Tag: ARTIFICIAL INTELLIGENCE

Sam Altman Reinstated as OpenAI CEO Amid Board Restructuring

by Blockchain News

Sam Altman, who was formerly employed as the Chief Executive Officer of OpenAI, the artificial intelligence research lab that is well-known for its achievements in AI technology, including the invention of ChatGPT, has been rehired. This is a surprising outcome. In light of the fact that Altman was ousted from his position only a few days prior to the announcement of this decision on November 22, it demonstrates the dynamic nature of leadership within the quickly developing artificial intelligence business.

Unprecedented Reversal of Decision

The departure of Altman from OpenAI, which took place only a few days ago, was received with great astonishment and conjecture from the general public. Because of the abrupt nature of the relocation, many people are now wondering what the company’s future has in store for them. Nevertheless, OpenAI made the unexpected announcement that Altman would be returning to his position as CEO. This was a fast turnaround. This move highlights the significant position that Altman plays in the corporation as well as the artificial intelligence field as a whole.

Impact on OpenAI’s Team and Mission

When Altman left OpenAI for a short period of time, it became clear how important he was to the process of bringing the team together. According to reports, around 505 out of 700 workers at OpenAI signed a letter to oppose the decision of the board to dismiss Altman. The petition argued that the move undercut the purpose of the firm and put their work in jeopardy. However, the board ultimately decided to terminate Altman. There is a great deal of respect and authority that Altman commands inside OpenAI, as seen by this powerful staff reaction.

Board Restructuring

The return of Altman is accompanied by the establishment of a new first board for OpenAI. This board will include notable individuals such as Bret Taylor, who will serve as chairman, as well as Larry Summers and Adam D’Angelo as regular members. Bringing OpenAI’s governance into alignment with the developing aims and strategies of the firm in the field of artificial intelligence, this restructure marks a fundamental change in OpenAI’s governance.

Microsoft’s Involvement

Altman was first accepted for the post of leading a new sophisticated artificial intelligence research team at Microsoft, which was offered to him by Satya Nadella, the CEO of Microsoft. This opportunity further exacerbated the issue. However, in response to the outrage at OpenAI and the ensuing events, Altman made the decision to return to OpenAI, putting an emphasis on his dedication to the firm and its cooperation with Microsoft.

Implications for the Artificial Intelligence Industry

Both the restoration of Altman and the reorganisation of OpenAI’s board of directors have important repercussions for the artificial intelligence business. In particular, they highlight the fluid nature of leadership and governance in technology organisations, particularly those that are at the forefront of cutting-edge technologies such as artificial intelligence. The return of Altman is seen as a step that will stabilise OpenAI, guaranteeing that the organisation will continue to fulfil its objective and bolstering its position as a pioneer in the field of artificial intelligence research and development.

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Over 1 Million Applicants Join Nigeria’s 3MTT AI Program

by Blockchain News

Nigeria’s Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has announced a landmark achievement in the nation’s digital transformation journey. The 3 Million Technical Talent (3MTT) initiative, a strategic program designed to advance artificial intelligence (AI) skills among Nigerians, has successfully attracted over one million applicants. This remarkable response, disclosed on November 8, 2023, on a platform formerly known as Twitter, represents a significant stride in Nigeria’s ambition to become a hub of technological talent.

Despite this notable success, the 3MTT program has encountered some operational challenges, specifically in email confirmations for the registered candidates. A number of applicants reported difficulties in receiving essential confirmation emails, prompting them to seek guidance and support from the program officials. These issues have sparked conversations and concerns on social media, with prospective participants eager for solutions.

In response to these issues, Tijani has been actively addressing the concerns on social media, advising applicants to check their spam folders and directing them to the #3MTTLearningCommunity for further assistance. Furthermore, the 3MTT Support team has issued updates, clarifying that registered individuals can continue their application process through a designated registration link, without needing a new confirmation email.

The 3MTT initiative is ambitiously structured in three phases, targeting a gradual inclusion of three million Nigerians. The first phase is set to engage 30,000 participants, expanding to 300,000 in the subsequent phase. This program primarily focuses on enhancing technology utilization skills, with a broader vision of fostering AI competency across the country.

In parallel to the 3MTT program, the Nigerian government has also demonstrated its commitment to AI development through the Nigeria Artificial Intelligence Research Scheme. Under this scheme, 45 AI-centric firms and academic institutions have been awarded grants of 5 million naira each. This initiative underscores the government’s dedication to integrating AI technology into Nigeria’s economic development strategy.

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SBI Holdings to Launch Investment Fund for Emerging Companies like Web3, AI, and Metaverse Startups

by Blockchain News

SBI Commits to Bolstering Startups in Japan

SBI Holdings, a major financial conglomerate in Japan, has announced its plan to start operating an investment fund by the end of 2023, focusing on startups in sectors like Web3, artificial intelligence (AI), and the metaverse. As reported by Nikkei on November 8, 2023, this fund aims to bolster the burgeoning startup ecosystem in Japan.

The fund is expected to reach up to 100 billion yen, with individual investments ranging from several hundred million to a few billion yen. It aims to invest in 150 to 200 companies. SBI is drawing investment from major and regional banks in Japan, supporting the development of domestic startups.

Collaborative Funding from Major Financial Institutions

Significant financial players, including Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance, and Daiwa Securities Group, have already committed over 50 billion yen. This level of venture capital (VC) funding is relatively rare in Japan, and an SBI representative emphasized to Nikkei the importance of having financially robust backers to nurture globally competitive startups.

Japan’s Current Landscape and Goals for Startups

Japan currently faces challenges in cultivating startups. In November 2022, under Prime Minister Kishida’s administration, the “Startup Development 5-Year Plan” was established, addressing the lower rates of new business openings and unicorn companies (privately held startups valued at over 100 billion yen) compared to the US and Europe.

The administration aims to implement “New Capitalism,” seeing startups as vital in transforming societal challenges into engines for sustainable economic growth. The 5-Year Plan sets a target to increase startup investment from 800 billion yen (as of 2022) to over 10 trillion yen by 2027. It also aims to establish Japan as Asia’s leading startup hub by creating 100 unicorns and 100,000 new startup companies.

Enhancing the Ecosystem for Web3

For startups, particularly in emerging fields like Web3, both financial support and a conducive environment are essential. The Japanese government recognizes the need for tax reforms pertinent to Web3 companies in its “New Capitalism Grand Design and Implementation Plan 2023 Revised Version.”

Corporate taxes for Web3 companies have been partially reformed in the fiscal year 2023, exempting self-issued cryptocurrencies from market value evaluation under certain conditions. Financial Services Agency and the Ministry of Economy, Trade and Industry are advocating for further reforms for third-party held cryptocurrencies in the fiscal year 2024 tax revisions. The final decision on these reforms by the Tax Commission is expected to be concluded by mid-December.

Understanding Web3

Web3, often termed as the “next generation of the internet,” is a decentralized network built on blockchain technology, encompassing elements like NFTs and cryptocurrencies. It marks a shift from the one-way information flow of the initial Internet (Web1) and the current centralized Internet (Web2).

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MicroStrategy Q3 2023: 158,400 Bitcoin Holdings at $29,586 per BTC

by Blockchain News

MicroStrategy Incorporated (Nasdaq: MSTR), a leading independent business intelligence company, disclosed its third quarter financial results for 2023 on November 1, revealing a continued focus on Bitcoin acquisition and AI integration in its offerings. The Q3 report highlighted an acquisition of 6,067 bitcoins at a total cost of $167.0 million, averaging $27,531 per bitcoin, bringing their total holdings to 158,400 bitcoins valued at $4.69 billion as of October 31, 2023. The report also indicated a year-over-year revenue increase of 3% amounting to $129.5 million, with significant growth in Software Licenses Revenues (up 16% to $45.0 million) and Subscription Services Revenues (up 28% to $21.0 million).

MicroStrategy’s foray into artificial intelligence was showcased with the launch of its inaugural MicroStrategy AI software, leveraging Microsoft Azure OpenAI, marking a significant stride in the business intelligence industry which sees AI as a pivotal innovation driver. The release reflects a broader industry trend of integrating AI capabilities to provide enhanced analytics and business insights.

The firm’s financial data also spotlighted a gross profit of $102.8 million with a gross margin of 79.4%, alongside an operational loss of $25.2 million largely attributed to digital asset impairment losses amounting to $33.6 million. The net loss for the quarter stood at $143.4 million or $10.09 per share on a diluted basis, starkly contrasted against Q3 2022’s net loss of $27.1 million or $2.39 per share. Tax provisions reflecting changes in valuation allowance on deferred tax assets related to bitcoin impairment significantly impacted the net loss figures.

MicroStrategy’s balance sheet as of September 30, 2023, showed cash and equivalents of $45.0 million, a modest increase from December 31, 2022’s $43.8 million. The carrying value of their digital assets was $2.451 billion, reflecting cumulative impairment losses of $2.230 billion since acquisition. Under a Sales Agreement initiated on August 1, 2023, with Cowen and Company, LLC, Canaccord Genuity LLC, and Berenberg Capital Markets LLC, MicroStrategy issued and sold 403,362 shares of its class A common stock for net proceeds of approximately $147.2 million. As of the quarter’s end, roughly $602.1 million of class A common stock remained available for issuance and sale under this agreement.

MicroStrategy’s dual corporate strategy of acquiring and holding bitcoin alongside growing its enterprise analytics software business portrays a bifocal approach to value creation. The commitment towards bitcoin, seen as a reliable value store, juxtaposed with a drive to promote ‘Intelligence Everywhere’ through its analytics platform, underscores MicroStrategy’s aim to capitalize on the synergies between emerging digital assets and advancing business intelligence technology.

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Greece Establishes High-Level Advisory Committee for Artificial Intelligence Strategy

by Blockchain News

Kyriakos Mitsotakis, the Prime Minister of Greece, made the announcement on the establishment of a High-Level Advisory Committee for Artificial Intelligence (AI) on October 19, 2023. The purpose of this group is to get Greece ready for the tremendous breakthroughs that are happening in artificial intelligence technology and its applications. This decision comes at a time when the European Union is in the midst of passing its Artificial Intelligence Act, which will be applicable to all 27 member states of the European Union, including Greece.

The group will give evidence-based advice and recommendations on how Greece may capitalize on the many possibilities presented by artificial intelligence technology. In addition to this, the establishment of a unified structure for the purpose of providing protection against probable difficulties, disparities, and dangers will be a primary priority. The key duties include the formulation of policy concepts and the elaboration of recommendations for a comprehensive national strategy for AI over the long term. The economy, society, productivity increases, innovation, infrastructure development, and the management of climatic crises will all be primary focuses of this plan.

Professor of Computer Science at the Massachusetts Institute of Technology (MIT) Constantinos Daskalakis will serve as the chair of the committee and lead its work. Other members include authorities in a wide variety of subjects, including technology, ethics, law, and scientific research. Notably, the committee’s work is backed by Accenture, a business that specializes in digital services and artificial intelligence expertise. Additionally, the committee’s operation is completely free of charge.

The Prime Minister of Greece, Mr. Mitsotakis, highlighted in his statement that the incorporation of AI technology is not a problem for the future but rather a reality that exists right now. “This is not about the future but rather the present,” he added, underlining the necessity for rigorous preparation before artificial intelligence becomes a part of everyday life. “This is not about the future but rather the present.”

The work of the committee will also contribute to Greece’s stance in the ongoing conversation on the regulatory framework for artificial intelligence that is taking place throughout Europe. Its goal is to identify industries in which Greece has a competitive advantage and has the potential to take the lead in worldwide talks on the use of AI.

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Visa Announces $100 Million Fund for Generative AI in Commerce and Payments

by Blockchain News

On October 2, 2023, Visa Inc., a global leader in payment solutions, announced a $100 million fund dedicated to generative artificial intelligence (AI). The fund is designed to invest in startups and established businesses that are at the forefront of developing generative AI technologies and applications, particularly those that have potential applications in commerce and payments.

Visa Ventures, the corporate investment division of Visa, will be responsible for overseeing the fund’s investment activities. Established in 2007, Visa Ventures has a history of backing innovative projects in the payment and commerce sectors. David Rolf, Head of Visa Ventures, expressed enthusiasm about the initiative, stating, “Generative AI has the potential to be one of the most transformative technologies of our time. We are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed startups in the fields of generative AI, commerce, and payments.”

The Capabilities of Generative AI

Generative AI is a type of artificial intelligence that can produce a wide array of content, from text and images to audio and synthetic data. The technology has already shown its capabilities through major AI chatbots like OpenAI’s ChatGPT and Google’s Bard, which can generate text that closely resembles human writing. This opens up new avenues for how AI can be utilized in various sectors, including commerce and payments.

Visa’s Long-standing Commitment to AI

Visa has been a pioneer in the adoption of artificial intelligence technologies. As early as 1993, the company implemented AI-based systems for risk and fraud management. In 2022, Visa Advanced Authorization, the company’s real-time fraud monitoring system, was credited with preventing approximately $27 billion in fraudulent activities. Last year, Visa also launched VisaNet +AI, a suite of AI-based services aimed at helping financial institutions tackle challenges related to daily settlement operations.

Beyond its investments in AI, Visa has also been exploring other technological frontiers. The company has shown a positive stance on the incorporation of blockchain technology, particularly Bitcoin, into payment systems. Jack Forestell, Chief Product and Strategy Officer at Visa, believes that generative AI holds significant promise in reshaping the financial landscape.

The $100 million fund is a significant step in Visa’s broader strategy to stay ahead in the rapidly evolving technological landscape. It not only reinforces the company’s leadership in AI but also signals its intent to be at the forefront of future innovations that could redefine commerce and payments.

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Neara Secures $24M Series B Boosting Utilities’ Resilience and Renewable Energy Integration

by Blockchain News

Key Takeaways

* Neara clinches $24M in Series B funding, taking the total to $24M with a $10M extension led by Prosus Ventures on September 27, 2023.

* The infusion will bolster Neara’s AI-driven infrastructure modeling platform advancing natural disaster mitigation and clean energy assimilation.

* Neara’s ambitious global expansion and novel System of Enablement functionality are set to catalyze the energy transition, especially in the US and Europe.

Sydney-based Neara, a pioneer in infrastructure modeling employing artificial intelligence (AI) for comprehensive 3D network simulations and analytics, heralded a $10M additional capital influx on September 27, 2023, alongside a groundbreaking case study to amplify the existing line capacity for renewable energy. Prosus Ventures led the Series B extension, with existing investors Skip Capital and Square Peg Capital showing continued support, elevating Neara’s total Series B fund to $24M. The new capital is earmarked for accelerating Neara’s international footprint and the furtherance of its innovative System of Enablement functionality.

Harnessing AI for Renewable Energy Integration

At the core of Neara’s mission is its AI simulation and analytics platform, poised as a linchpin in the energy transition, enabling utilities to make well-informed, system-wide determinations. The System of Enablement proffers a unified model to tackle paramount macro issues, ranging from robust grid designs, mitigating catastrophic weather-induced damages, to speeding up renewable energy incorporation utilizing existing network infrastructure, articulated Neara’s Chief Commercial Officer Jack Curtis. The investment from Prosus Ventures is deemed a catalyst in hastening the development of Neara’s System of Enablement to offer a centralized decision-making platform for crucial stakeholders in the energy transition ecosystem.

Global Expansion and Technology Advancements

With sights set on the United States and Europe, Neara aims to deliver enterprise-grade, 3D network modeling technology, leveraging AI/Machine Learning (ML) to harmoniously aggregate utilities’ diverse data spectrum into a hyper-realistic digital simulation environment. The technology empowers utilities to envisage how their assets will behave in real-world scenarios under varied conditions based on an extensive array of network and environmental variables. This is instrumental in eradicating network monitoring blind spots, enhancing grid resilience against severe weather, and diminishing reliance on manual field surveys.

Empirical Case Studies and Strategic Partnerships

In a collaboration with EMPACT Engineering, Neara executed a proprietary line rating case study in a burgeoning Central Texas region. The platform identified that a staggering 94.5% of the lines could safely operate at double the current capacity, thereby significantly augmenting clean energy integration using existing infrastructure. Similarly, in New South Wales, Australia, a partnership with Essential Energy yielded a twofold increase in existing network availability through software analytics, enlarging the scope for renewable asset connectivity.

Addressing Network Constraints and Accelerating Renewable Infrastructure

Beyond merely enhancing existing infrastructure, Neara is fervently addressing major network bottlenecks to the energy transition, particularly the development and construction of new transmission lines. Through Neara’s platform, network utilities can employ a whole-of-life-cycle network model for route optimization, community engagement, and boosting development and construction pace, eventually hastening the time frame within which vital renewable infrastructure can be operationalized and utilized to clear renewable project backlogs.

About Neara and Prosus Ventures

Headquartered in Sydney, Australia, Neara stands as the world’s most extensive 3D simulation and analytics platform for electricity network infrastructure, facilitating sophisticated analyses for real-world scenario understanding, thereby enabling grid operators to make highly precise decisions. On the other side, Prosus, a global consumer internet group, is steadfast in driving positive societal and planetary impact through technology investments, with a portfolio extending across online classifieds, food delivery, payments and fintech, and education technology sectors, among others.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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What is Conch AI?

by Blockchain News

Conch AI is an artificial intelligence (AI)-powered writing assistant that was launched in the early 2020s. The tool utilizes machine learning and natural language processing algorithms to analyze and understand text-based data, offering a range of features to enhance the writing process.

Overview

Conch AI is a comprehensive writing assistant that allows users to rewrite sentences and paragraphs, summarize sources, answer questions, and generate introductions, conclusions, and outlines. It also has a built-in AI detector bypasser, which helps users avoid detection by algorithms like GPTZero and Turnitin. The tool is available as a Chrome extension, making it compatible with platforms like Gmail, WordPress, Google Docs, and LinkedIn.

Features

1. Rewriting and Summarizing

Conch AI can rewrite sentences and paragraphs, making it a valuable tool for enhancing written content. It can also summarize sources, helping users to quickly understand the main points of a text.

2. AI Detector Bypasser

Conch AI has a built-in AI detector bypasser that helps users avoid detection by algorithms like ZeroGPT, GPTZero and Turnitin. This feature is particularly useful for academic and research writing where originality of content is paramount.

3. Chrome Extension

Conch AI is available as a Chrome extension, making it compatible with a wide range of platforms including Gmail, WordPress, Google Docs, and LinkedIn.

4. Answering Questions

The AI can provide answers to users’ questions, assisting with research and information gathering.

5. Generating Introductions, Conclusions, and Outlines

Conch AI can create these essential parts of an essay, streamlining the writing process.

Pricing

Conch AI offers two pricing plans: a Free plan and a Pro plan. The Free plan allows users to access 3,000 tokens and try out the AI writing assistant without any cost. The Pro plan starts from $3.99 per month or $9.99 per month, depending on the source. The Pro plan offers additional features and benefits, such as 10x faster writing with AI assistance and an AI Bypasser to ensure content remains undetected by AI detection algorithms.

Reception

Conch AI has been widely adopted by users seeking to enhance their writing productivity. However, it’s important to note that the tool’s effectiveness can vary depending on the specific use case and user requirements.

References

What is Conch AI and Does Conch AI Bypass AI Detection?

What is Conch AI? How Does it Work?

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EminiFX CEO Sentenced to Nine Years for $240 Million Crypto Fraud Scheme

by Blockchain News

Eddy Alexandre, the CEO of a purported cryptocurrency and forex trading platform known as EminiFX, has been sentenced to nine years in prison for a $240 million fraud scheme. The sentencing was announced by Damian Williams, the United States Attorney for the Southern District of New York, on July 19, 2023.

Alexandre was found guilty of defrauding over 25,000 investors of more than $248 million through the EminiFX trading platform. The fraudulent scheme was operational from September 2021 to May 2022. Alexandre had promised investors high returns of at least 5% weekly through a “Robo-Advisor Assisted account” for automated investments in cryptocurrency and forex trading. He claimed this technology was his “trade secret” and refused to disclose any details about it.

However, the reality was far from the promises made. EminiFX did not generate 5% weekly returns for its investors. Alexandre did not invest a significant portion of the investor funds entrusted to him and incurred millions of dollars in losses on the limited funds he did invest. Furthermore, he misdirected at least approximately $14.7 million to his personal bank account, using $155,000 of investor funds to purchase a BMW car for himself and spending an additional $13,000 on car payments, including to Mercedes Benz.

The case against Alexandre is a stark reminder of the risks associated with cryptocurrency investments. It also underscores the importance of due diligence and skepticism towards promises of guaranteed high returns. 

In addition to his prison term, Alexandre was sentenced to three years of supervised release. He was also ordered to pay forfeiture in the amount of $248,829,276.73 and restitution in the amount of $213,639,133.53.

The Securities and Commodities Fraud Task Force of the Office handled the case, and Assistant U.S. Attorneys Nicholas Folly and Jared Lenow were in charge of the prosecution. The inquiry included participation from the Federal Bureau of inquiry and the Commodity Futures Trading Commission, which filed a separate civil lawsuit.

This sentencing follows Alexandre’s guilty plea earlier in February 2023, where he admitted to the fraudulent scheme. The case serves as a warning to cryptocurrency executives and investors alike, emphasizing the Southern District of New York’s commitment to prosecuting misconduct in the crypto markets.

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

by Blockchain News

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 (BTC) $ 37,976.17 0.27%
Ethereum (ETH) $ 2,085.70 2.58%
Litecoin (LTC) $ 70.02 0.25%
Bitcoin Cash (BCH) $ 222.77 0.03%