banner

Filecoin Teams Up with Nuklai to Revolutionize AI Data Storage

Despite recent struggles for web3 AI tokens, Filecoin is making strides in the AI sector. The Filecoin Foundation has partnered with Nuklai, an AI infrastructure platform, to develop a decentralized database for AI and machine learning.

Decentralized Data Storage

Announced on July 8, Nuklai will leverage Filecoin’s network through its Lighthouse perpetual storage service. This partnership aims to create a data ontology solution that supports both raw data and metadata with traceable archiving. A data ontology defines the relationships between various data concepts, which is essential for training AI models effectively.

Objectives and Benefits

Nuklai stated in a press release, “Our objective is to store data efficiently, transparently, and in a decentralized manner using Filecoin’s decentralized data storage network.” The goal is to allow everyone to contribute by sharing and contextualizing datasets via app.nukl.ai.

By standardizing data uploaded to Lighthouse, the efficiency of using this data to train AI and machine learning models is significantly improved. Once defined and standardized, data is stored using Filecoin’s network and is accessible through Nuklai at all times. Importantly, the data owner retains ownership.

Challenging Centralized Dominance

Currently, centralized cloud providers like AWS, Google Cloud, and Alibaba Cloud dominate the data storage sector. Nuklai and Filecoin aim to challenge this dominance with their decentralized approach.

Market Context

The price of Filecoin (FIL) has dropped 13.5% in the past week amid a broader market pullback, according to The Defiant’s crypto price feeds. Many web3 projects jumped on the AI bandwagon following the launch of OpenAI’s ChatGPT. However, with most protocols failing to deliver concrete AI products, the sector has seen significant volatility.

AI Tokens Volatility

AI-aligned web3 tokens nearly doubled in May, reaching a market cap of $39 billion by June 1, according to CoinGecko. However, their capitalization has since crashed by 37.5%, currently sitting at $22.9 billion after a 2.6% dip in 24 hours. Nuklai’s NAI token was the best-performing asset over the past 24 hours with a 27% gain, though it has crashed 88.4% since its all-time high on April 19.

A June 26 report from Grayscale Research noted that AI tokens were among the strongest-performing segments of the crypto market in 2024, with an 80% year-to-date gain at the time. The report added that AI tokens had the largest dominance in the social media landscape.

banner

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

banner

Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Skip to content