On-Chain AI: The Next Big Thing in Web3?

Blockchain and AI are two powerful technologies that seem entirely separate. Over the past year, however, the blurry line between the two worlds has become clearer as Web3 projects continue to push and explore what is possible. 

The launch of ChatGPT over a year ago was a significant moment that sparked widespread interest in AI technology. 

It’s fair to say that for many, ChatGPT served as the first real-world example that brought the technology to life in a way that resonated with a large audience. The tidal wave of AI’s potential swept across so many sectors, and the crypto industry was no exception. 

Web3 Projects Forge Path for AI and Blockchain

Several Web3 projects have been trying to forge a path to integrate these technologies, potentially unlocking billion-dollar possibilities. Some failed at it, but many projects have established a solid presence on that front, with the likes of Feitch.ai, SingularityNET, Akash Network, Render, and several other projects that account for over $20 billion in market cap.

There’s no longer a doubt that on-chain AI operations will metamorph into a bigger sub-section of the Web3 industry, seeing the efforts made by industry players, especially with the recent launch of Neura, which is arguably the first AI-centric blockchain that is purposely built to bridge the gap between AI and Web3.

Neura was launched by Web3 infrastructure provider Ankr on March 26. Its uniqueness lies in the fact that it seamlessly integrates with AI, cloud computing, and Web3 technologies, essentially creating an enabling environment for AI developers to deploy, train, and operate their models on the blockchain. 

Training AI models devour vast amounts of computational power, which is a significant challenge for many developers, who often struggle to secure access to the necessary storage and powerful GPUs (Graphics Processing Units) required for the training process.

Neura will provide AI developers with the requisite foundational infrastructure to train their models, Ankr said. It will offer developers access to scalable“decentralised” GPU resources, a novel crypto-based crowdfunding model (Initial Model Offerings) to secure investments, and on-chain AI operations support, among other things. 

“Neura offers a superior operating system for the neural networks of AI models, supercharging them with trusted data, scalable access to GPU resources, smart contract automation, and new economic models more capable of handling by-the-second demands of future AI apps and payments,” said Chandler Song, Ankr’s Co-Founder and CEO.

Why On-chain AI?

One of the most concerning aspects of the booming AI industry has been the monopolisation of AI technologies, coupled with a lack of transparency, control, and accessibility.

As earlier mentioned, AI thrives on vast resources – computational power, data sets, and specialised talent. This consequently creates an environment where large corporations with deep pockets can build a significant lead, potentially leading to an AI monopoly.

Also, many AI algorithms function as complex “black boxes.” Their inner workings are shrouded in mystery, making it difficult to understand how they arrive at their decisions.

These very characteristics that raise concerns about traditional AI development – lack of transparency, the potential for monopolisation, and centralised control – all make the case for why AI startups would want to deploy their models on blockchain. 

Blockchain, which is the technology behind all cryptocurrencies, stands out for its core principle of immutability that ensures transactions and data are recorded and verifiable. By extension, AI algorithms will become more transparent if deployed on-chain, allowing for scrutiny and identification of potential biases.