Grand Cayman, Cayman Islands, March 8th, 2024, Chainwire
Powered by Pravica, S3 will provide builders on the Sui blockchain with the opportunity to seamlessly launch native stablecoins without the complexities of smart contract development and currency management
S3.MONEY (S3), a stablecoin studio developed on top of the Sui blockchain, was officially announced today by Cairo-based blockchain startup Pravica in collaboration with Sui. S3, which stands for “Stablecoin Studio on Sui,” is set to revolutionize the global payment processing landscape by introducing a versatile and user-friendly solution for building and utilizing stablecoins on the Sui blockchain.
S3 offers a key utility designed for building customizable stablecoins directly on the Sui blockchain, which in its initial phase, enables issuers to create fiat-backed stablecoins without building the bespoke technological infrastructure typically required for smart contract development and currency management. S3 not only simplifies the process for existing stablecoin issuers, such as USDC and USDT, to integrate with Sui, but also facilitates the creation of bespoke stablecoin solutions tailored to meet specific regulatory requirements in various jurisdictions.
S3 also establishes an entirely new process for stablecoin management, offering a streamlined one-stop-shop experience through a straightforward interface. Stablecoin Studio on Sui provides intuitive, capable administration with role-based controls, enabling effortless configuration and management of stablecoins. The platform enhances treasury command with built-in proof-of-reserve functionality and seamless integration with on-chain oracles. Integrated KYC/AML features prioritize compliance, strengthening due diligence with qualified identity verification services.
Mohamed Abdou, Founder & CEO of Pravica, expressed his enthusiasm for S3 and Sui as a foundation for Pravica’s stablecoin creator. “Based on the adoption we are already seeing and our deep experience with international payment systems, we are convinced that stablecoins will revolutionize the global payments industry. We also believe that Sui offers the most capable platform for building robust and scalable decentralized utilities. Built on top of Sui, S3 poised to become a global utility for creating customized payment solutions utilized by millions,” he said.
Beyond empowering builders to craft their own stablecoins, S3 also comes with a cutting-edge payments app, Walletify, which serves as a closed-loop payment solution. Walletify allows users to seamlessly transact using the stablecoins created through the S3 utility. Walletify’s closed-loop architecture, building on Sui’s unique Move-based design pattern, ensures a secure and efficient payment experience for both merchants and users.
“The team at Pravica has done incredible work and built much needed financial tooling. Stablecoin Studio on Sui removes an immense hurdle for stablecoin issuers and is set to transform the world’s payment processing industry,” said Greg Siourounis, Managing Director of the Sui Foundation. “We are extremely gratified that they have chosen to build this revolutionary solution on Sui.”
Contact
Sui Foundation
[email protected]
Tencent Cloud, the cloud computing branch of the Chinese conglomerate Tencent, has recently entered into a strategic partnership with the United Arab Emirates’ Ras Al Khaimah Digital Asset Oasis (RAK DAO), a crypto-centric free economic zone.
This collaboration, formalized through a memorandum of understanding (MoU) signed on March 7, aims to foster startup growth within the region through a series of joint initiatives.
The RAK DAO, a special zone in Ras Al Khaimah dedicated to cryptocurrency enterprises and located within one of the UAE’s seven emirates, is set to benefit significantly from this agreement.
The MoU’s initial focus is on supporting startups registered with RAK DAO by leveraging mutual growth opportunities.
As part of this endeavor, a Tencent Cloud training center will be established within the RAK DAO premises to enhance skill development and provide education related to cloud services and digital economy skills.
Moreover, the agreement includes offering internship opportunities for companies and partners licensed with RAK DAO within the Tencent Cloud ecosystem.
Sheikh Saud bin Saqr Al Qasimi, the ruler of Ras Al Khaimah, hailed the signing of the MoU as a landmark achievement for the emirate, highlighting the partnership’s potential to strengthen Ras Al Khaimah’s status as a leading technology hub.
READ MORE: Algorithmic Trading Firms Cause Outages in Major Crypto Exchanges, dydx Executive Reveals
On the other side, Dowson Tong, CEO of Tencent Cloud, emphasized the collaboration’s aim to redefine excellence in the Web3 sector and to create new avenues in the digital economy.
Free-trade zones in the UAE, such as RAK DAO, allow entrepreneurs full ownership of their businesses, operating under unique regulatory and tax frameworks distinct from the mainland laws, barring criminal law.
RAK DAO was inaugurated in 2023 as a dedicated space for virtual asset companies, focusing on Web3 technologies such as the metaverse, blockchain, non-fungible tokens (NFTs), decentralized applications (dApps), and decentralized autonomous organizations (DAOs).
This partnership reflects the UAE free-trade zone’s broader strategy to integrate with the global crypto ecosystem.
In July 2023, RAK DAO further expanded its network by signing an MoU with the HBAR Foundation, aimed at supporting its community members through the adoption of the Hedera blockchain.
Toronto, Canada, March 8th, 2024, Chainwire
Conflux Network, the only regulatory compliant public blockchain in China, today announces its pivotal role in assisting the successful beta-testing of the Hong Kong Dollar (HKD)-backed stablecoin, AxHKD. Built by local fintech company AnchorX, the stablecoin will be launched on Conflux Network initially, followed by Ethereum.
Conflux will provide the underlying technology with its superior scalability, security, low latency and cost-effectiveness. With this launch, AnchorX envisions becoming the most trusted provider of digital currency solutions in Asia, empowering reliable and efficient global exchanges.
AxHKD, will be launched initially on the Conflux public blockchain, and utilizes world-class distributed ledger technology and robust cybersecurity measures. It ensures a 1:1 peg to the HKD, backed by high-quality liquid asset reserves. These reserves are protected by a segregated trust arrangement and held by regulated financial institutions in Hong Kong. OKLink Trust, a strategic partner of AnchorX, provides the custodian services for the AxHKD issuance.
AnchorX targets two primary applications for AxHKD. Firstly, as a catalyst for global payments, AxHKD enhances cross-border transactions between Hong Kong/mainland China and the global market. This is particularly beneficial for Belt and Road partners with less developed banking infrastructures. Secondly, AxHKD acts as a reliable fiat-on-chain instrument for virtual asset trading, paving the way for innovation in Real-World Assets and bridging the gap between traditional and digital assets in Hong Kong.
The project is backed by Industry leaders from both the traditional finance and blockchain technology space including Hony Capital, a leading investment management firm in China overseeing over USD 16 billion in assets.
The announcement follows the recent initiatives by Hong Kong authorities to propose a regulatory regime for stablecoin issuers. On December 27, 2023, the Financial Services and the Treasury Bureau, in conjunction with the Hong Kong Monetary Authority (“HKMA”), released a Consultation Paper to gather public comments on the proposed legislation to regulate stablecoin issuers. This paper builds on the Discussion Paper released by the HKMA in January 2022 and the subsequent Conclusion Paper in January 2023.
Byron Wong, the Chief Compliance Officer at AnchorX, commented on the company’s unwavering commitment to meeting regulatory standards, “Hong Kong has adopted one of the most proactive approaches to stablecoin regulation globally. We want to ensure that AxHKD tightly aligns with the proposed stablecoin standards. We will also explore applying for participation in the upcoming regulatory sandbox and hope to contribute our first-hand practical insights to the formation of a successful stablecoin regulatory regime.”
Fan Long, Founder of Conflux, commented “We’re thrilled to partner with AnchorX for the launch of AxHKD on Conflux Network. This collaboration represents a significant milestone in the fusion of traditional finance and the Web3 realm, enhancing the practicality of digital currencies for everyday transactions. AxHKD is poised to play a pivotal role in weaving the Hong Kong Dollar into the fabric of the Web3 ecosystem, driving innovation and financial inclusion.”
About Conflux
Conflux Network is a permissionless Layer 1 blockchain that connects decentralized economies across borders and protocols. It utilizes a hybrid PoW/PoS consensus mechanism to ensure a rapid, secure, and scalable blockchain environment. With Conflux, congestion is eliminated, fees remain low, and network security is enhanced.
As the leading regulatory-compliant public blockchain in China, Conflux offers a distinct advantage for projects seeking to enter the Asian market. The platform collaborates with renowned global brands and government entities in the region, driving blockchain and metaverse initiatives. Notable partnerships include the city of Shanghai, China Telecom, Little Red Book (China’s “Instagram”), McDonald’s China, and Oreo. Learn more: https://confluxnetwork.org/
About AnchorX
AnchorX is a Hong Kong-based fintech company with a vision to be the most trusted provider of digital solutions in Asia. Learn more: https://www.anchorx.org/ or https://twitter.com/AnchorX_Ltd
Contact
Melissa Tirey
[email protected]
The cryptocurrency community was shaken by news of a significant financial loss following a rug pull involving Lena Network’s newly launched Candy (CANDY) token, which saw its value plummet by over 87%.
This drastic drop resulted from the unauthorized transfer of 753 Ether (ETH), equivalent to $2.9 million, to an exchange, marking a stark downfall for the token from its daily high.
Data from Dexscreener revealed that the value of the Candy token nosedived to $0.38, a steep decline from its earlier daily peak of $3.08.
This downturn was triggered when on-chain evidence exposed that the Lena Network deployer’s address had moved 753.11 ETH to an address connected to the OKX exchange on March 6.
This event unfolded mere hours before Lena Network’s declaration of officially relinquishing the token contract’s ownership, leaving the protocol’s response to the incident pending at the time of reporting.
Lena Network had successfully gathered over 850 ETH ($3.2 million) through its initial farm offering for the Candy token, which concluded on March 3.
Despite the promising start, the token’s launch on March 6 was quickly overshadowed by its sharp decrease in value.
READ MORE: Investiva: Pioneering Excellence in CFD Trading with Innovation and Expertise
The incident with Lena Network and Candy token is part of a broader issue plaguing the cryptocurrency sector, characterized by an alarming frequency of rug pulls and hacks.
A report by blockchain security firm Immunefi highlighted that the crypto community has already faced a loss exceeding $200 million due to such malicious activities in 2024 alone, across 32 distinct events.
This figure marks a 15.4% increase from the losses recorded in the first two months of 2023.
Despite a nearly 50% reduction in losses in February compared to January, the persistent threat of cyber theft looms large, with over $1.8 billion lost to crypto hacks and scams in 2023, including significant contributions from the notorious Lazarus Group.
The TON blockchain, integral to Telegram’s burgeoning advertising platform, is rapidly becoming a magnet for Web3 investors eager to leverage its vast monthly audience of 800 million active users.
Mirana Ventures has emerged as the most recent investor in the TON ecosystem, purchasing $8 million worth of the network’s Toncoin.
This funding will support continuous product innovation alongside the TON Foundation, Bybit, and Ethereum’s second-layer solution, Mantle Network.
In March 2024, the Telegram Ad Platform, powered by TON, was officially launched.
It offers global Telegram channel proprietors the chance to monetize through exclusive ad sales and revenue sharing in Toncoin.
Details shared with Cointelegraph reveal Bybit’s deepening engagement with the TON ecosystem over the past year, including a cashback initiative and staking with Toncoin.
These efforts generated over $22 million in trade volume from approximately 130,000 Telegram users. Bybit aims to leverage Telegram’s ad platform to access its massive user base.
Originally developed by Telegram, TON faced a legal hurdle with the U.S. Securities and Exchange Commission in May 2020, leading to Telegram stepping back from the project.
Subsequently, a collective of open-source developers took the reins, culminating in the formation of the TON Foundation by May 2021.
READ MORE: Nigerian Official Clarifies Misquoted $10 Billion Binance Fine Amid Tightening Crypto Regulations
TON Space, Telegram’s self-custodial wallet, enables users to manage Toncoin and collectibles within the app.
With the investment from Mirana Ventures, the TON Foundation is set to bridge Telegram users with the Mantle Network through the integration of TON-based MNT tokens, facilitating access to gamified campaigns and ad services within Telegram.
David Toh of Mirana Ventures emphasized the collaboration’s potential to foster widespread adoption of blockchain and wallet technologies in Telegram, viewing it as central to crypto and Web3 communications.
TON Foundation’s president, Steve Yun, mentioned the keen interest among industry entities to secure an early presence in the TON ecosystem, leveraging its connection to Telegram for strategic advantage.
Adding to the ecosystem’s growth, Animoca Brands has stepped in as a major TON validator through an investment and subsequent staking of Toncoin, though the exact amount remains undisclosed.
Yat Siu of Animoca shared with Cointelegraph the strategic nature of their investment, aimed at reinforcing their stake in the validator setup.
In an exclusive interview with Cointelegraph, Ivo Crnkovic-Rubsamen, the Chief Strategy Officer and Technical Lead for Trading at the dydx exchange, pinpointed algorithmic trading firms as the primary cause of recent disruptions at some of the world’s largest centralized cryptocurrency exchanges.
According to Crnkovic-Rubsamen, the intense retail interest and swift price movements have prompted these firms to significantly amplify their order and cancelation requests to maintain their positions in the market.
“It’s common for a trading firm to 20 times the output of orders and cancels at a very busy time,” he explained.
This surge in activity coincides with notable technical difficulties experienced by leading exchanges such as Binance, Coinbase, Kraken, and Bybit.
These issues emerged shortly after Bitcoin’s price surpassed $60,000 for the first time in more than two years on February 28.
Crnkovic-Rubsamen remarked that such situations are typical in bull markets when there’s a spike in retail interest and substantial price movements.
READ MORE: Bitcoin Withdrawals Surge as Exchanges See Largest Outflows in 5 Years Amid Price Rally
The fallout from these outages included Citron, an investment research firm, recommending a short sale on Coinbase stock, which then saw an 11.36% increase in its value within 24 hours, trading at $229.15 according to Google Finance.
Crnkovic-Rubsamen highlighted a significant difference between centralized exchanges (CEXs) and decentralized exchanges (DEXs), particularly in how they manage trading limits for market makers.
In CEXs, trading limits can be customized based on trust, leading to potential system overloads during bull markets.
This contrasts with DEXs, where trading limits are protocol-defined, eliminating favoritism and ensuring stability regardless of market conditions.
He also touched upon the reliability of centralized exchanges, acknowledging their efficiency and optimization under normal conditions but noting their vulnerability during peak periods.
“Centralized matching engines are awesome at performance, they’re super optimized and efficient, but when they go down, that’s it […] There is a reliability trade-off there,” Crnkovic-Rubsamen concluded, highlighting the inherent stability challenges faced by centralized platforms compared to their decentralized counterparts during times of intense market activity.
San Francisco, USA / California, March 7th, 2024, Chainwire
Firewall secures funding from North Island Ventures, Breyer Capital, and Hack VC to bulletproof smart contract networks.
Firewall, a blockchain infrastructure startup, announced its $3.7M pre-seed round, co-led by North Island Ventures, Breyer Capital, and Hack VC. Firewall transforms the usability of smart contract technology through an innovative finality consensus mechanism that eliminates smart contract exploits.
The founders of Firewall, previously the first and sixth employees at Staked—a staking company acquired by Kraken in a landmark crypto deal—have helped breathe life into the eras of proof-of-stake and decentralized finance over the last six years. In that time, the founders served institutional clients with infrastructure that handled billions of dollars, and now building on their experience, are addressing what most perceive as the final major hurdle to a full embrace of digital assets by the traditional financial system.
“Firewall is building the safety rails that enable the everyday person to use the next era of the Internet,” stated Devan Purhar, Co-Founder of Firewall. “Today, billions of dollars are stolen from users, through irreversible transactions that are classifiable as theft. There’s a parallel between the current state of crypto-networks and the early internet, with a similar lack of essential security infrastructure. Our focus is not on marginal improvements; rather, we bring a required paradigm shift in the usability of blockchains. We designed a solution from first principles, and created programmable finality. Fundamentally, we make exploits a concept of the past.”
Akin to a digital version of a traditional network’s firewall, Firewall’s technology introduces “programmable finality”. It extends rollups to use programmable transaction finalization rules, which act as automated checkpoints that block harmful transactions, inserted before later stages when the data is finalized by a DA layer such as EigenDA or Celestia. The founders envision Firewall as a part of every smart contract network, acting as an embedded security system that intelligently guards against threats.
“Firewall uses real-time algorithms to pre-filter exploits from being included in blocks,” shared Sam Mitchell, Firewall Co-Founder. “Then, by using programmable finality we automatically recover from any exploits that bypass the pre-filter checks. Detection at this stage can involve AI models or social consensus, which may take longer.” Mitchell emphasized that institutions, managing trillions in assets, are interested in the benefits of smart contracts but require a secure environment to deploy capital. “Creating comfort for institutional clients to use smart contracts will be the pivotal point for the widespread adoption of digital assets.”
Past the founders, the core team is credited with successfully pioneering AI use in crypto threat detection at OpenZeppelin and Forta, and is set to revolutionize the field with Firewall’s all-encompassing security approach. The startup’s initial focus is on the rollup ecosystem, and prides itself on alignment with building non-custodial and trustless solutions. The funding will help expand the team and create the community to “firewall the EVM”. Longer-term plans include developing coordination mechanisms to integrate the social layer directly into the Firewall.
Travis Scher, Managing Partner at North Island Ventures, said “We believe the primary impediment to crypto’s mainstream adoption is the current security paradigm, in which a single bug can lead to a total loss of user funds. Firewall’s solution can prevent such losses, and we are thrilled to support such an important company from the outset.”
The funding round was co-led by North Island Ventures, Breyer Capital, and Hack VC, with participation from Finality Capital, and angels including Tim Ogilvie of Staked, Kain Warwick and Jordan Momtazi of Synthetix, Nathan McCauley of Anchorage, and Yaoqi Jia of AltLayer.
“Firewall is making blockchains safer for users, developers, and institutions,” said Ted Breyer of Breyer Capital. “We see this catalyzing a new era of smart contract utility, and we’re delighted to support the team.”
With the growing global adoption of crypto and regulatory spotlight, catalyzed by the BTC ETF and anticipated ETH ETF, the time for crypto-networks to become bulletproof is now. Trillions of dollars remain on the sidelines, scared to use smart contracts. Firewall’s “programmable finality” which effectively neutralizes exploits, offers the security assurance needed to unlock these assets, paving the way for crypto to revolutionize the global financial system.
About Firewall
Firewall is dedicated to making smart contract technology safe to use in everyday life, by eliminating smart contract exploits. Their solution is akin to a robust network firewall, applied to the modular blockchain ecosystem.
Contact
Co-Founder
Devan Purhar
Firewall
[email protected]
The U.S. Securities and Exchange Commission (SEC) has voiced concerns regarding Binance.US’s compliance with inquiries into customer asset custody and other fundamental aspects of an ongoing investigation.
According to a joint status report filed to a Washington, D.C. District Court on March 5, Binance.US, operated by BAM Trading Services, has not satisfactorily responded to SEC requests, particularly about the handling of customer assets.
The SEC requested the court’s assistance to expedite the discovery process, indicating a deadlock with Binance.US over crucial inquiries the company has either avoided or failed to address.
The SEC highlighted Binance.US’s reluctance to fulfill basic discovery obligations, including the provision of document attachments, metadata, and written responses.
A significant area of investigation for the SEC is whether Binance’s non-U.S. branches had access to the U.S. customers’ assets, specifically questioning Binance.US’s control over private keys and other access methods.
READ MORE: Hong Kong’s SFC Cracks Down on Fake Crypto Exchange Websites, Blocks Six Domains
In defense, Binance.US refuted the SEC’s allegations in the joint status report, claiming full compliance with the SEC’s extensive demands for information.
The company argued that the SEC’s accusations regarding customer assets were baseless and asserted that it had exceeded its legal responsibilities by submitting extensive documentation on its asset custody practices, including sworn statements, monthly reports, and facilitating inspections of shared custody devices.
This legal conflict follows the SEC’s lawsuit against Binance, its U.S. division, and founder Changpeng “CZ” Zhao in June of the previous year, accusing them of selling unregistered securities and improperly mixing customer funds with a different company owned by Zhao.
Additionally, on November 21, Binance settled with the U.S. Department of Justice for $4.3 billion over charges of breaching anti-money laundering and anti-terrorism financing laws.
As part of this settlement, Zhao admitted to money laundering offenses and awaits a sentencing hearing on April 3, which could result in up to 18 months of imprisonment.
Dubai, UAE, March 7th, 2024, Chainwire
RWA focused blockchain, MANTRA is excited to announce the upcoming launch of the MANTRA Chain Hongbai Testnet, scheduled for. The development marks a significant step in MANTRA’s mission to revolutionize the DeFi ecosystem by integrating it with traditional markets and attracting non-crypto native users and institutions.
Following the success of its first testnet in November, which garnered strong support from 100 active validators, MANTRA aims to build on the momentum with its Hongbai successor. This new phase aims to attract more users and decentralized applications (dApps) to its ecosystem, further solidifying its position as a major player in the tokenized RWA space.
A Layer-1 blockchain focused on Real-World Assets, MANTRA Chain enables regulatory-compliant assets and protocols at the protocol level and leverages the robust infrastructure of the Cosmos SDK. Assuring interoperability through the IBC protocol and compatibility with CosmWasm contracts, MANTRA Chain is at the heart of the platform’s vision to unlock a $16 trillion RWA market by 2030.
The architecture of MANTRA Chain, which is secured by a sovereign Proof of Stake (PoS) validator set and the CometBFT consensus mechanism, is divided into five core layers: staking, interoperability, execution, module and application. These layers are meticulously designed to meet the demands of an RWA-focused blockchain infrastructure, offering decentralization, security, and a set of regulatory-compliant frameworks.
MANTRA’s DAO-approved $OM token offers various governance utilities and rewards for stakers. As well as allocating a total of 1.35x rewards to all stakers, $OM serves as the standalone network token for accessing and performing all on-chain services and activities.
Committed to supporting developers, institutions, and builders looking to create, trade, and manage various RWAs on-chain, MANTRA’s key modules (Guard Module, Token Service Module, Liquidity Module, and Compliance Module) form part of the Composable Module Layer, ensuring adherence to regulatory requirements at the protocol level.
As a fully compliant multi-asset platform, MANTRA represents a useful bridge between the worlds of Traditional Finance (TradFi) and Decentralized Finance (DeFi), paving the way for both institutional and individual retail investors to participate in the latter. While the platform’s execution layer MANTRA Chain generates revenue through a SaaS subscription model for dApps deploying on-chain, its DEX module offers unique tokenized RWAs that are not available for trading or investment on other blockchain networks.
About MANTRA:
MANTRA is a Security first RWA Layer 1 Blockchain, capable of adherence and enforcement of real world regulatory requirements. Built for Institutions and Developers, MANTRA offers a Permissionless Blockchain for Permissioned applications.
Website | X | LinkedIn | Telegram | Medium | Instagram
Contact
Marketing Lead
Christoph Lidman
[email protected]
ChatGPT was one of the hottest tech stories of 2023, reaching 100 million monthly active users after just a few months and spawning endless op-eds about the “age of AI.” Today, OpenAI’s flagship product boasts a user base of 180 million and attracts a billion web visitors each month.
While many commentators marvel at AI’s evolution and cite ChatGPT’s impressive 100 billion daily word output, the scope of chatbots is rather limited. Sure, they can help to produce reports, write emails, generate code scaffolding, and enact customer service interactions. Still, human-like conversation ability, conveyed via words on a screen, is only helpful in certain industries and for very specific tasks.
Large swathes of the labor market have little use for ChatGPT or chatbots generally. But that doesn’t mean they aren’t leveraging AI in other ways.
AI’s Unstoppable Trajectory
AI-powered robots, for example, are already heavily involved in the automotive industry, particularly in the manufacture of new vehicles. AI, of course, is intrinsically linked to the development of autonomous cars.
Elsewhere in industry, AI-powered predictive maintenance systems can prevent equipment failures, while generative AI can optimize product design in a host of different sectors.
Just last week, Microsoft, Nvidia, and OpenAI were among a long list of investors who participated in a funding round for AI robotics firm Figure, with the $675 million raise giving the company a valuation of $2.6 billion. The California-based Figure is currently working on developing general-purpose, human-like robots that can be deployed commercially – including in factories and warehouses.
Between LLMs, whose specialty is words, and other emerging systems and models with more hands-on ability, AI is on a seemingly unstoppable trajectory. Even when the hype around ChatGPT inevitably subsides, the sheer number of practical use cases and major investments (including those made by governments) flowing into AI projects will ensure the momentum continues.
It is not easy to say which verticals will see the most traction but projects operating at the intersection of AI, robotics and spatial computing are likely to be heavily represented. Goldman Sachs analysts expect the AI-powered humanoid robot market to reach $38 billion by 2035. Spatial computing, meanwhile, is predicted to hit $705 billion by 2033.
How Spatial Computing Brings AI Into the World
Spatial computing has received less media attention than AI, but it’s starting to be recognized as a major innovation. This cutting-edge technology enables machines to better understand their environment and allows humans to interact with computers in meatspace rather than through a screen.
By combining a 3D-centric form of computing (VR, AR, XR, etc) with AI and machine learning, projects working in this field effectively help AI systems gain spatial awareness, interact with the corporeal world, and break free from the strictures of the internet.
By way of an example, let’s consider a ubiquitous tool: the smartphone. It may be clever, but it’s not spatially aware: how many people have walked directly into a streetlight or pedestrian while busy texting? If your device were spatially aware, it could warn you when you get too close to a hazard.
Hazard perception will be one of the key metrics by which self-driving cars are judged. If spatial computing does its job, autonomous vehicles will navigate the roads with aplomb.
Spatial computing isn’t just about teaching technology to understand space. It can also be used to create three-dimensional models of environments over which digital items can be laid. One use case is in housebuilding, where architects can map a property and create life-like designs on a virtual simulacrum of bricks and mortar. Another is retail.
One project called the posemesh is already demonstrating how spatial computing can serve as the foundational layer for AI to gain spatial reasoning. The ambitious protocol facilitates various use cases in sectors like retail and logistics and comprises a decentralized network for collaborative spatial computing, as well as a domain service processing spatio-semantic data about physical spaces. There’s also an SDK developers can use to connect custom apps to the posemesh.
The brain trust, Auki Labs, building the posemesh believes an “AI confined to the internet will be perpetually disappointing.” It’s an assertion that speaks to the limitations of artificial intelligence interfacing solely through a screen. For AI to come bounding out of the computer, however, it needs an enormous amount of sensor data (from cameras, scanners, microphones, wearables, etc) and the underlying architecture to process it all.
The posemesh addresses this need by allowing devices scattered around the world to form ad-hoc distributed spatial computers, where data and compute resources can be moved within the cluster to optimally solve for participants’ economic interests. Powered by blockchain, the posemesh distributes rewards to participants based on metrics such as data served, sessions hosted, and response time. Network service operators, meanwhile, can stake the protocol’s native token to establish a reputation that can be slashed if they fail to maintain the protocol’s uptime standards.
Debates often rage about artificial general intelligence (AGI), and they mostly center on whether it’s a goal we should even risk trying to achieve (we’ve all seen Terminator 2). But a more obvious staging post on AI’s revolutionary journey concerns its ability to reason spatially, not intellectually: to understand depth, identify danger and move accordingly.
We aren’t there yet. But projects like the posemesh and others are bringing the future into clearer focus. Now, what would ChatGPT have to say about that?