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- NEAR Foundation champions self-sovereignty and user control in AI and blockchain technology.
- NEAR’s AI Developer enables non-technical users to build complete Web3 applications using natural language.
NEAR Foundation CEO Chris Donovan gave a stirring address at The Digital Commonwealth: Mansion House Summit Series 2024. His speech praised the creative work being done in the NEAR ecosystem and underlined the vital role that self-sovereignty plays in the developing field of artificial intelligence.
Donovan emphasized the need of user control and the integration of blockchain technology with AI to promote an open, user-centric internet as he provided insights on NEAR’s history and future.
"The solution then, this unification of blockchain and AI"
"We think that creates a possibility for a world where user's wellbeing can be optimized for"
NEAR Foundation COO, @ChrisDoNEARvan, at @TheDigitalCom_X , where he outlines NEAR's vision for a new internet. pic.twitter.com/GrXiQqdugd
— NEAR Protocol (@NEARProtocol) June 24, 2024
Origin and Vision of NEAR
Donovan clarified that the NEAR protocol started out as an artificial intelligence effort rather than a blockchain one.
Originally concentrating on AI, co-founders Alex Skidanov and Illia Polosukhin produced ground-breaking research, including the “Attention is All You Need” paper, which invented Transformer technology. They moved to blockchain because they needed an efficient, scalable way to pay out contributions worldwide.
The NEAR Foundation’s goal, Donovan underlined, is to build an “open web.” Against the current dominance of big companies whose business strategies put profit ahead of user wellbeing, this vision advocates an internet where users manage their data, assets, and governance.
Donovan highlighted the drawbacks of the closed systems of today, such the dispersion of false information and economic disparity. These problems, he maintained, result from commercial structures that prioritize attention above user welfare.
He stressed that putting AI into this faulty paradigm would make these issues worse, so it is critical to keep AI technology in the hands of consumers.
The Power of Blockchain
Blockchain technology is essential, claims Donovan, to ensuring sovereignty. Blockchain offers trust guarantees, unlike other systems, allowing safe, decentralized transactions without middlemen. Assuring fair treatment for everybody, this technology promotes open systems and economies.
At almost 2 million active users every day, the NEAR protocol is a scalable and user-friendly blockchain environment. Donovan emphasized the brand-new “chain signatures,” which improve user experience and security by enabling smooth connection with several blockchain networks from a single NEAR account.
Innovations in AI and Web3
Donovan also spoke into great length on the AI developments at NEAR. The goal of the NEAR AI AI R&D lab of the foundation is to develop user-controlled, decentralized AI models. Breaking down entrance barriers, one well-known tool, the AI Developer, allows non-technical people to create full Web3 apps using natural language.
Meanwhile, NEAR’s price at the time of this writing is about $5.55, up 10.06% in the last day and 15.20% over the previous week, according to CoinMarketCap. The bullish tendency highlights the increasing trust in NEAR’s inventions and market position.
On the other hand, CNF previously reported the NEAR Foundation’s AI Incubation Program, which aims to produce user-owned AI solutions and infrastructure.
