The proposal, which gained approval from 53% of validators with an impressive 98% voting in favor, seeks to enhance the speed of transaction confirmations.

How Does Solana’s “Timely Vote Credits” Proposal Work?

Zantetsu of Shinobi Systems, a Solana validator, designed the “Timely Vote Credits” proposal. The proposal introduces changes to the method used to calculate vote credits earned by validator votes.

The current Solana (SOL) validators award mechanism is one vote credit for each “rooted” slot (a fully committed block), irrespective of the timing of their vote. However, such a mechanism enables a loophole where validators could delay votes without penalty.

Read more: 6 Best Platforms To Buy Solana (SOL) in 2024

If implemented, The “Timely Vote Credits” proposal would award credits based on the “latency” of a vote. Latency refers to the delay between creating a slot and the arrival of the validator’s vote. Validators who vote faster would earn more credits, discouraging intentional delays.

Moreover, the proposal includes a built-in grace period of three slots. This is to even out the playing field for validators situated further from network hubs.

Despite the enthusiasm, this proposal still needs to address questions about its impact on transaction confirmation speeds. Yet, to date, Federa has not elaborated on how the change will directly impact transaction speeds in Solana.

Combined with the developers’ promise to rectify the failed transaction issues, the implementation of this proposal could potentially offer a comprehensive solution to the network’s challenges.

On April 5, roughly 75% of Solana network transactions failed, according to the data from a Dune dashboard. Users reported delays, error messages, and complete transaction failures despite retries. However, the percentage has decreased to 57.41% at the time of writing.

Mert Mumtaz, CEO of Helius Labs — a leading RPC & API platform in Solana, explained that the network’s issues are attributed to specific implementation bugs rather than inherent design flaws. Specifically, Mumtaz mentioned that the problem stemmed from a flawed implementation of the QUIC networking protocol.

Anatoly Yakovenko, co-founder of Solana Labs, also commented on the situation:

“Dealing with congestion bugs sucks so much more than total liveness failure. The latter is one and done, bug is identified and patched and chain continues. The former has to go through the full release and test pipeline.”

Read more: 13 Best Solana (SOL) Wallets To Consider In March 2024

Developers target April 15 to implement a fix for an “implementation bug” believed to be the root cause of the failure surge.

Despite the recent woes, Solana’s native token (SOL) has had a phenomenal 2024. Starting the year at $101.33, SOL briefly surged past $200 before settling around $172. According to data from CoinGecko, SOL’s current price has shown an 8.8% decline over the past week.

The post Fixing Solana’s Speed: New Proposal Targets Transaction Time Improvement appeared first on BeInCrypto.

This marks a pivotal moment in the tech giant’s Web3 journey.

EigenLayer Receives Interest From Google Cloud Upon Mainnet Launch

This advancement, announced by Sam Padilla, Web3 product manager at Google Cloud, highlights the tech behemoth’s commitment to the evolving restaking protocol ecosystem. Moreover, Google Cloud has also been involved in the EigenLayer testnet since November 2023.

EigenLayer’s innovation enables Ethereum (ETH) staking across diverse platforms, a capability that went live for stakers in June. Now, as a mainnet node operator, Google Cloud has transitioned from participating in EigenLayer’s “Operator Working Group” to playing a critical role in the network’s operation.

Google Cloud has been proactive since initiating its blockchain division in early 2022. It launched the Blockchain Node Engine, initiated a web3 startup program, and forged alliances with key protocols like Polygon and LayerZero. Consequently, its venture into EigenLayer represents a strategic expansion of its Web3 footprint.

Read more: What Is EigenLayer?

Amid concerns about large cloud services affecting decentralization, EigenLayer maintains a balance by allowing diverse participation in its operator registry. Therefore, Google Cloud’s involvement enhances the protocol’s robustness and inclusivity.

Furthermore, the recent mainnet activation introduced EigenDA, a novel data availability solution. Although the EigenLayer mainnet launch included some limitations, such as not including slashing, it signifies a major step toward full protocol maturity.

“We are allowing the EigenLayer marketplace to develop and stabilize before introducing in-protocol payments and slashing to mainnet later this year,” EigenLayer explained.

The initiative has accelerated EigenLayer’s growth, with its total value locked (TVL) exceeding $13.33 billion, ranking it as the second-largest DeFi protocol. The liquid restaking tokens (LRTs) narrative is also revolutionizing DeFi, with EtherFi at the forefront, boasting a TVL of over $3.82 billion.

Significantly, venture capital interest in such emerging blockchain innovations is surging. For example, Andreessen Horowitz invested $100 million in EigenLayer in February, highlighting the sector’s potential. Additionally, Binance Labs’ investment in Renzo underlines the vitality of the liquid restaking domain.

Read more: Ethereum Restaking: What Is It And How Does It Work?

Renzo Protocol serves as EigenLayer’s restaking hub, integrating Ethereum smart contracts to streamline the restaking process. It is the second largest liquid restaking protocol with a TVL of nearly $3 billion.

The post Google Cloud Deepens Blockchain Footprint With EigenLayer Mainnet Node Operation appeared first on BeInCrypto.

Andre Cronje, the network’s founder, disclosed his ongoing examination of meme coins and the potential potential integration into Fantom.

Fantom’s Andre Cronje Eyes Community Safe Meme Coins

Cronje revealed that he is currently working on crafting a framework for launching, nurturing, and safeguarding community-centric meme coins. However, this endeavor has left him feeling exasperated, owing to the inherent volatility and limited utility linked to these digital assets.

Still, this initiative hints at Fantom’s imminent entry into the expanding array of smart contract networks facilitating the easy creation and exchange of memecoins.

Since the beginning of the year, meme coins have witnessed a spike in interest among cryptocurrency investors. Notably, various blockchains such as BNB Chain and Avalanche have rolled out incentives to entice meme coin developers into these networks.

Blockchain analytics platform IntoTheBlock reported that the collective value of this sector has nearly tripled, reaching a market capitalization of $56 billion. Surges in several Solana-based meme coins like Dogwifihat (WIF) and Book of Meme (BOME) fueled this uptick. Meanwhile, other established meme coins such as Dogecoin, Shiba Inu, and Pepe have also witnessed a massive rise this year.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Remarkably, meme coins have flourished within ecosystems featuring lower fees. For example, Solana has witnessed multiple days of higher trading volumes than Ethereum in this quarter alone. This heightened network activity has significantly propelled trading on Solana to record levels.

However, the proliferation of automated bots has impacted Solana’s network performance.

“Demand for meme coins hit the highest since 2021 this quarter. Despite interest rates remaining high and no stimmy checks being sent out, appetite for seemingly useless crypto-assets has been very strong. It’s unclear whether this is due to the economy getting overheated, or perhaps just growing “financial nihilism”, but meme coins have become the main subject in crypto over the last few months,” Lucas Outumuro, the head of research at IntoTheBlock remarked.

Despite the hype surrounding meme coins, several concerns persist, particularly regarding their security and lack of practical application.

These concerns prompted Ethereum co-founder Vitalik Buterin to discuss the potential societal benefits of meme coins. Buterin emphasized that these assets could be designed to uplift and unite communities and serve as instruments for social good and entertainment.

The post Andre Cronje to Help Launch Meme Coins on Fantom appeared first on BeInCrypto.

The initiative aims to explore the potential of stablecoins for streamlining payments and remittances within the Sony Group’s diverse ecosystem, which spans gaming, sports, and other intellectual properties.

Sony Seeks to Enhance User Experiences by Leveraging Stablecoins

According to Nikkei’s report, Sony Bank’s experiment will leverage the Polygon blockchain, known for its scalability and low transaction fees. Additionally, Sony Bank has partnered with SettleMint, a Belgian blockchain development firm, to facilitate the project’s technical execution.

The trial is expected to run for several months and address potential legal considerations surrounding yen-backed stablecoin transfers.

Sony seeks to harness stablecoins to enhance the user experience within its content offerings. Consequently, the company could facilitate the seamless trade of digital assets for Sony’s gaming and entertainment platforms by using stablecoins.

This move aligns with Sony Bank’s upcoming “Sony Bank Connect” app launch. The app provides a user-friendly environment for managing digital assets, including NFTs (non-fungible tokens).

Read more: A Guide to the Best Stablecoins in 2024

In a related development, Sota Watanabe, CEO of Startale Labs and founder of Astar Network, revealed plans for a deeper integration with Sony.

“Sony Bank plans to launch stablecoin and Sony plans to launch a blockchain with us [Startale and Astar Network]. It is getting ready,” Watanabe wrote on his X (formerly Twitter) account.

Sony and Startale have a history of partnership. In September 2023, Sony Network Communications Inc. invested $3.5 million in Startale Labs. The partnership aims to establish a global web3 infrastructure, leveraging Sony’s extensive experience in telecommunications and other sectors as well.

Positive Regulatory Environment for the Crypto and Web3 Sectors

Sony Bank’s venture towards embracing stablecoin technology is notable as part of a larger movement within Japan’s banking sector.

Read more: Stablecoin Regulations Around the World

In November 2023, Mitsubishi UFJ Trust Bank, a major Japanese bank, partnered with Progmat and Ginco for trials on stablecoin infrastructure. Meanwhile, Hokkoku Bank recently debuted “Tochika,” Japan’s first deposit-backed stablecoin, offering users increased convenience in spending.

Several other Japanese banks have also conducted trials on stablecoin-based electronic money transfers.

The booming stablecoin sector in Japan benefits from the country’s progressive regulatory framework. In June 2023, Japan legalized stablecoins pegged to fiat currencies and permitted licensed financial institutions to issue them. Moreover, the government lifted the ban on foreign stablecoins.

In addition to its favorable stablecoin regulations, Japan also has a positive regulatory environment for the crypto and Web3 industry. BeInCrypto previously reported in February Japan paves the way for Web3 and crypto initiatives amid an overhaul in its investment laws.

This goal is to turbocharge the nation’s tech sector, specifically targeting venture capital (VC) investments in crypto and web3 startups.

The post Japanese Banks Continue to Leap into Stablecoin Development appeared first on BeInCrypto.

This move will make Frax’s stablecoin, FRAX, and its staked version, sFRAX, accessible within the Cosmos network, known for its interoperability across approximately 80 blockchains.

Frax Finance Enters the Cosmos Ecosystem

Introducing FRAX and sFRAX to the Cosmos ecosystem aims to provide users with additional options for trading, savings, payments, and collateral. Therefore, potentially enhancing the decentralized finance (DeFi) sector within Cosmos. This expansion represents a significant step for Frax Finance, extending the utility of its stablecoin beyond its Ethereum roots.

Sam Kazemian, the founder of Frax Finance, emphasized the strategic importance of this initiative. He noted the potential for increased adoption and innovative applications that this partnership could foster within the Cosmos community.

“Bringing native FRAX issuance to Cosmos has been a priority for some time, and we are thrilled to announce Noble as our issuance partner. We look forward to FRAX and sFRAX being available and are excited by the potential innovative use cases,” Kazemian said.

However, the specifics of how this integration will impact the broader Cosmos ecosystem and compete with existing stablecoins like USDT and USDC remain to be seen.

Read more: A Guide to the Best Stablecoins in 2024

Frax Finance’s offerings include FRAX, sFRAX, and other financial instruments and platforms designed to support DeFi activities. The partnership with Noble may pave the way for future integrations and expansions. Therefore, it could potentially introduce additional Frax assets to the Cosmos ecosystem.

The post Cosmos (ATOM) Welcomes Frax Finance Into Its DeFi Ecosystem appeared first on BeInCrypto.

The new stablecoin, yet to be named, will be pegged to the US dollar and is expected to launch later this year.

Ripple to Launch a Stablecoin

Ripple’s offering aims to distinguish itself by being “100% backed by US dollar deposits, short-term US government Treasuries, and other cash equivalents.” This move places a strong emphasis on security and stability.

According to Ripple, the decision to venture into stablecoins comes at a time when the market is experiencing significant growth. Indeed, projections indicate it could expand to over $2.8 trillion by 2028. The company plans to deploy its stablecoin on the XRP Ledger and the Ethereum blockchain, utilizing the ERC-20 token standard for broader compatibility and utility.

This move into stablecoins is noteworthy for the company, particularly as Ripple navigates a legal battle with the US Securities and Exchange Commission.

Brad Garlinghouse, Ripple’s Chief Executive Officer, highlighted the strategic importance of the new stablecoin. He emphasized the aim for stability and transparency, noting plans for monthly public audits by a reputable accounting firm to ensure user accountability and trust.

“Launching a stablecoin is a natural step for Ripple as we bridge the gap between traditional finance and crypto. We have the years of experience, regulatory footprint, a strong balance sheet, and a network with near global payout coverage, to offer the best of crypto-enabled payments using XRP and our (future) stablecoin together,” Garlinghouse said.

The stablecoin market has become increasingly popular among investors and traders seeking to avoid the volatility associated with traditional cryptocurrencies like Bitcoin and Ethereum. Ripple’s entry signifies a potential shift, challenging the dominance of established stablecoins such as USDT and USDC.

Read more: A Guide to the Best Stablecoins in 2024

Ripple’s approach to its stablecoin, focusing on enterprise and banking customers, reflects a compliance-first mindset. However, with USDC currently leading among compliance-focused consumers, Ripple’s stablecoin faces the challenge of establishing itself in a competitive market.

The post Ripple Labs’ Latest Move: Launching a New Stablecoin Soon appeared first on BeInCrypto.

Named Project Agorá, this initiative marks a pivotal step towards the fusion of digital and traditional monetary realms. It promises a revolution in financial efficiency and innovation.

How Central Banks Plan to Utilize Tokenization

Project Agorá, deriving its name from the Greek term for “marketplace,” aligns the central banking forces of France, Japan, Korea, Mexico, Switzerland, England, and the Federal Reserve Bank of New York.

The Institute of International Finance (IIF) will coordinate this venture in partnership with the private sector. It aims to explore the integration of tokenized commercial and central bank funds on a unified ledger platform.

Furthermore, the collaboration addresses longstanding inefficiencies in cross-border payments. These include varied legal and regulatory landscapes, technical disparities, and the operational challenges posed by different time zones.

Moreover, the project seeks to streamline financial integrity controls, such as anti-money laundering and customer verification, currently plagued by redundancy due to multiple intermediaries.

“Smart contracts can enable new ways of settlement and unlock types of transactions that are not viable or practical today, in turn offering new opportunities to benefit businesses and people,” BIS wrote.

Meanwhile, HSBC Hong Kong is pioneering the adoption of tokenization technology. Sami Abouzahr, head of Wealth Management and Personal Banking Investment at HSBC, leads the initiative.

HSBC’s tokenization initiative is poised to offer investment avenues in both physical and virtual assets. It coincides with Hong Kong’s escalated trials of digital currencies, notably the digital Yuan, aiming to enhance cross-border payment systems.

Concurrently, industry leaders such as BlackRock are recognizing the transformative potential of asset tokenization. BlackRock’s CEO Larry Fink envisages a future where every asset class, including ETFs, could be tokenized, paving the way for greater transactional transparency and efficiency.

Read more: What is The Impact of Real World Asset (RWA) Tokenization?

Indeed, tokenization and digital currencies will redefine economic transactions, ushering in a new age of efficiency and connectivity.

The post Central Banks of 7 Countries Unite to Pioneer Tokenization in Finance appeared first on BeInCrypto.

These insights contrast past predictions on industry risks with the current dynamics surrounding Ethena.

The Risks Behind Ethena Protocol’s Stablecoin, USDe

Cronje reflected on his experiences with UST and FTX’s collapse. He acknowledged his mixed track record in foreseeing financial collapses within the crypto market. Still, his candid admission reflects DeFi’s unpredictable nature, emphasizing his cautious approach toward new financial instruments.

This context lays the groundwork for his scrutiny of Ethena. This is a protocol he perceives as imbued with significant risks despite its integration into seemingly secure platforms.

“There is a new primitive that is gaining a lot of traction, and I am seeing [Ethena] integrated into protocols I considered to be very low risk, but from my understanding, this new protocol is very high risk,” Cronje said.

The core of Cronje’s concerns revolves around using perpetual contracts and yield-based collateral within Ethena’s framework.

Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?

Perpetual contracts allow traders to speculate on asset prices without owning the assets. According to Cronje, this mechanism introduces a high-risk element absent in traditional spot trades. By leveraging assets like stETH as collateral, USDe aims to create a stable value through a balance of long and short positions, theoretically neutralizing market volatility.

However, Cronje points out negative funding rates and market downturns could erode collateral. Therefore, it poses a significant risk to the stability of USDe.

His critique extends to the mechanism’s reliance on the “law of large numbers” for stability, drawing parallels to TerraUSD’s downfall. He argues that while the model may appear sound during market uptrends, its sustainability is questionable when conditions reverse.

“While things are going great now because the market is positive and shorting funding rates are positive because everyone is happy being long, eventually that turns, funding becomes negative, margin and collateral gets liquidated, and you have an unbacked asset,” Cronje concluded.

Andre Cronje’s skepticism about USDe’s underlying mechanics highlights the ongoing challenges in creating stable and sustainable DeFi solutions. Such sentiment is echoed by CryptoQuant’s CEO Ki Young Ju, who said, “Ethena is not DeFi; it’s CeFi with custody and execution-related risks.”

While the DeFi sector is ripe with innovation, its share of failures, most notably TerraUSD’s collapse, reflect the need for a deeper understanding of Ethena’s risk vectors.

The post DeFi Architect Andre Cronje Questions If Ethena (USDe) Is the Next TerraUSD appeared first on BeInCrypto.

This initiative aims to enhance the platform with faster and more cost-effective Bitcoin transactions, an important step towards improving efficiency.

Coinbase to Integrate the Bitcoin Lightning Network

The Bitcoin Lightning Network, a Layer 2 payment protocol, enables quicker transactions than Bitcoin’s primary network by reducing the blockchain’s burden. Lightspark, which specializes in providing access to the Lightning Network, has been working with Coinbase to implement this technology.

Through its software, Lightspark simplifies the integration and management of the Lightning Network for institutions. It offers a suite of tools designed for seamless transactions. The company boasts an AI-driven engine that optimizes liquidity and transaction routing.

The partnership entails Coinbase utilizing Lightspark’s remote-key signing feature. Therefore, Coinbase will retain control over the Lightning signing keys while Lightspark manages the node infrastructure. This setup is designed to scale effectively, offering a reliable node service with comprehensive functionality through an intuitive interface.

This allows Coinbase to focus on enhancing user experience without the need to manage a large-scale Lightning Network implementation.

“Coinbase is committed to making the global financial system faster and more efficient. We’re excited to partner with Lightspark to eliminate payment barriers and enable faster and cheaper Bitcoin transactions through support for the Bitcoin Lightning Network,” Shan Aggarwal, Coinbase VP of Corporate & Business Development, said.

The adoption of the Lightning Network by Coinbase is anticipated to significantly impact its operational efficiency and customer experience, particularly in terms of transaction speed and cost. It also marks a notable development for the Lightning Network, potentially increasing its usage and visibility within the cryptocurrency ecosystem.

Read more: The Best Bitcoin Lightning Network Wallets In 2024

This integration paves the way for Bitcoin’s new payment applications and liquidity options, aligning with broader trends in cryptocurrency adoption and technology advancement.

The post Coinbase Readies to Integrate the Bitcoin Lightning Network appeared first on BeInCrypto.

The alarming claim emerged from an antitrust lawsuit, shedding light on potentially harmful anti-competitive practices that could undermine social media competition and consumer rights.

Facebook’s Messenger Deal with Netflix Exposed

The lawsuit suggests a complex web of negotiations and agreements between Meta and Netflix, dating back to 2013, that facilitated an exchange of user data for corporate gains. According to court documents, Netflix was granted the ability to read users’ private messages. This contradicts Meta’s previous assurances of end-to-end encryption for personal communications on Messenger and Facebook.

The access to users’ private messages was ostensibly in exchange for Netflix providing Facebook with insights into user interactions with its streaming recommendations.

“Netflix had begun entering into a series of “Facebook Extended API” agreements, including a so-called “Inbox API” agreement that allowed Netflix programmatic access to Facebook’s user’s private message inboxes, in exchange for which Netflix would ‘provide to FB a written report every two weeks that shows daily counts of recommendation sends and recipient clicks by interface, initiation surface, and/or implementation variant,'” the court documents read.

Further complicating matters, the lawsuit highlights the significant financial ties between the two giants. Netflix, identified as a major advertising spender on Facebook, reportedly invested around $150 million annually by early 2019 in Facebook ads.

Netflix’s former CEO, Reed Hastings, who served on Facebook’s board from 2011 to 2019, orchestrated the close relationship between the companies. Hastings allegedly played a pivotal role in directing the partnership during his tenure, including the controversial data-sharing agreements.

Meta’s response to these allegations has been to downplay the significance, labeling such agreements as standard industry practice. Yet, the company has not directly addressed the implications of these practices on its competitive stance.

Read more: Facebook Under Fire: Suspected VPN Data Theft Unveiled

The lawsuit paints a disturbing picture of the lengths companies might go to protect their interests at the expense of user privacy and fair competition.

The post Facebook Sold Private Messages on Messenger to Netflix appeared first on BeInCrypto.

Vitalik Buterin took to X (Twitter) to share an old article titled “What kind of layer 3s make sense?”. He originally wrote the article back in 2022. While the article itself was not new, Buterin’s decision to repost it has sparked conversations about the needs of L3 in the blockchain and crypto industry.

Buterin Thinks L3 Could Be a Good Idea if Done “In a Good Way”

As a pivotal figure in blockchain innovation, Vitalik Buterin elucidates that while the theoretical appeal of L3—stacking scalability solutions to achieve exponential scaling—is compelling, practical implementation faces technical hurdles. These include limitations related to data availability and bandwidth constraints for emergency withdrawals.

His insights draw from years of research into blockchain scalability, including seminal works such as the 2015 scalability paper and contributions to the Plasma framework.

Contrary to simplistic stacking approaches, newer L3 frameworks, exemplified by Starkware’s proposals, suggest assigning distinct roles to L2 and L3. Starkware, renowned for its cryptographic expertise, suggests L3 could focus on tailored functionalities like privacy or application-specific optimizations, diverging from solely emphasizing scalability.

Read more: A Beginner’s Guide to Layer-2 Scaling Solutions

Although Vitalik Buterin recognized the sophistication of the newer L3 framework proposed by Starkware, he conveyed that it could be a good idea if done “in a good way.”

“I suspect more sophisticated (and simpler) constructions such as those described in this post will start to have a bigger role to play as the layer 2 scaling ecosystem matures,” Buterin wrote.

The Limitations of L1 and L2

L3 emergence has led to discussions because it is considered a critical component in blockchain technology infrastructure. Many believe in its ability to improve the scalability and efficiency of blockchain networks and facilitate the creation of new decentralized applications (Dapps). The importance of L3 in the blockchain ecosystem cannot be overstated, and the industry is closely monitoring its development.

L3 technologies are envisaged as a groundbreaking stride beyond the existing Layer 1 (L1) and Layer 2 (L2) solutions. L1, the blockchain base layer, such as Ethereum, provides fundamental security and decentralization. L2, on the other hand, operates on top of L1 to enhance scalability. Meanwhile, L3 aims to further scale blockchain networks by anchoring them into L2 for security, potentially offering exponential scalability benefits.

Among the examples of emerging L3 projects, StarkNet and Arbitrum Orbit stand out. StarkNet proposes using Validium for data availability, catering to applications requiring heightened sensitivity to cost. Arbitrum Orbit, similarly, aims to provide custom scaling solutions that could better serve specific application needs. These initiatives illustrate a nuanced approach to L3 development, recognizing the diversity of blockchain applications’ requirements.

Read more: A Deep Dive Into Starkware, StarkNet, and StarkEx

Skepticism Around the Discourse

However, some people criticize the discourse around L3. Marc Boiron, CEO of Polygon Labs, pointedly challenges the necessity of L3. He argued that L3 may siphon value from Ethereum’s ecosystem to the L2s they build upon. His skepticism reflects a broader debate within the crypto community about the strategic value and implications of L3 technologies.

“I’ll say the quiet part out loud: L3s exist only to take value away from Ethereum and onto the L2s on which the L3s are built. You do not need L3s to scale. And this is why Polygon Labs does not work on L3s,” Boiron stated.

Despite varying viewpoints, there is a lot of discussion about L3 and its potential to be one of the most fascinating innovations in the cryptocurrency industry. L3 can provide customized functionalities and scalability solutions, which hold a promise to transform the future outlook of blockchain technology. However, as L3 is still in its early stages, its effectiveness and impact are yet to be fully realized.

The post Vitalik Buterin Debunks Layer 3 as the Ultimate Fix – Here’s Why appeared first on BeInCrypto.

This collaboration, taking place towards the end of 2023, aimed to push the boundaries of decentralized cloud computing by training a foundation model, highlighting a significant leap in AI and cloud computing integration.

Using Akash Network to Train AI

The initiative sought to address the challenges associated with generative AI foundation model training. These include high costs, stringent hardware requirements, and complex software needs. Therefore, it set an ambitious benchmark for decentralized computing platforms to meet and exceed the demands of AI startups.

ThumperAI aimed to bolster the credibility of its Lora Trainer service. It facilitates AI developers in fine-tuning foundation models using LoRA techniques. On the other hand, Akash Network wanted to demonstrate the feasibility and efficiency of AI model training on a decentralized cloud platform.

This initiative was not just about proving a concept but also about attracting a broader developer community, generating demand for GPU providers, and strengthening Akash Network’s position as a leader in open-source contributions and AI use case expansion.

Read more: How Will Artificial Intelligence (AI) Transform Crypto?

The journey involved critical decisions and trade-offs, particularly in selecting the model category and base model for the training. Still, the chosen approach utilized a Creative Commons-licensed dataset for training. It emphasized copyright compliance and data diversity, with a pivot to a Pixart-Alpha-inspired architecture due to initial training challenges.

The outcomes of this project were promising despite the challenges encountered with the training dataset’s quality and diversity. The collaboration successfully demonstrated the feasibility of training foundational models on a decentralized network like Akash. Therefore, it marked a milestone in the intersection of AI and blockchain technology.

“The Thumper team will look into migrating Lora Trainer to run on Akash Network as they look to scale that service, so as to take advantage of the lower costs and variety of GPUs available on the network. One of the features needed before they can do this is the ability to request a max SHM size through the Akash SDL. That feature is about to be made available on the network through an upgrade,” VP of Product and Engineering at Overclock Labs, Anil Murty, wrote.

This initiative sets the stage for future advancements, with both teams keen on exploring further possibilities on Akash Network.

The post Akash Network Explains Its Use for AI Model Training appeared first on BeInCrypto.