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Foundation

Industry observers have warned that Corporate AI could undermine Web3 and decentralisation. As experts look forward to AI and Web3 integration we take a cursory look at the factors to consider to maintain stability. 
AI as a tool has undoubtedly paved the way for increased productivity in the workspace and has created new economic opportunities by accelerating creativity. AI has gotten a positive reaction from the public, but experts believe that the interplay between AI and Web3 may affect Web3 critically. 
<h2 id="b-concerns-from-industry-leaders-on-ai-and-web3-b">Concerns from Industry Leaders on AI and Web3</h2> 
In a recent Crypto update, experts share their perspectives on the matter, shedding light on the potential merits and demerits of such an interplay.&nbsp; 
<h3 id="b-chris-donovan-s-perspective-b">Chris Donovan’s Perspective</h3> 
In a recent cryptocurrency update, <a href="https://blockchair.com/news/corporate-ai-could-undermine-web3-and-decentralization-industry-observers--1cbc6a551f" rel="nofollow noopener" target="_blank">Chris Donovan</a>, COO (Chief Operating Officer) at Near Foundation, pointed out the potential negative impact of AI and Web3. He remarked, “Our great concern right now when talking about the open web is that if we don’t have a credible, irrevocably open environment for AI development, then the open web may never come to fruition,”&nbsp; 
<h3 id="b-illia-polosukhin-s-insights-b">Illia Polosukhin’s Insights</h3> 
Another cryptocurrency news article from <a href="https://thebitjournal.com/">the BIT Journal</a> captured the reaction of Illia Polosukhin, co-founder and CEO of Near Foundation. He mentioned that most AI innovations are done with a clear goal to increase revenue. Polosukhin terms this&nbsp; “corporate-owned AI,” where tech giants like Google and Facebook use AI within their ecosystem to boost revenue per user. He believes that this could lead to a dystopian future where users are trapped in a corporate silo. This, in turn, will impact AI and Web3 integration. 
<h3 id="b-historical-parallels-and-current-risks-b">Historical Parallels and Current Risks</h3> 
Making reference to past anti-competitive practices, such as Microsoft’s attempt to take over the web browser market in 2001, Illia mentioned that it ended up in the European Union charging Microsoft for unethical practices. He was also mentioned that AI has the potential to cause a similar or even worse scenario as AI can manipulate users. This could undermine the synergy between AI and Web3. 
<h3 id="b-impact-on-social-media-b">Impact on Social Media</h3> 
Donovan also suggests that AI could intensify the negative aspects of social media, causing misinformation and political polarisation. AI could properly false ideas and present them as truths that cannot be easily distinguished from factual information. In a Crypto update on the latest crypto news, Donovan remarked, “I think if AI is deployed in that paradigm, it will just amplify and accentuate all of those issues — and those issues are actually really fundamental..” 
<figure id="attachment_9382" aria-describedby="caption-attachment-9382" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-9382 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/06/IMG_1195.jpeg" alt="Pompliano AI Machines" width="783" height="391" title="AI and Web3 Integration: Industry Observers Warn that Corporate AI Could Undermine Web3 and Decentralisation 29">
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 Pompliano AI Machines
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</figure> 
The potential of AI has been highlighted across various cryptocurrency news channels, and Polosukhin even acknowledges its transformative power. AI systems could handle most of the tasks we can automate, and Polosukhin mentioned that AI and Web3 development could shape the industry by providing non-technical users a chance to build really amazing projects.&nbsp; 
<h2 id="b-near-foundation-s-vision-project-launch-and-partners-b">Near Foundation’s Vision: Project Launch and Partners</h2> 
From the latest crypto update from The BIT Journal, we learned that Near Foundation is set to create a “<a href="https://thedefiant.io/news/blockchains/near-to-focus-on-user-owned-ai#:~:text=User%2Downed%20AI%20is%20meant,powerful%20human%20resource%3A%20intelligence.%E2%80%9D" rel="nofollow noopener" target="_blank">user-owned AI,</a>” the project encapsulates partners spanning data, models, computing, and interference. Near has the simple goal of creating a decentralised AI system that meets the needs of the users and provides them with, empowering them with tools needed to contribute to the open source. 
A cryptocurrency update mentioned that Near positions itself to be the underlying layer, facilitating identity and payments while running AI inference off-chain on specialised compute.&nbsp; The cryptocurrency news captured Polosukhin saying: “You’re not going to run AI inference on-chain, you run it off-chain on specialised compute […], but we are building a few different components that tie all of this together to enable this future.” 
<h2 id="b-conclusion-b">Conclusion</h2> 
From the latest crypto news, we have seen the reaction of the top voices in the AI and Web3 industry. It is noted in a cryptocurrency update from <a href="https://thebitjournal.com/">The Bit Journal</a> that the interplay between AI and Web3 remains a controversial yet important issue for future technological advancements. This update is unlike usual updates on issues like Bitcoin wallet (BTC) or Ethereum (ETH) blockchain. However, it is set to affect Bitcoin wallet (BTC) users and Ethereum BTC ETH users. Finding a balance between AI and Web3 has the potential of revolutionising the industry as we know it, but also the potential to cause problems.&nbsp;

AI and Web3 Integration: Industry Observers Warn that Corporate AI Could Undermine Web3 and Decentralisation

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The Bit Journal

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