Here’s what’s happening in Web3 and AI at a glance.
Web3
Singapore Leads in Global Crypto Adoption
1️⃣ A new study ranked Singapore as the top country for crypto adoption, basing the results on factors such as public adoption, infrastructure, and regulation. Singapore’s supportive regulatory environment and strong business climate helped it clinched its leading position.
Crypto Firms Frustrated with UK’s FCA
2️⃣ Crypto firms are increasingly choosing to operate outside the UK due to its restrictive regulations. The Financial Conduct Authority has seen a decline in registration applications from crypto businesses to which critics argue that the FCA’s complex processes hinders innovation.
Former FTX Executive To Appear in Court
3️⃣ Ryan Salame, former co-CEO of FTX Digital Markets, will be required to appear in court despite his withdrawal of a request to vacate his guilty plea. The judge’s decision follows allegations made by Salame regarding a potential agreement with authorities not to investigate his partner.
Buterin Rejects ETH Dumping Accusations
4️⃣ Ethereum co-founder Buterin has denied selling millions of dollars of Ether for personal profit. He claims to have sold his ETH holdings to support crypto projects and philanthropic initiatives, and also defended the blockchain against criticism regarding its focus on DeFi.
Bitcoin Market Faces Potential Downturn
5️⃣ The crypto market could see turbulence due to potential selling from major Bitcoin holders. Mt. Gox creditor payouts and government BTC holdings like the US’s $2 billion raise concerns about downward pressure on the asset’s prices.
SEC Accuses OpenSea of Selling Unregistered Securities
6️⃣ The SEC has issued a Wells notice to OpenSea, alleging that the NFT marketplace has been facilitating the sale of unregistered securities. OpenSea CEO Devin Finzer has expressed shock and vowed to fight the allegations.
Telegram Holds $400 Million in Digital Assets
7️⃣ The popular messaging app was revealed to hold $400M in digital assets at the end of 2023. The company generated significant revenue from digital asset-related activities, including an integrated wallet and the sale of collectibles.
Bitcoin May Rally If Interest Rates Dip
8️⃣ Bitcoin has dipped significantly to $57k from its high of $62k, but investors expect the price to rally if the Federal Reserves cut interest rates in the upcoming FOMC meeting in mid-September. Commentors highlight that the gains may be overshadowed by US election developments.
AI
OpenAI Considers Structural Changes
1️⃣ OpenAI plans to alter its corporate structure to attract more investors, which it plans to do by removing profit caps and offering higher returns to investors. This move could impact OpenAI’s non-profit mission and its ability to balance profit and service to humanity.
ChatGPT Surpasses 200M Weekly Users
2️⃣ OpenAI’s ChatGPT has doubled its user base in a year, reaching 200M weekly users. Yet critics say this direct comparison to other platforms are difficult due to different user base metrics. ChatGPT’s rapid growth highlights its popularity and potential impact on the AI landscape.
Amazon to Power Alexa with Anthropic AI
3️⃣ Amazon’s next-generation Alexa will be powered by Anthropic’s Claude AI. This move comes after Amazon’s in-house AI model struggled with query processing speed. Anthropic’s AI is known for its natural responses and may enhance Alexa’s capabilities.
California AI Safety Bill Passes
4️⃣ California has successfully passed an AI safety bill requiring an emergency kill switch, but industry figures are divided on the bill’s potential impact. Some support the regulation, while others argue for less restrictive measures.
Anthropic CEO Envisions AI Hive-Mind Structure
5️⃣ Anthropic’s CEO envisioned a future where AI isn’t dominated by a robot uprising, but by a corporate-style hierarchy. Instead of a single, powerful AI model, Amodei proposes a network of specialised AI models, each with its own specific tasks
Coinbase Sees First AI Crypto Transaction
6️⃣ Coinbase witnessed its first-ever crypto transaction completed by AI bots. These bots used crypto tokens to buy “AI tokens,” which are data strings for algorithms to learn. But the process isn’t efficient as they lack full transaction capabilities.
Quantum Computers Can Make You a Better Trader
7️⃣ A new study shows quantum computers can help us understand how the human brain learns. By analysing brainwaves of students, researchers found connections between specific cognitive functions and higher test scores. This could lead to better cognitive abilities.
UN Declares AI As Key Focus In Event Speech
8️⃣ The UN Secretary General has launched a referendum on AI as part of the ‘International Day of Democracy’. He emphasised that the tech is a double-edged sword where it could undermine democracy, but also enhance security and equality.
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