Tron Blockchain Commits $100M in Grants to AI-Focused Projects

The commitment comes as AI-focused tokens take over the narrative in crypto circles.

AccessTimeIconFeb 9, 2023 at 9:13 a.m. UTC
Updated Feb 9, 2023 at 4:01 p.m. UTC

The Tron blockchain has committed over $100 million to teams utilizing artificial intelligence (AI) within their blockchain applications as the technology gains steam among investors.

The initiative aims to support developers researching the use of AI, which attempts to simulate human intelligence in machines, in applications built on the blockchain by utilizing tools like ChatGPT, a chatbot created by OpenAI, both in the back end and front end of development.

These teams can apply for grants from the Tron Artificial Intelligence Development Fund.

Key areas identified by Tron are the use of AI for payments and e-commerce, currency settlement, data management, market and investment analysis and content generation.

“AI integration in smart contract development will allow for more intelligently and effectively created, deployed and executed smart contracts,” Tron founder Justin Sun tweeted earlier this week.

AI tokens are up an average of over 60% in the past week alone, CryptoSlate data shows. Among the biggest gainers have been tokens for platforms such as Alethea's artificial liquid intelligence (ALI), Fetch.ai's (FET) and SingularityNET's AGIX, which have more than tripled.

Some market watchers remain cautious about the AI token hype, however.

“There is a risk that this whole new trend is going to end up in an empty hype, as there are many speculators that would seek to make use of short-term price pumps,” financial market consultant Valentina Drofa told CoinDesk earlier this week. Such cycles are becoming rather tiresome and sad to observe again and again.”

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.