Polygon Ventures led a funding spherical for the multi-chain infrastructure project Edge Matric Chain (EMC). The investment will lengthen the community’s reach inside the AI sector.
EMC is a number one project within the DePIN dwelling, centered on integrating computing energy networks with decentralized AI gains. The project has been in pattern for four years, aiming to order excessive-efficiency solutions across just a few blockchain networks.
Polygon Expands AI Reach with EMC Funding
Alongside Polygon, Amber Neighborhood moreover co-led the funding spherical for EMC. Other contributors included One Comma, Kapley Resolve and Linked Companies, Cyberrock Venture Fund, Candaq Fintech Neighborhood, and Hameem Raees Chowdhury.
EMC plans to employ the investment to open its Layer-1 (L1) blockchain particularly designed for AI gains. This initiative will toughen GPU computing capabilities for crypto AI tasks and introduce a novel asset class within the decentralized finance dwelling, backed by tokenized steady-world GPU sources.
With the open of the L1 blockchain, users fabricate profits when on-chain GPU sources are outsourced. Sooner than this open, EMC launched a two-month public testnet incentive program, committing to a $5 million prize pool across two phases.
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For Polygon, this investment marks a deeper growth into the AI and the DePIN sectors. It effectively manages tokens, rewards, and governance inside DePIN gains as a frequent-cause blockchain.
In the meantime, as Polygon broadens its AI reach, it already hosts Sentient, an originate-source AI platform backed by Peter Thiel’s Founders Fund. Polygon co-founder Sandeep Nailwal is amongst the core contributors to Sentient. Sentient Labs will enter the testnet allotment this quarter, supported by an $85 million seed fund to advance its platform.
AI and DePIN Take Heart Stage
The upward thrust of AI and Decentralized Physical Infrastructure Networks (DePIN) has made these two narratives amongst the tip inclinations in 2024. Bitwise, in a most as a lot as date memoir, projected that the convergence of AI and blockchain would possibly per chance well add $20 trillion to international GDP by 2030.
In accordance with this, UAE investment corporations Hodler and Gewan include launched a $500 million fund to raise DePIN and AI pattern. Ethereum co-founder Vitalik Buterin moreover sees DePIN as a key enabler for DeFi, potentially revitalizing the financial sector. DePIN’s market capitalization is nearing $19 billion, with tasks like Render and Bittensor leading the formulation.
“DePIN is determined to power the following wave of crypto adoption. Its services are easy to score, allowing millions of oldsters to regain entangled, and several excellent DePIN tasks are on the verge of securing main potentialities and large income, marking a important milestone for the crypto industry. As this income begins to grow, international attention will inevitably flip in opposition to this sector,” Fluence Co-Founder Tom Trowbridge told BeInCrypto.
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The AI pattern moreover fueled a surge within the crypto market within the first half of of 2024. Grayscale expects the synergy between AI and blockchain to dwell central as the market continues to frail. The firm aspects out that AI-connected tokens like Shut to, Render, and Akash are positioned for improve, whereas Bittensor (TAO) plays a key role at the intersection of AI and DePIN narratives.
