OpenAI Launches GPT-4 API: A New Era of Chat-Based AI

A major advance in the development of artificial intelligence technology has been signaled by OpenAI’s announcement that its long-awaited GPT-4 API is now available to all paying clients. This event marks a key milestone in the advancement of AI technology.

This change comes following the very successful debut of the ChatGPT API in March, as well as subsequent improvements to the chat-based models.

Since its release in March, the GPT-4 API, which is being hailed as OpenAI’s most competent model, has been seeing significant demand.

Access to the GPT-4 API with 8K context is now available to all previously registered API developers who have a track record of successfully processed payments as of right now.

It is OpenAI’s intention to broaden access to new developers by the end of this month, which will be followed by an expansion of rate limitations in accordance with the availability of compute resources.

In addition to GPT-4, OpenAI is making the GPT-3.5 Turbo, DALL’E, and Whisper APIs accessible to the general public. This action reflects the fact that these models are now ready to be used on a commercial scale.

The conversation Completions API is currently responsible for 97% of OpenAI’s total API GPT consumption, which indicates that the firm is changing its attention away from text completions and toward conversation completions.

OpenAI intends to continue investing in the Chat Completions API since the company is certain that it will provide developers with an experience that is both more competent and simpler to use.

Because OpenAI strongly advises users to switch to the Chat Completions API, this notification serves as a warning that previous versions of the Completions API will soon be phased down.

The business foresees a future in which chat-based models may support every use case, ushering in a new age for the development of artificial intelligence.

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Celebrities, Crypto, and Controversy: The Fallout of FTX’s Bankruptcy

Tom Brady, the quarterback for the New England Patriots and winner of seven Super Bowls, served as an ambassador for the FTX bitcoin and crypto exchange, According to New York Times.

He advertised the new company as the most reliable establishment in the cryptocurrency industry using a variety of platforms, such as a commercial shown during the Super Bowl, billboards, and a conference held by FTX in the Bahamas. FTX represented a considerable portion of Brady’s personal wealth.

FTX paid him $30 million as part of an endorsement agreement he signed with the company in 2021; the payment was nearly completely in the form of FTX shares. This arrangement was a component of the contract. Gisele Bundchen, who was his ex-wife and a supermodel, was given FTX shares for 18 million dollars.

FTX has been declared insolvent last year, and its founder, Sam Bankman-Fried, is being investigated for criminal fraud.

Customers of FTX have filed a lawsuit against Brady and Bundchen in an effort to get compensation from the celebrities who endorsed the exchange.

The predicament that Brady and Bundchen are in is representative of a bigger pattern in which celebrities who promoted cryptocurrencies or who invested in them are now dealing with the aftermath of the market for cryptocurrencies.

The list of famous individuals who have been embroiled in FTX controversies, including those related to cryptocurrency, is extensive and includes figures such as Paris Hilton, Snoop Dogg, Reese Witherspoon, Matt Damon, Kim Kardashian, Lindsay Lohan, Jake Paul, Soulja Boy, Lil Yachty, and Shaquille O’Neal.

In addition to these celebrities, FTX also attracted significant investment from institutional investors. Some of the most notable among these include Sequoia Capital, BlackRock, Tiger Global Management, SoftBank, and Temasek.

In 2021, Brady helped start the firm Autograph, which assists renowned persons in the process of selling nonfungible tokens (NFTs).

In a case that accuses celebrities of deceiving investors, Brady and Bundchen are among the celebrities named as defendants.

Larry David, Steph Curry, and Naomi Osaka are some of the other defendants in this case. All three of them supported FTX. Because they did not finalise possible arrangements with FTX, several celebrities, including Taylor Swift and Katy Perry, barely avoided becoming caught up in the crypto debacle.

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Oracle Red Bull Racing Teams Up with Mysten Labs for Blockchain Engagement via Sui Platform

Sui has been selected to serve as the official blockchain partner for Oracle Red Bull Racing.

Oracle Red Bull Racing Validator will be available on Sui thanks to the collaboration between the team and Mysten Labs.

Mysten Labs, which was the project’s first contributor, will be in charge of managing and operating the validator.

In order to enhance the Sui protocol, the Oracle Red Bull Racing Validator will take part in the process of reaching a consensus throughout the network. This will assist to guarantee that the blockchain is populated with only genuine data.

Oracle Red Bull Racing Team Principal and Chief Executive Officer Christian Horner remarked that the team was an early user of blockchain technology in Formula One. He noted that the company saw the technology’s potential to link fans all over the globe with the team in a manner that was both innovative and forward-thinking.

This experience will be improved because to the cooperation with Sui, which will make accessing it simpler, more secure, and more interesting.

They are pleased to provide their support to Oracle Red Bull Racing at this exciting time as the team investigates novel approaches to building connections with fans.

The Oracle Red Bull Racing Validator was released after the team decided in June 2023 to make Sui its Official Blockchain Partner as part of a multi-year agreement with Mysten Labs to build on Sui. 

Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform. Its purpose is to enable the ownership of digital assets quick, private, and safe while also making them available to everybody. Parallel execution, sub-second finality, and rich on-chain assets are all made possible as a result of its object-centric approach, which is based on the Move programming language.

Since the beginning of the FIA Formula One World Championship, Oracle Red Bull Racing has consistently shown to be one of the most formidable teams in the competition.

The team has become one of the most successful teams in Formula One as a result of their enthusiasm, playfulness, ambition, and extraordinary successes. They are recognized as one of the most successful teams in the sport.

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Over $30 Billion Lost to Blockchain Hacks, Reveals SlowMist Hacked Statistics

According to a research by SlowMist Hacked Statistics, the total amount of money that has been stolen from blockchains is an astounding $30,011,604,576.24. This information comes as a stunning surprise.

The data, which encompasses a total of 1,101 hack occurrences, highlights the mounting worries over the sector’s security as blockchain and cryptocurrencies continue to gain popularity.

The study includes a thorough analysis of the losses by category, showing the sectors that have been most impacted by the aforementioned security breaches.

The Exchange category is at the top of the list with 118 occurrences that resulted in losses of nearly $10.95 billion.

The ETH Ecosystem is next, which has had 217 occurrences and losses totalling more than $3.12 billion during the duration of its existence.

The 162 and 184 events, respectively, have resulted in significant losses for both the BSC Ecosystem and the Other category. Losses from both incidents have totaled around $10.95 billion and $1.45 billion, respectively.

It’s noteworthy to observe that these security vulnerabilities have not spared the recently flourishing NFT business.

The survey found that there were 85 instances in this category, resulting in losses of about $200 million.

These findings also bring to light the vulnerabilities that exist among a variety of blockchain ecosystems.

For example, the EOS Ecosystem has been subjected to 119 occurrences, which have ultimately resulted in losses of around $25.9 million.

This research provides as a sharp reminder of the security difficulties that the blockchain and cryptocurrency industry confronts and acts as an excellent resource for doing so.

The need of implementing comprehensive security policies and procedures is only going to increase as the industry continues its process of growth and development.

The figures raise concerns, but they also provide a chance for information security firms that concentrate on blockchain and cryptocurrency technologies.

As the industry strives to address the security concerns that have been highlighted, demand for more advanced security solutions is predicted to rise. This will provide new possibilities for growth and innovation in the area of cybersecurity.

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NY Fed’s digital currency Test Reveals Feasibility

The Innovation Center of the Federal Reserve Bank of New York (NYIC) has successfully completed its proof-of-concept of a regulated liability network (RLN), which was carried out in collaboration with nine significant financial institutions and the Swift network.

Using distributed ledger technology and a simulated central bank digital currency (CBDC) in the United States, the project developed a theoretical infrastructure for exchanging and settling commercial bank deposit tokens and central bank liabilities. This infrastructure was constructed by the project.

At the moment, transactions involving assets are completed by sending messages back and forth between the various parties involved.

Tony McLaughlin, head of emerging payments and business development at Citi Treasury and Trade Solutions, said in a webcast that introduced the study findings that although messaging happens virtually quickly, settlement does not.

The project decided to remove trustlessness and anonymity from its blockchain, in addition to other aspects, in order to develop a system that stored value in the ledger rather than resolving disputes via messaging.

According to McLaughlin, the simulated RLN was capable of functioning around the clock and had multi-asset settlement in addition to programmability.

According to what McLaughlin claimed, the simulated RLN maintained complete anti-money laundering and Know Your Customer safeguards for the United States in foreign settlements.

He referred to the RLN as “a game changer for international users of the dollar” and predicted that it will enable the dollar continue to play the role as the preferred international currency.

In addition, the findings of the research were compiled into distinct papers that focused on business, law, and technology respectively.

The initiative only considered regulated assets, therefore cryptocurrencies and stablecoins were excluded from consideration.

In November, it was revealed that the initiative will be a pilot for a period of twelve weeks.

In addition to the New York Investment Company (NYIC), this endeavor entails working in conjunction with a number of top financial institutions and payment firms. These companies include Wells Fargo, BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, and Truist. This initiative’s technology is supported by Amazon Web Services and is provided by SETL in partnership with Digital Asset.

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What Happens When AI Meets Bitcoin and Crypto: Insights from Arthur Hayes

In the piece “Massa,” written by Arthur Hayes on Medium, the author examines the potential impacts that artificial intelligence (AI) may have on several aspects of society.

According to him, robots and artificial intelligence (AI) will mostly be used to replace labor-intensive jobs, freeing up workers to pursue their hobbies.

He believes that this can lead to a revival of creative and cultural expression.

Hayes also raises the prospect of artificial intelligence outpacing humans and taking over humanity in the future.

He hypothesizes that, in light of recent developments in computer power, artificial intelligence is on the cusp of a big breakthrough that might transform the path of human history very instantly.

Hayes is interested in the commercial possibilities of AI due of his background in business.

Hayes is of the impression that there will be substantial developments at the interface of AI and cryptocurrencies, notably Bitcoin.

He contends that Bitcoin, owing to its digital form, resilience to censorship, verifiable scarcity, and inherent worth that is connected to the cost of power, will emerge as the preferred money for artificial intelligence.

He contends that artificial intelligence will need a digital payment system that is constantly accessible, fully automated, and open to scrutiny.

He thinks that implementing a blockchain-based system is the only workable answer.

Additionally, Hayes draws attention to the fact that data and processing power—both of which are essentially forms of energy—are the two most crucial resources for artificial intelligence.

Because of this, an AI will need a currency that maintains its power to purchase energy even over extended periods of time.

Hayes goes into great detail to explain why Bitcoin will be the preferred form of payment for machines.

He contrasts the rarity, resistance to digital censorship, and buying power of gold, fiat money, and bitcoin, and finds that bitcoin outperforms the other two in each of these areas.

Last but not least, according to Hayes, the price of Bitcoin might rise sharply in the coming years if the tale of AI loving Bitcoin gets public. According to him, this forecast is predicated on the notion that this story will gain widespread appeal.

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Bitcoin’s Dawn of the ETF Era: ARK Investment

According to a report by ARK Investment, in June 2023, Bitcoin experienced a resurgence in institutional sentiment, with the supply of Bitcoin that had remained unmoved for at least a year reaching an all-time high of approximately 70% of the circulating supply. This development suggests a strong holding pattern among Bitcoin investors, a trend that is likely to impact the cryptocurrency’s future trajectory.

The month also saw a narrowing of the Grayscale Bitcoin Trust’s (GBTC) discount to Bitcoin’s net asset value (NAV), possibly due to Blackrock’s Bitcoin ETF application or indications that Grayscale had gained an edge during its trial against the SEC. This shift towards a one-year low in the GBTC’s discount to Bitcoin’s NAV could signal a growing institutional interest in the cryptocurrency.

Institutional activity in Bitcoin, as indicated by the balance of Bitcoin on OTC desks, hit a one-year high in June. This uptick in institutional activity coincides with BlackRock’s filing for a Bitcoin ETF, following ARK/21 Shares’ filing in April. The move by BlackRock, a global investment management corporation, suggests a growing acceptance of Bitcoin in traditional finance circles.

However, the global economy appears to be heading towards a recession, with recent data from the manufacturing sector indicating a decline in new orders in the Purchasing Managers’ Index, a proxy for future manufacturing activity. In 2022, the US Gross Domestic Product (GDP) declined for two consecutive quarters, implying a technical recession.

In other news, the SEC filed charges against Coinbase for operating as an unregistered securities exchange, broker, and clearing agency, and against Binance entities and founder Changpeng Zhao. Robinhood announced plans to delist tokens for Solana, Cardano, and Polygon after SEC suits named them as securities. Meanwhile, the Tether USDT stablecoin’s market cap climbed to an all-time high of $83.2B.

Despite these challenges, Bitcoin’s holder base and network activity remained strong in June, with active owners increasing by 9.1% and long-term holder supply increasing by 0.11%. These trends suggest a robust and resilient Bitcoin ecosystem, even in the face of potential economic downturns and regulatory hurdles.

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Mastercard Uses AI to Combat Real-Time Payment Scams

Mastercard has introduced a brand new artificial intelligence (AI)-powered solution with the intention of assisting financial institutions in combating payment fraud and scams in real time, ahead of any potential monetary abuses.

An statement made by the supplier of financial services on July 5 said that the artificial intelligence powering the ‘Consumer Fraud Risk’ solution has been educated using years’ worth of transaction data obtained via partnerships with financial institutions in the United Kingdom.

The technology is able to make a prediction as to whether or not a user is trying to transfer money to an account that has been previously connected with authorised push payment frauds by doing an analysis of the data. According to the revelation made by Mastercard’s President of Cyber and Intelligence Ajay Bhalla, in the past it has been great challenging for banks to identify these kinds of frauds. 

The objective is to make use of AI so that financial institutions can see situations like this in real time.

According to the official statement, Mastercard said that it has been using AI for the better the last ten years. Mastercard believes that this is a foundational technology. Mastercard claims that nine of the most prominent financial institutions in the United Kingdom, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo, and TSB, have joined forces with the company to implement the solution.

Although the programme has only been implemented thus far with banks situated in the United Kingdom, Mastercard has said that it is now in talks about growth with several customers from across the globe, including those based in the United States of America, India, and Australia.

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$314K from 2016 Bitfinex attack returned by US Homeland Security

The digital currency exchange known as Bitfinex said on July 6 that it has been given $312,219.71 in cash together with 6.917 Bitcoin Cash by the United States Department of Homeland Security.

The seizure was carried out with the assistance of the United States Customs and Border Protection Service.

The stolen assets will be refunded to the Bitfinex customers who were affected by the breach in 2016 on a proportional basis.

After holders of Unus Sed Leo (LEO), Bitfinex’s native token, have had their RRTs redeemed with the recovered assets, the remaining funds will be distributed to those who possess Unus Sed Leo.

Bitfinex had a security breach in 2016, which resulted in the loss of Bitcoin belonging to 119,576 clients. These Bitcoin were valued around $70 million at the time but are now worth $3.7 billion.

Ilya Lichtenstein and Heather Morgan, his wife, were taken into custody by the United States Department of Justice on February 8, 2022. The two were reportedly involved in a conspiracy to launder cryptocurrency that was tied to the breach.

Efforts to retrieve the monies are still under progress at this time.

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China to Strengthen Artificial Intelligence Development with New Legislation

China has included a draft AI law in its legislative agenda for the State Council in 2023, which will be reviewed by the National People’s Congress. The goal is to improve AI research, development, and innovation, foster an open innovation ecosystem, and accelerate AI deployment in scientific research, healthcare services, cultural creativity, and ecological governance.

Liang Yingda, Director of the Strategic Planning Department at the Ministry of Science and Technology, announced the inclusion of an AI draft law in the State Council’s legislative agenda for 2023. The law will be reviewed by the Standing Committee of the National People’s Congress. Liang emphasized the importance of pioneering research, innovation, open development, technology for the greater good, and responsible AI development.

The Chinese government implemented a development plan for the new generation of AI in 2017, establishing the New Generation AI Development Planning Office. The plan includes 15 departments, including the Ministry of Science and Technology. China supports research in fundamental theories, core algorithms, generic technologies, and innovative applications. The country has established national innovation and development pilot zones in 18 regions, including Beijing, Shanghai, and Tianjin. 32 AI open innovation platforms have been established, focusing on areas like software and hardware, intelligent speech, vision, and healthcare.

China also promotes AI governance, integrating ethical and moral considerations throughout the lifecycle. The AI draft law has been included in the State Council’s legislative agenda for 2023, further accelerating AI legislation.

The global advancement of AI is rapidly progressing, with breakthroughs in large-scale pre-trained models paving the way for general AI and multimodal and multitask systems. Technology routes like brain-like intelligence and quantum intelligence are evolving, paving the way for a new paradigm of general AI and driving significant technological transformations. AI applications are expanding from consumer to production, deeply integrating with sectors like manufacturing, healthcare, energy, and transportation. Innovation in AI products and services is driving comprehensive integration into various aspects of technology, economy, and social development.

Liang Yingda emphasized China’s focus on AI development and governance, collaborating with international colleagues to promote security and share benefits. Key areas include strengthening AI technology research, encouraging original innovation, establishing a comprehensive framework, solidifying theoretical foundations, building an open innovation ecosystem, and accelerating AI deployment in scientific research, healthcare services, cultural creativity, and ecological governance. The country aims to accelerate the deployment of AI in various fields, leveraging its strengths and capabilities.

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