Near Protocol’s Major AI Initiative and New Wallet Integrations 🌍🤖
Near Protocol has announced an ambitious objective to create a massive open-source AI model boasting 1.4 trillion parameters. Concurrently, the protocol’s main network is now seamlessly integrated with MetaMask and other Ethereum wallets, allowing for broader accessibility.
Near Protocol’s Bold Vision for AI Development
During the recent Redacted conference held in Bangkok, Thailand, Near Protocol unveiled its plans for a groundbreaking AI model.
This new model will be the most expansive open-source AI initiative globally, featuring an impressive 1.4 trillion parameters. For context, this size surpasses the open-source Llama model by Meta by a factor of 3.5.
The project will benefit from contributions from the new Near AI Research hub, relying on crowd-sourced collaboration and research for its development. Attendees at the conference were even given the opportunity to start training a smaller model, currently set at 500 million parameters.
To ensure quality, only the most skilled collaborators will progress to tackle increasingly sophisticated models. The project is designed to expand in both size and complexity through a total of seven models.
Moreover, the incorporation of advanced security measures will ensure privacy throughout the monetization process, utilizing encrypted Trusted Execution Environments to incentivize contributors while facilitating continuous improvements in line with technological advancements.
Enhanced Compatibility with Ethereum Wallets 🤝
Aside from the high-profile AI venture, Near Protocol announced on X that its network is now compatible with MetaMask as well as all Ethereum wallets.
In a tweet, NEAR Protocol highlighted this significant integration, stating, “An orange fox met a black dragon. The rest is history. Today, NEAR mainnet is fully compatible with @MetaMask and the entire suite of Ethereum wallets.” This partnership opens doors for Ethereum users to experience the functionalities of Chain Signatures and Chain Abstraction applications without needing additional wallets or new assets.
Developers now have the ability to seamlessly integrate the Ethereum wallet selector into their applications, providing users with easy access through MetaMask or their preferred Ethereum-compatible wallet.
This integration, executed by Aurora Labs, marks a pivotal milestone.
Insights from NEAR’s Co-founder on the Integration
Illia Polosukhin, co-founder and CEO of Near, shared his thoughts, stating:
“By enabling all Ethereum wallets, including MetaMask, to access NEAR apps, we close another gap toward achieving chain abstraction. Ethereum users can now explore new experiences on NEAR and other networks without changing wallets. This is a significant step in simplifying user onboarding and enhancing liquidity and access across DeFi, bringing Web3 closer to the vision of Chain Abstraction.”
Current Market Performance of NEAR 💹
Near Protocol (NEAR) appears to align well with the overall upward trend in the cryptocurrency market. Presently, NEAR is priced at $5.17, reflecting a 9% increase in just the past 24 hours.
Notably, this valuation has surged by 41% compared to the previous week’s prices. NEAR ranks 18th in the crypto market capitalization standings, boasting an impressive market cap of $6.28 billion.
Another noteworthy point is the substantial trading volume of NEAR in the last 24 hours, particularly following the AI model announcement at the conference. NEAR’s transaction activity surged by an impressive 139% compared to the day prior, culminating in a total trading volume of $1.06 billion.
Despite these gains, the current price of NEAR remains significantly below its all-time high (ATH) of over $20, which was achieved back in January 2022.
In summary, Near Protocol’s innovative steps towards AI integration and compatibility with Ethereum wallets demonstrate the platform’s commitment to enhancing user experience, making it an exciting time for observers in the cryptocurrency sector.
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