All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Internet Computer has demonstrated AI on its blockchain, operated as a smart contract.
- With the demo gaining wide acclaim, DFINITY plans to conduct more tests to upgrade the AI’s capabilities.
A one-of-a-kind demonstration was recently shown on the Internet Computer Protocol (ICP), the world’s first third-generation blockchain platform, revealing the first-ever example of Artificial Intelligence (AI) operating directly on a blockchain as a smart contract.
Implications of ICP’s Demo With AI Smart Contracts
According to a recent update on X, this demonstration has potential implications and could signal the beginning of a new phase in which AI powers the decentralized Web3 space. This ground-breaking demonstration not only highlights the potential of ICP but also hints at the disruptive power of combining AI with blockchain technology.
A world first: a demonstration of AI running *on* blockchain as a smart contract 🧠⚡️
The Internet Computer is used – the world's first 3rd gen. blockchain #ICP. AI will become the beating heart of our web3, multi-chain world, and this is only my first demo.
Code will follow… pic.twitter.com/3utmLDeC34
— dom.icp ∞ (@dominic_w) March 21, 2024
The code for the demo is currently running on DFINITY’s Internet Computer testnet, but it will soon be available on the public network since the NNS is anticipated to increase the per-transaction instruction limit in the next few days.
However, it is important to note that this initial demonstration is only the beginning of others to come. The inference engine utilized in this demonstration has not been fully optimized, indicating the potential for even greater efficiency and speed in subsequent iterations. As development progresses, future demos promise to showcase AI models running faster and consuming fewer resources, paving the way for more complex and powerful applications.
Currently, the smart contracts ICP hosts are limited to 4GB of main RAM because they operate in a 32-bit environment. However, anticipation is on the horizon that the Internet Computer will switch to a 64-bit environment in the next months, raising the memory restrictions for smart contracts and enabling the use of models with more parameters and power.
This convergence of ICP and AI has considerably more ramifications than just technological advancement. Applications including AI-powered smart contracts that can help with organizational collaboration and self-governing smart contract security audits are being envisioned.
Furthermore, a big step toward easy and safe transactions in decentralized ecosystems is the possibility of AI-enabled KYC (Know Your Customer) procedures.
What Internet Computer Represents
Long praised for its inventive take on blockchain architecture, the Internet Computer was created by DFINITY.
The initiative bridges the gap between traditional programming and blockchain development. Smart contracts on ICP are expressive and scalable, just like traditional programs, but they benefit from blockchain’s trustless and decentralized execution. ICP aims to strike a reasonable balance between scalability and decentralization.
As formerly reported by Crypto News Flash, ICP plans to collaborate with Bioniq to accelerate the expansion of Ordinals. The arrangement would see Internet Computer power Bioniq, a fast and simple Ordinals marketplace. Bioniq will also develop decentralized Bitcoin solutions at the application layer of the Internet Computer.
Currently, ICP is up 5.86% in the past 24 hours and it is trading at $13.01, with both its market capitalization and trading volume standing at $5.9 billion and $305 million respectively. Echoing earlier coverage by Crypto News Flash, Internet Computer is one of the top altcoins to invest in.
