Barry Silbert Of Digital Currency Group Ventures Into Decentralized AI With Eyes On Bittensor Network
By Benzinga
Cryptocurrency conglomerate Digital Currency Group (DCG) is making a big splash in the realm of decentralized artificial intelligence (AI), with a keen focus on the Bittensor (CRYPTO: TAO) ecosystem.
What happened: Barry Silbert, the head of DCG and an early champion of cryptocurrencies, will lead the new venture called Yuma, aimed at supporting businesses that want to build and deploy AI models on Bittensor, according to a Wednesday press release.
“Just like the early days of Bitcoin, which fueled the development of a new form of transparent, borderless money, we’re moving from the digital ownership of assets to the decentralized ownership of intelligence,” Silbert said.
Yuma would help startups with capital, technical know-how, and operation support to build their models on Bittensor.
For the curious, Bittensor is an open-source network that allows AI models to be shared, trained, and ranked by value. Participation and contribution are incentivized by handing out rewards in the form of the native cryptocurrency called TAO.
Silbert said that Yuma would shift the power of AI and machine learning from centralized companies to an open, democratized setup.
DCG’s interest in AI is not a recent phenomenon. The group made its maiden investment in Bittensor in 2021. Recently, DCG’s asset management division, Grayscale, added funds dedicated to AI, including the $TAO token. Silbert will hold the position of CEO at Yuma, which will commence operations with a team of 25 employees.
Why It Matters: DCG’s interest in AI is not a recent phenomenon. The group made its maiden investment in Bittensor in 2021.
In August, DCG’s asset management division, Grayscale, launched a new fund that would expose investors to price moves of TAO. Grayscale is well-known in the industry for having launched the first publicly traded Bitcoin and Ethereum funds, namely, Grayscale Bitcoin Trust (NYSE:GBTC) and Grayscale Ethereum Trust (NYSE:ETHE).
DCG’s move into decentralized AI signifies a growing trend in the tech industry. More companies are recognizing the potential of decentralized AI in preventing data monopolization by tech giants.
Ethereum (CRYPTO: ETH) creator Vitalik Buterin, another influential voice in the cryptocurrency space, had earlier warned against the concentration of power in the AI industry.
He batted for an ecosystem of open models running on consumer hardware rather than a few central servers controlled by a small cohort of conglomerates.
Price Action: At the time of writing, TAO was exchanging hands at $480.59, up 3.25% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Doc Searls On Flickr.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
