NEAR Initiates Program to Incubate and Invest in Native AI Infrastructure: Price Impact on NEAR Token

NEAR Protocol co-founder Illia Polosukhin has announced plans to position NEAR as the premier ecosystem for pioneering AI research and applications. 

NEAR Protocol, a decentralized, high-throughput layer 1 blockchain, is not just a platform, but a movement. It aims to become the hub for user-owned AI and machine learning, empowering individuals and communities to take control of their digital future. Originally an AI company, NEAR shifted its focus early in development towards blockchain and payment solutions and is now dedicated to exploring the synergies between these two technologies, with the ultimate goal of democratizing access to AI and machine learning.

You can buy NEAR token on Bitrue

User-owned AI

User-owned AI represents a collaborative alternative to the centralized and restrictive industry that dominates most of Web2's data and information management. In a recent blog post, NEAR Protocol co-founder Illia Polosukhin expressed a strong stance against the current state of affairs, stating, "We do not want to live in a world where a few mega-corporations control the most powerful human resource: intelligence." 

Polosukhin emphasizes the importance of decentralizing intelligence to democratize access and prevent a small number of large corporations from monopolizing these crucial technological advancements. This vision for user-owned AI aims to foster a more open and equitable digital environment where innovation and knowledge are accessible to everyone, thus ensuring that the benefits of AI and machine learning are shared broadly across society.

Investment and Incubation Services for AI-related Research and Applications

The NEAR Foundation, guided by co-founders Illia Polosukhin and Alex Skidanov, is set to offer investment and incubation services for AI-related research and applications through its research and development unit. NEAR is dedicated to attracting leading talents in AI development to advance the user-owned AI movement on a global scale. The foundation's equity-free accelerator, Horizon, is now open for applications, with its next cohort scheduled to start in September 2024.

NEAR Price Analysis

Source: CoinGecko

The native token of NEAR Protocol, $NEAR, rallied by 3.5% following the release of a recent blog post and has surged 400% over the past year.

In the last 24 hours, NEAR Protocol's trading volume reached $812,747,674, marking a 17.60% increase from the previous day and indicating a spike in market activity.

NEAR Protocol's market capitalization currently stands at $8,266,823,360, ranking it #19 on CoinGecko. This valuation is calculated by multiplying the token price with the circulating supply, which includes 1.1 billion tradable NEAR tokens.

Despite a 5.70% price decline over the last week, NEAR Protocol is underperforming in the global cryptocurrency market, which is up by 3.60%. It is also lagging behind similar cryptocurrencies from FTX Holdings, which have seen an 11.40% increase.