Binance Labs, the venture arm of Binance, recently announced its investment in MyShell, a decentralized AI network poised to revolutionize how creators build and monetize AI applications.
MyShell's Innovations
MyShell operates as a decentralized AI platform, empowering creators to build AI agents or bots that users can integrate into various applications. Unlike traditional AI platforms, MyShell is community-driven, allowing creators to fully own their creations while fostering an open-source environment. The platform has amassed a community of over 50,000 creators and reportedly more than one million registered users, engaged in developing AI tools like OpenVoice, MeloTTS, and Alice.
Reward System and Tokens
One of the key elements of MyShell is its reward system. Creators currently earn points based on the popularity and utility of their AI agents. These points will eventually convert into tokens, offering more tangible incentives for creators. Consumers can also stake tokens on AI agents, generating income based on their performance, creating a dual incentive structure.
MyShell's Future and Financial Backing
MyShell operates on multiple blockchain networks, including Polygon and Binance’s opBNB, ensuring flexibility and security. The platform plans to launch its own Layer 2 blockchain by the end of the year to provide a more tailored experience for AI development. In March this year, MyShell secured $11 million in pre-Series A funding, bringing its total funding to $16.6 million. The funding round was led by Dragonfly and included investors like Delphi Ventures, Bankless Ventures, and OKX Ventures.
MyShell aims to create a fair ecosystem for AI developers, supporting open-source codes and collaboration in developing innovative AI applications.
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