Swarm Network, a decentralized artificial intelligence protocol, has raised a total of $13 million to develop an AI verification protocol.
A Wednesday announcement revealed that $10 million of the funds was obtained through licenses allowing the operation of agents. A spokesperson for the project informed Cointelegraph that each license is a non-fungible token (NFT) which allows the holder to earn daily rewards for managing agents and supporting the network.
The remaining funds include a $3 million strategic investment from several investors, such as Sui (SUI), Ghaf Capital, Brinc, Y2Z, and Zerostage. The investments from Sui, Ghaf, and Brinc were secured thanks to Swarm’s involvement in SuiHub’s Dubai-based global accelerator.
Swarm Network aims to create a decentralized protocol that converts offchain data into verifiable onchain information. An early adopter of this system is Rollup News, an AI-driven fact-checking solution, where 128,000 users have reportedly verified over 3 million posts so far.
Related: Trading bots vs AI agents: everything you need to know
Crypto-AI marriage attracts attention
The combination of blockchain technology and digital assets with artificial intelligence is capturing significant investor attention. Numerai, an AI-focused hedge fund backed by Paul Tudor Jones, has recently secured a commitment of up to $500 million from JPMorgan Asset Management.
Just this month, crypto exchange Kraken acquired the Israel-based startup Capitalise.ai, a no-code trading automation platform that translates natural-language commands into executable strategies. Some companies are shifting from crypto to AI altogether, with cryptocurrency miner TeraWulf transitioning into AI infrastructure hosting in mid-August.
Related: The future of digital self-governance: AI agents in crypto
The rise of crypto AI agents
AI agents, referring to AI bots that can independently access tools and pursue goals, are gaining notable traction in the crypto sector. Earlier this month, Coinbase’s development team members Kevin Leffew and Lincoln Murr claimed that AI agents might emerge as Ethereum’s “biggest power user.”
This statement came amid expectations for late 2024 when industry leaders told Cointelegraph that AI agents would significantly gain traction this year. Predictions suggested that these agents would assume a more prominent role within decentralized communities and that decentralization would enhance the trustworthiness of AI.
Magazine: Train AI agents to make better predictions… for token rewards
