Elon Musk’s new company sparks rally in AI-related tokens

Elon Musk announces new company xAI

The launch of Elon Musk’s new AI company, xAI, caused a rise in AI-related tokens on Wednesday. SingularityNET (AGIX) increased by over six percent, while Fetch.ai (FET) saw a climb of around six percent.

SingularityNET is a platform for “creating, sharing and monetizing” AI services through a global AI marketplace. The protocol claims to have traded over 250 million tokens and maintained a cumulative uptime of 450 days.

On the other hand, Fetch.ai is a platform that connects Internet of Things (IoT) devices and algorithms to enable collective learning. This platform is built on a high throughput shared ledger system.

CryptoNewsZ predicts that FET will have an average trading value of approximately $0.41 in 2023, with the highest value reaching $0.59. FET will then average around $0.67 throughout 2025.

At the time of writing, FET’s trading value stands at $0.21.

Earlier this year, there was a temporary surge in value for AI-related crypto. The increase was driven by the growing popularity of AI technology among the general public. Chipmaker Nvidia also played a role in this boost by forecasting a positive outlook for the sales of AI products.

Render Network native token RNDR, on the other hand, has experienced a reversal. It declined over three percent since the initial surge prompted by Musk’s announcement. Currently, the cryptocurrency traded at approximately $1.93, still below its 21-, 50- and 100-Day Moving Averages (DMAs).

This situation presents a potential risk of a further decline in the near future, possibly towards the support level of around $1.60, according to Crypto News data.

xAI’s team members, goals

xAI aims to “understand the true nature of the universe.” Musk’s xAi team comprises experts from esteemed institutions like DeepMind, OpenAI, Google Research, Microsoft Research, Tesla and the University of Toronto.

One notable member is Jimmy Ba, an assistant professor at the University of Toronto who completed his Ph.D. under the supervision of AI pioneer Geoffrey Hinton.

Another prominent team member is Christian Szegedy, a former research scientist at Google. In his previous position, he worked on numerous important AI projects.

Then, Center for AI Safety director Dan Hendrycks serves as an advisor at xAI. The Center for AI Safety gained attention when it released a letter calling for governmental regulation of AI to prevent potential risks.

Although xAI will operate independently from Musk’s X Corp., it will maintain close collaboration with the billionaire’s other ventures. On July 14, xAI will host a Twitter Spaces chat where the team will answer questions from participants.

Earlier, Musk announced plans to create TruthGPT, an AI alternative to ChatGPT. TruthGPT aims at being the “maximum truth-seeking AI that tries to understand the nature of the universe,” said Musk in an interview with Fox News.

Musk was previously involved with OpenAI, the creator of ChatGPT. However, he has expressed criticism towards the company’s implementation of safeguards to prevent biased or sexist responses from the chatbot.

Last December, Musk wrote on Twitter, “The danger of training AI to be woke – in other words, lie – is deadly.” This comment was made in response to a Twitter user asking if it was possible to turn off the “woke settings” on ChatGPT.