According to CoinDesk, Bitcoin Virtual Machine (BVM), a Bitcoin layer 2 project, is set to release a platform called Truly Open AI, which will enable users to deploy artificial intelligence (AI) models on the blockchain for use in crypto applications. The AI storage model was developed in collaboration with Filecoin, Near, Avail, Polygon, and Syscoin. Lead developer punk3700 stated that they have found a way to put AI on-chain, allowing users to create their own AI models, earn money from them when others use their models, or sell the entire models.
Filecoin, Near, Avail, Polygon, and Syscoin will provide the storage layers for the AI models. AI tokens continue to be a popular narrative for crypto traders, as the technology is expected to drive significant innovations in the global economy in the coming years. However, the relationship between AI and crypto remains unclear, with some market experts arguing that artificial intelligence cannot run on a blockchain, despite numerous projects claiming otherwise. At the time of writing, BVM's token was trading at $2, down 20% in the past 24 hours, in line with a market-wide drop.