Near Protocol Unveils Plan for World’s Largest Open-Source AI Model

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Table of Content

In today edition we talk about

• Elon Musk Reposts Call to Abolish the Federal Reserve Amid Growing Support for Bitcoin

• Edward Snowden Advocates Decentralization, Criticizes Venture Capital’s Influence in Blockchain

• Bitcoin Surges Past $79,000, Analysts Urge Patience

• Near Protocol Unveils Plan for World’s Largest Open-Source AI Model

Elon Musk Reposts Call to Abolish the Federal Reserve Amid Growing Support for Bitcoin

Since the Federal Reserve's founding in 1913, the U.S. dollar has reportedly lost 96% of its value, fueling criticism of the central bank. Recently, Elon Musk appeared to endorse a push to dismantle the Federal Reserve by sharing a post from Utah Senator Mike Lee. Lee’s post argued for stronger presidential oversight over the Fed, claiming it has strayed from constitutional principles. Lee’s comments followed Federal Reserve Chair Jerome Powell’s statement that he would not step down if requested by incoming President Donald Trump, which Lee viewed as an example of unchecked power.

This call to end the Fed aligns with views from Bitcoin advocates and “sound money” supporters, who argue that central bank-controlled fiat currencies are vulnerable to inflation and devaluation. Bitcoin, with its fixed supply, has gained traction as a potential hedge against inflation.

As U.S. national debt surpasses $35 trillion, prominent voices are urging Bitcoin adoption. Florida’s CFO Jimmy Patronis recently suggested that state pension funds invest in Bitcoin to protect citizens’ purchasing power. Similarly, Wyoming Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill, citing inflation as a key motivator.

President-elect Trump, who takes office in January 2025, hinted at creating a national Bitcoin reserve at the recent Bitcoin 2024 conference, even suggesting it could be used to address the national debt.

Edward Snowden Advocates Decentralization, Criticizes Venture Capital’s Influence in Blockchain

At Near's Redacted conference in Bangkok, privacy advocate Edward Snowden discussed decentralization, cautioning against venture capital (VC) influence on blockchain projects and highlighting risks of AI-driven surveillance. He criticized Solana’s reliance on VC funding, describing it as "born in prison" due to the control investors may exert over its development. While recognizing Solana’s growth potential, Snowden warned that heavy VC involvement could undermine its autonomy.

Snowden underscored decentralization as a defense against pervasive AI surveillance, suggesting AI could allow governments and corporations to monitor large-scale personal data in real time. Highlighting a16z's veto over a Uniswap proposal, he noted that centralized stakeholders can wield significant influence in supposedly decentralized systems.

Promoting open-source tools, Snowden called them essential for individual empowerment within the blockchain space, encouraging users to adopt these tools for greater autonomy.

Bitcoin Surges Past $79,000, Analysts Urge Patience

Bitcoin reached an all-time high, breaking through $79,000 on Nov. 10 after a week of record gains following Donald Trump’s reelection as U.S. president. At 05:00 UTC, Bitcoin hit $79,141 on Coinbase, sparking excitement across the crypto community. However, analysts cautioned investors to avoid impulsive moves.

Renowned Bitcoin analyst Tuur Demeester advised followers to stay calm, stating, “HODLing does the work for you,” and calling this peak “just the beginning.” Similarly, popular crypto voices, Invest Answers and Rain, celebrated the rally, hinting at more growth on the horizon.

Near Protocol Unveils Plan for World’s Largest Open-Source AI Model

Near Protocol announced plans to develop a 1.4 trillion parameter open-source AI model—3.5 times larger than Meta’s Llama model—at its Redacted conference in Bangkok. The ambitious project, set to be the largest of its kind, will leverage a competitive, crowdsourced model for research, engaging thousands of contributors through Near’s new AI Research hub. Starting today, participants can begin training on a smaller, 500 million parameter model.

The project will progress across seven increasingly complex models, rewarding top contributors with continued involvement. Near Protocol co-founder Illia Polosukhin shared that the $160 million development will be funded through token sales, with revenue returning to tokenholders based on model usage.

Near co-founder Alex Skidanov acknowledged the challenges of creating such a large-scale decentralized AI, noting that it requires massive GPU resources and innovative distributed computing techniques. This decentralized approach aims to safeguard privacy and counter risks of centralized AI control. Privacy advocate Edward Snowden, speaking at the conference, emphasized the need for decentralized AI, warning of potential dangers if AI were to be controlled by a single entity.

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