OpenMined: Artificial Intelligence on the Blockchain Minus the Initial Coin Offering

OpenMined is an open source, AI project that utilizes blockchain technology to develop safe artificial intelligence. To that extent, it’s similar to OpenAI, the non-profit AI research company sponsored by Elon Musk and other billionaires. OpenAI aims to also build safe artificial general intelligence (AGI). I’m not entirely convinced it’s possible to develop completely safe AI. I think the potential for harm increases as we get multiple levels deep into AI creating their own AI, but both OpenMined and OpenAI are guided by humanitarian concerns, and that focus is commendable and worth their targeted efforts. (just in case I’m wrong about the inevitable robot revolution)

Will OpenMined Have an Initial Coin Offering?

No matter how impressive a company’s tech stack might be, cryptocurrency investors inevitably have one question they want answered; How can I invest? What sets OpenMined apart from other AI blockchain projects and companies is that OpenMined does not plan to have an ICO (initial coin offering). In a landscape that is becoming saturated with companies and projects lured by the ease of raising tens of millions of dollars very quickly, the projects with a focus on technology first certainly stand out.

I think the growing success of projects like TurtleCoin is going to usher in the end of ICOs as a viable funding method for blockchain projects. A very few exemplary companies will be able to successfully execute an ICO for funding

Successful AI needs data as its backbone. Google, Facebook, and other tech giants have data in abundance. Without more distributed projects working on AI advancement, just a few companies could end up entirely in charge of AI.

OpenMined uses an implementation that protects consumers. It protects consumers privacy by using homomorphic encryption to conceal the data consumers provide, but it also democratizes the process by allowing consumers to own their very own data and profit from it. The inclusion of federated learning further reinforces decentralization of an already-decentralized system; federated learning enables neural network training at the individual level of the device providing the data.

From their Vision and Mission Statement, “The mission of the OpenMined Community is to make Private & Secure Deep Learning technology accessible to consumers, who supply data, and machine learning practitioners, who train models on that data. Given recent developments in cryptography, AI-based products and services do not need a copy of a dataset in order to create value from it.”

Learn more about their non-ICO project on their website. Check out their community and repositories on GitHub.

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Cryptobellum is a digital publication of Telesto Studios, LLC focusing on the cryptocurrency market and the underlying blockchain technology that fuels it. Created and managed by Sharon Moran, Cryptobellum also provides original features and covers AI and other technological advancements.