Swarm Network, a decentralized protocol, has raised $13 million for the development of an artificial intelligence verification system. The funds will be used to transform offchain data into verifiable information on the blockchain.
Funding Sources for Swarm Network
Of the total raised amount, $10 million was secured through licenses to operate agents, represented as non-fungible tokens (NFTs), allowing holders to earn daily rewards. The remaining $3 million came from strategic investments from investors including Sui, Ghaf Capital, Brinc, Y2Z, and Zerostage.
Blockchain Technology and AI Compatibility
There is a growing interest in the pairing of blockchain technology and AI, attracting significant investor attention. For instance, the AI-driven hedge fund Numerai recently secured a commitment of $500 million from JPMorgan Asset Management.
Rising Interest in AI Agents in the Crypto Industry
AI agents, referring to AI bots capable of acting independently to achieve their objectives, are gaining traction in the crypto space. It is expected that such agents will take on a more prominent role in decentralized communities and enhance trust in AI through decentralization.
In conclusion, the $13 million raised by Swarm Network highlights the relevance and future of integrating AI and blockchain technologies, creating new opportunities for the development of decentralized solutions.
