Ben Armstrong’s insights have recently shone a spotlight on Near Protocol, and the CoinSpeech team has collected the most important takeaways from his recent appearance. You can find Ben Armstrong’s new video below.
Near Protocol’s Resurgence Amid AI Hype
With the AI market heating up, Near Protocol, identified by its ticker ‘NEAR’, has captured significant attention, primarily seen in its surge in Google search trends. Armstrong notes, “near protocol is riding the wave like a seasoned Bronco Buster“. This resurgence is largely due to the involvement of Ilia Polosukhin, one of the co-founders of Near Protocol and a co-author of the influential AI research paper “Attention Is All You Need”.
AI and Near Protocol: A Symbiotic Relationship
Ilia Polosukhin’s contribution to AI through the Transformer model has deepened the connection between Near Protocol and artificial intelligence. “This paper has been cited over 100,000 times and has revolutionized the field of what they call in the AI business deep learning,” Armstrong explains. This paper underpins many modern AI advancements, including generative AI, which further cements Near Protocol’s relevance in the AI landscape.
Technology and Community Strength
Armstrong emphasizes, “It’s got the tech, the community, and the momentum.” Near Protocol isn’t just benefitting from AI attention; it stands strong with its developer-friendly platform and robust DeFi ecosystem. Popular dApps like Kaai Ching and Hot Wallet, along with high activity on platforms like DappRadar, showcase Near Protocol’s bustling user base.
A Perfect Storm of AI Enthusiasm
The excitement around AI, fueled by developments like Elon Musk’s X.AI and Nvidia’s market movements, is propelling Near Protocol. Notably, “near has seen a price pump on the recent run on AI tokens,” Armstrong highlights. Capital inflows like Pantera Capital’s $200 million investment into AI encapsulate the fervor surrounding Near Protocol and similar projects.
Elon Musk’s Involvement
Interestingly, Elon Musk has added to the intrigue by blocking the Near Protocol account, a move Near’s supporters interpret as bullish. This action contributes to the narrative that Near Protocol isn’t just a fleeting trend but a significant player.