Bitcoin Virtual Machine Will Soon Let Users Create AI Models on Bitcoin Network

“We've figured out a way to put AI on-chain,” lead developer punk3700 told CoinDesk in an X message.

AccessTimeIconMar 19, 2024 at 6:07 a.m. UTC
Updated Mar 19, 2024 at 6:48 p.m. UTC
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  • BVM, a Bitcoin layer 2 project, will release a platform called Truly Open AI, allowing users to deploy AI models on the blockchain for use in crypto applications.
  • The AI’s storage model was built in collaboration with Filecoin, Near, Avail, Polygon, and Syscoin.

Bitcoin Virtual Machine (BVM), a Bitcoin layer 2 project, will soon release a platform that allows users to spin up artificial intelligence (AI) models, developer punk3700 told CoinDesk in a message on Tuesday.

The new feature, called Truly Open AI, will let users float AI models on the blockchain for use in crypto applications. An AI model is a tool or algorithm based on a specific data set to arrive at a decision.

“We’ve figured out a way to put AI on-chain,” lead developer punk3700 said. “It’s the same but with a much bigger impact than putting jpegs on-chain like ordinals,” he said.

“They are neural networks (technical terms for AI) where users can create their own AI models, make money from them (when people use their AI models) per call, or sell the entire models,” he added.

The developer said that Filecoin, Near, Avail, Polygon, and Syscoin will provide the storage layers for the AI models.

AI tokens remain a hot narrative for crypto traders because the technology is expected to drive key innovations in the global economy in the coming years.

However, the relationship between AI and crypto is unclear: Some market experts say artificial intelligence cannot run on a blockchain, even though scores of projects claim otherwise.

At the time of writing, Bitcoin Virtual Machine’s BVM token was trading at $2, down 20% in the past 24 hours, in line with a marketwide drop.

Edited by Parikshit Mishra.


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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.

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