Market
io.net to Develop Proof-of-AI, and More
Decentralized Physical Infrastructure Networks (DePin) are transforming the tech by enabling decentralized projects in real-world infrastructure.
Here’s what happened recently in the DePIN sector: io.net and Flock.io began collaborating on the Proof-of-AI, Aethir partnered with Auros to enhance ATH token transactions, and Space and Time (SxT) secured a $20 million investment round to further develop its AI and blockchain integration.
io.net to Launch Proof-of-AI Consensus
io.net and Flock.io have teamed up to create Proof of AI (PoAI), an AI-focused Proof of Work and consensus mechanism. This system requires nodes in decentralized networks to complete AI training tasks to verify their integrity. Nodes that successfully perform these tasks can earn rewards from both DePIN and AI training networks.
PoAI operates by continuously challenging nodes with tasks, gathering their responses, and providing critical data (e.g., latency, score deviation, and data correctness) to form assessments. This mechanism ensures that nodes function properly and contribute to AI training in a meaningful way.
“The introduction of Proof of AI will bring significant improvements in AI model training and inference over decentralized compute networks. I’m confident GPU node operators and the broader AI/ML developer community will embrace Proof of AI enthusiastically — we certainly have,” io.net CEO and Co-founder Tory Green said.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
Flock is responsible for providing ongoing challenges, such as generating synthetic data through inference on large language models (LLMs), which helps determine the expected behavior from GPU devices based on factors like TFLOPS and VRAM. This process allows decentralized AI ecosystem providers to verify the honesty of participants in their networks and maintain high-quality AI training inputs.
The PoAI service will create a self-sustaining cycle linking Flock’s decentralized training platform with AI-focused DePIN platforms. Over time, Flock plans to expand PoAI’s verification capabilities to include not only compute tasks but also AI training and federated learning. There are even discussions about the potential for a dedicated AI blockchain in the future.
Aethir Partners with Auros to Boost ATH Token Transaction Efficiency
Aethir, a leading provider of GPUs-as-a-service, has partnered with Auros, a top crypto-native algorithmic trading firm, to boost transparency and efficiency in ATH token transactions for Aethir’s decentralized cloud computing infrastructure. This partnership aims to tackle the common challenge of transaction transparency and efficiency as enterprises transition to decentralized cloud computing. By implementing regular, on-chain transactions, both companies ensure every step is visible and verifiable.
Aethir reports $36 million in annual recurring revenue from enterprise clients, converting this into ATH tokens for computing services. This process builds trust within the Aethir community and among enterprise clients by providing clear insights into how ATH tokens power the ecosystem.
“Teaming up with Auros ensures our financial transactions are executed with transparency and efficiency.This enhances trust within our community and streamlines the integration process for our enterprise clients,” Aethir Co-Founder and CSO Mark Rydon said.
Read more: Top 12 Crypto Companies to Watch in 2024
Auros’ expertise plays a critical role in the partnership by ensuring ATH token purchases are executed efficiently, reducing costs, and maximizing value. As a result of this collaboration, Aethir has successfully onboarded major players in telecommunications, gaming, and publishing into its decentralized infrastructure. These enterprises can now access cloud gaming, cloud phone, and AI training services without the typical onboarding challenges.
Space and Time Secures $20 Million Funding
Space and Time (SxT) Labs has secured $20 million in Series A funding to strengthen its position at the intersection of AI and blockchain, bringing its total funding to $50 million. The round was led by Framework Ventures, Lightspeed Faction, and others, including Microsoft’s M12 Ventures. The funds will accelerate engineering, product development, and ecosystem growth.
SxT is building a verifiable compute layer and provides tools like blockchain indexing, a data warehouse, and the Proof of SQL ZK coprocessor to ensure secure, tamper-proof data processing. This technology allows developers to create advanced applications combining AI and blockchain.
“Blockchain technology lays the foundation for a future where anyone can build an application, deploy it to their community, and create a tokenized economy around it, without any centralized intermediaries like banks or governments in the way. But today, the design space for blockchain apps is still very limited. Realizing a better tokenized future requires two things: easy AI tools that allow anyone to build an onchain app, and a trusted source that provides ZK-verifiable, realtime data to your smart contracts. That’s what we’re delivering with Space and Time,” Space and Time CEO and Co-Founder Nate Holiday told BeInCrypto.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
SxT has partnered with Microsoft’s AI Co-Innovation Lab to accelerate generative AI tools, with a focus on developing AI-powered apps. The company’s work in blockchain and AI is seen as crucial by its investors, who believe it will drive new use cases in decentralized finance (DeFi), traditional finance (TradFi), and AI.
While DePIN is still in its early stages and has some flaws, it allows for the exchange of tokens between synthetic and real-world assets. This supports traditional infrastructure by providing last-mile coverage in areas where conventional models are not economically feasible.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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