Binance Labs actively lays out AI concept sector, investment director shares the logic behind it

With the convergence of artificial intelligence (AI) and memory blockchain technologies, Binance's venture capital and incubation division Binance Labs has also begun investing in startups focused on the AI sector.

On August 14th, Binance Labs announced its investment in Sahara AI. This project aims to create an AI ecosystem that enables on chain attribution in the AI development process, which involves recording and tracing the contributions of participants on the memory blockchain. The system also plans to reward participants who run the infrastructure and establish an autonomous intelligent agent system, which are just some of the many goals of the project. The next day, Binance Labs announced an investment in another decentralized AI ecosystem called MyShell, which allows users to build and share their own AI applications.

According to Cointelegraph, Max Coniglio, Director of Investment at Binance Labs, stated in an interview that one of their recent investment goals is to drive the development of AI driven decentralized applications (DApps). Max Coniglio stated that AI and memory blockchain are a powerful combination, and if these two technologies can move towards open source protocols, they will prosper together. Coniglio explained:

AI and memory blockchain are a powerful combination. Both rely on open source innovation, challenge traditional norms, and drive the creation of vast amounts of wealth. They complement each other by solving each other's challenges

Coniglio believes that these two technologies complement each other. He stated that AI can improve the user experience of memory blockchain and enhance decentralized systems. On the other hand, memory blockchain can ensure authenticity, promote collaboration in open source projects, and support the computing needs of AI.

Although theoretically promising, Max Coniglio points out that there are still many challenges in using these technologies for development. One of the issues is that memory blockchain developers and projects must build robust products and sustainable businesses. He added, "To succeed, founders must master AI technology and possess strong business acumen. New technologies alone cannot bring about large-scale impact

As investors focus on the upcoming financial report of tech giant Nvidia, AI related tokens have seen a significant increase in the past seven days. AI related tokens such as Near Protocol, Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) have risen more than most cryptocurrencies in the past week.

Dan Ives, the president of wealth management company Wedbush Securities, described Huida's financial report as "the most important technology report in years" because he believes Huida is the foundation of the AI revolution.