- Web3 Daily
- Posts
- 🌐 Removing the “trust me bro” from AI
🌐 Removing the “trust me bro” from AI
PLUS: Bitcoin rollups are coming! And they could boost transaction speeds 10x...
Tired of our yappin’? Unsub any time!
Do you think Bitcoin will hit $100k by the end of the year?(Click to vote / see results 👇) |
Sup, nerds!
Here’s what you’re getting in today’s edition:
Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Web3, decentralized.
💅 This is cool:
In one sentence: Space and Time (a web3 startup) is creating a decentralized, un-censorable third party verification system for AI data sourcing.
“Trust me bro.”
It’s not a reference that exactly inspires confidence.
Sure, when your idiot cousin Brian tries to pitch you his idea for a dog grooming/ice cream delivery service that:
“Saves on costs, cause you can use the same van for both businesses.”
It’s expected that ‘trust me bro’ will make up a large part of his ‘market research.’
…but when it comes to building an artificial super-intelligence “trust me bro” isn’t a sufficient ethos/approach to answering the question of where you’re getting all your training data (whether it’s truthful, and you actually own it).
That’s the problem Space and Time (a web3 startup) is looking to solve.
The idea being that by creating a decentralized, un-censorable third party system that says “yes, this data is clean and paid for” (or vice versa), it sets a standard and incentivizes AI companies to compete with the new rating system.
For example:
Say the first handful of AI companies to adopt this verification have an average of 20% of their data verified by Space and Time…
That opens the door for other AI companies to jump on board, outpace those ratings and claim their data verification ‘beats industry standards.’
Creating a race to the top, across the industry.
It’s a hell of an idea! And one that needs to be realized and proliferated at some point.
Whether it will be Space and Time that does it?
No idea!
Creating and establishing accepted industry standards (aka “making fetch happen”) is hard.
🥇 Want the news before anyone else?
🔎 This seems important:
In one sentence: After the Hong Kong BTC ETFs fell flat on their release, BTC began to tumble, eventually breaking comfortably below $60k for the first time since Feb 28.
Man, it feels like ‘talking a big game, before falling flat’ is the theme this month.
We saw it with the release of the Humane AI Pin, the Rabbit R1 AI assistant, and now with the launch of the Hong Kong BTC and ETH ETFs.
From everything we read/watched in the lead up to the launch, it felt like there was a consistent narrative being pushed that:
Asian markets gravitate towards higher risk assets more than western markets, so these crypto ETFs should hit the ground running.
There is enough sidelined money waiting to enter these ETFs, that the day one inflows could rival that of the US.
Well. Those narratives lead to a big fat nothing burger.
And it ended up having a much larger effect on the crypto market than we thought it would!
As the ETFs failed to prove themselves during Hong Kong’s trading hours, Bitcoin began to tumble…
Eventually breaking comfortably below $60k for the first time since Feb 28th.
Good news is: as of this writing, BTC has reclaimed the $60k level.
Here’s to hoping that as you read this, the price is sky rocketing as market players take the opportunity to buy up BTC at a discount.
(Taking the rest of the market with it).
🤝 Partner:
Explore what is possible with creator economies, immersive worlds and AI innovations at Consensus 2024.
This year’s Consensus marks ten years as the biggest and most established global hub for everything crypto, blockchain and Web3. The agenda is packed with insightful discussions, hands-on workshops, exciting activations and next-gen tech explorations.
Here’s the TLDR:
400+ speakers with more added every day
Emerging tech explorations in the Creator and Brand, Gaming & Immersive Worlds and AI summits
Presentations and analysis from 20+ blockchain protocols, including ETH & BTC Day and Deep Dive Workshops from XRP Ledger, Solana, Avalanche and more
Showcase your early-stage Web3 startup at CoinDesk Pitchfest – applications close May 3
And so much more!
Consensus is crypto’s biggest, longest-running and most influential event.
Click here to get a 20% discount right now using code WEB3DAILY! Don’t wait! Prices increase closer to the event.
🔪 Let's dissect this:
In one sentence: A new whitepaper was just released which includes a detailed proposal about how to solve for scalability on the Bitcoin blockchain, boosting transaction speeds on the Bitcoin network by 10x.
What do you think of when you hear the words: “BitSNARK & Grail”?
a) A new Netflix special by a famous comedy duo
b) A ragtag team of spies who use code names to maintain anonymity
c) A solution for solving a big part of the Holy Grail of blockchain technology - the trilemma - boosting transaction speeds on the Bitcoin network by 10x.
If you answered a or b, we wouldn’t blame you. But fortunately, Seb and Chevy aren’t planning to become comedians (or anonymous spies).
This week, a new whitepaper was released called BitSNARK & Grail which includes a detailed proposal about how to solve for the Bitcoin trilemma.
The trilemma states that in order for a blockchain to function, trade-offs must be made to at least one of the following: decentralization, security or scalability.
Bitcoin has always been highly decentralized due to the way new BTC is mined, and the fact that it didn’t start with one group of people owning a huge portion of the crypto.
Bitcoin is insanely secure. To date, it’s never been hacked. *knock on wood*
The trade-off has been in scalability.
Compare it to Solana for example: BTC can handle about 7 transactions per second. Solana can handle about 65,000 transactions per second.
So, the big brains behind BitSNARK & Grail have come up with a solution - use rollups, on the BTC network.
Rollups bundle a bunch of transactions off-chain, validate them, then bring them back on-chain (so the original blockchain only has to process a single transaction).
We love to see innovation happen in all corners of web3.
But innovation focused on the Bitcoin blockchain makes us extra excited.
If you want us to read through this whitepaper and give you a a more detailed explanation (in plain English) of what’s been proposed and how it could impact the future of Bitcoin, click here.
If not, all good :)
Keep up with AI
How do you keep up with the insane pace of AI? Join The Rundown — the world’s largest AI newsletter that keeps you up-to-date with everything happening in AI, and why it actually matters in just a 5-minute read per day.
What Are Rollups in Crypto?
👇 Other stuff you may have missed
Alright, that’s it for today!
Love to the family,
P.S. Want to learn how to research and value cryptocurrencies? We have a framework that does just that .
What did you think of today's edition? |
Help us write content that's relevant to you!
Forwarded this? Join here!
Want to advertise with us? Get in touch with Seb: [email protected]
Uh oh! Now for the boring stuff:
This content is for informational purposes only. Such information should not be construed as legal, tax, investment, financial, or other advice.
Phew! Thanks for hearing us out. We promise to never be that mundane again.
Oh, and - whatever you do, do not click this link .