioned to blockchain technology, emphasizing high throughput and decentralization. The recent shift highlights a return to its roots, integrating AI to offer a decentralized alternative to the traditional, centralized models that dominate current Web2 structures. According to Polosukhin, this initiative seeks to challenge the dominance of large corporations over critical digital resources and intelligence, promoting a model where users retain control and ownership of AI technologies.
Investment and Growth Opportunities
The NEAR Foundation, responsible for overseeing the blockchain’s development, will play a crucial role in this strategic pivot. It plans to offer investment and incubation services specifically tailored to AI-driven projects. The foundation’s research and development team, co-led by Polosukhin and Alex Skidanov, aims to attract leading AI developers and researchers. The goal is to create a global movement around user-owned AI, fostering innovation and collaboration in the space.
Market Response and Future Prospects
Following the announcement, the NEAR token experienced a 3.5% increase in value, continuing a significant upward trend with a 400% rise over the past year. This market response underscores the financial community’s optimism regarding NEAR’s new direction. Moreover, the foundation’s Horizon accelerator is now inviting applications for its upcoming cohort, which begins in September 2024. This program offers an equity-free option for AI startups and developers, providing them with essential resources and support to bring their innovations to market.
NEAR Protocol’s latest initiative revisits its original vision and sets a new course for integrating AI and blockchain. This strategic focus on user-owned AI infrastructure will catalyze significant advancements in how AI technologies are developed, owned, and utilized globally.