AI and crypto's convergence is attracting billionaire backers

Fortune

Billionaire Barry Silbert, one of crypto’s earliest entrepreneurs, is betting big on the convergence of crypto and AI. Fortune Finance Editor Jeff John Roberts explains why Silbert is so excited about Bittensor—and how the company could shake up the crypto world.

Transcript

00:00As a crypto journalist, when I hear the words crypto and AI in the same sentence,

00:04I usually think run away. That said, as AI matures, crypto matures, they could come together.

00:09There are people who think there's a real use case for the two to come together. And if anyone's

00:14going to figure it out, I think Barry Silbert probably is the guy to do it. Barry Silbert

00:18is one of the absolute crypto OGs. He's a billionaire, successful entrepreneur who has

00:24founded a lot of the marquee crypto companies in the space. I want to open up the development and

00:30the access to AI, and Bitensor is enabling that. It is the thing that I've gotten most excited about

00:37since Bitcoin. Bitensor is going up against the very biggest of the big, which is ChatGPT,

00:43Perplexity, Anthropic, Google. And so it's trying to offer a decentralized alternative to it. What

00:50it means by decentralized is rather than like a single company with all its servers controlling

00:55all of that data, it's basically distributed so that we're all lending computing power because as

00:59we know, AI takes a lot of computing power and building the network together while keeping the

01:05data sort of private. To induce people to use Bitensor, the protocol gives out awards in the

01:11form of tokens to encourage people to use it. Those tokens are called TAU. They trade on the crypto

01:16markets. And I think right now it's already become the 35th biggest token. Silbert says he's

01:20very excited about this because the privacy dimensions. I can't say for sure this thing

01:23works, but Barry has succeeded enormously in the other things he's done. I do think he's

01:27onto something in, I think, a privacy-focused AI protocol that does not rely on putting all

01:33of our data in the hands full of a few incredibly rich and potentially crazy individuals is probably

01:38a good idea.

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