What’s Happening In Web3 And AI In 1 Minute (3 Oct)

CoinPasar
3 min readOct 3, 2024

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Here’s what’s happening in Web3 and AI at a glance.

Web3

Bank of America Customers Affected by Outage

1️⃣ Tens of thousands of Bank of America customers experienced a network outage on October 2nd, with many reporting difficulties accessing their accounts and seeing a $0 balance. While the bank claims the issue has been resolved, many customers are still experiencing problems.

Ripple Vows to Fight SEC Appeal

2️⃣ Ripple Labs CEO has vowed to fight the SEC’s appeal of a court decision favouring Ripple in the XRP lawsuit. A judge previously ruled XRP itself wasn’t a security, but some XRP sales needed registration. Ripple is currently evaluating a potential cross-appeal.

SEC Enforcement Director Steps Down

3️⃣ The director of the SEC’s enforcement division is stepping down, leaving a legacy of aggressive enforcement actions against crypto firms. The agency has praised Grewal’s work, while critics have expressed relief at his departure.

CFTC Eyes Tokenised Shares for Collateral

4️⃣ A key committee within the CFTC has approved guidelines for using tokenised shares of money-market funds as collateral in traditional finance, opening the doors for adoption of blockchain technology in financial operations, and improve capital efficiency for companies.

Bitcoiners Aid Hurricane Relief Efforts

5️⃣ A group of Bitcoin enthusiasts in North Carolina is organising a relief effort to assist communities affected by Hurricane Helene. The team will provide medical assistance, clear debris, and search for missing individuals in the Appalachian mountains.

Edward Snowden Questions Solana’s Decentralisation

6️⃣ Edward Snowden criticised Solana’s decentralisation in a speech at Token2049. Solana’s defenders have jumped up to challenge Snowden’s claims, and argued that the network isn’t prone to single points of failure.

FTX to Auction Worldcoin at Discount

7️⃣ The FTX estate plans to auction 22 million Worldcoin tokens for an estimated $38 million and has drawn criticism for selling assets at a discount. Tensions are high between creditors and the estate due to a proposed repayment plan offering only 10–25% of lost crypto.

Nigeria Leads Crypto Adoption in Africa

8️⃣ Nigeria has emerged as the second-largest adopter of cryptocurrencies worldwide, according to Chainalysis. The country’s growing crypto ecosystem is driven by the need for alternative financial services and increased access to international markets.

AI

ByteDance Unveils New AI Video Generators

1️⃣ ByteDance, the parent company of TikTok, has entered the AI video generation race with the launch of PixelDance and Seaweed. These models, still in private beta, offer impressive capabilities like lifelike character animation and multi-shot consistency.

OpenAI’s Funding Boost Raises $6.6B

2️⃣ OpenAI, the creator of ChatGPT, has secured $6.6 billion in new funding, valuing the company at $157 billion. This investment comes from prominent firms like Thrive Capital, Khosla Ventures, Nvidia, and Microsoft.

Character AI Removes Controversial Bot

3️⃣ Character AI, a chatbot platform, has removed a bot impersonating a young murder victim. The bot, created by a user named “JustinAyers1,” used a photo of the deceased girl and described her as a knowledgeable and friendly AI.

OpenAI Enhances AI Models

4️⃣ OpenAI has introduced improved voice and image recognition capabilities to its models. The Realtime API enables developers to create AI-generated voice applications, while the fine-tuning tool enhances image understanding.

Decentralisation is the Future of AI

5️⃣ CEO of SingularityNET and the ASI Alliance, Ben Goertzel, argues that decentralisation and democratisation are key to ensuring its safe and beneficial development. By distributing control and data access, AGI can be harnessed for the betterment of humanity.

Big Tech’s AI Strategy to Maintain on Top

6️⃣ ARK Invest believes that Big Tech firms like Apple and Alphabet will leverage AI to maintain their industry dominance, despite AI’s disruptive nature offering opportunities for smaller companies to compete.

CZ Eyes AI After Stepping Down from Binance

7️⃣ The former CEO of Binance may have stepped down, but he is not taking it easy and is eyeing the AI market next. Despite that, he has not unveiled what AI projects he is focusing on. Some skeptics criticised him for still being a key stakeholder in Binance.

EU Develops AI Code of Practice

8️⃣ The EU is developing a General-Purpose AI Code of Practice under its AI Act. This collaborative effort aims to address transparency, copyright, risk assessment, and internal governance for AI models.

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