Pi Network Enters AI Sphere: Key Insights
The Pi Network has initiated its collaboration with a specialized AI firm, aiming to harness artificial intelligence for enhanced functionality and real-world applications.
Pi Network Enters AI Sphere: Key Insights
The controversial crypto project Pi Network has officially partnered with an AI-focused company aimed at enhancing interaction between robots and intelligent systems within their environments.
Despite the recent news, Pi Network (PI) is currently seeing a decline in price as of today, October 30.
Partnership Goals
The collaboration is designed with three primary objectives:
- Increase the utility of the PI token.
- Facilitate the broader application of Pi Network across various sectors.
- Integrate the token into practical usage scenarios.
Recently, the price of the token has experienced a significant rise, appreciating double digits following other key developments.
Embracing AI
Pi Network Ventures, an investment arm of the Pi Network, has made its inaugural investment in OpenMind, a company dedicated to developing a robot operating system designed for collaborative learning and operation—comparable to Android for robots.
The partnership is said to align well with Pi Network’s vision for the future, focusing on a framework where blockchain technology and artificial intelligence can coexist harmoniously, fostering open innovation and inclusivity.
Additionally, a proof-of-concept project has been completed wherein volunteer Pi Node operators successfully ran image recognition AI models for OpenMind.
“This early experiment, where OpenMind’s AI models can run on Pi Node infrastructure, explores the capability of Pi’s global network of nodes to support decentralized AI training and computing tasks. This enhances the utility of Pi Nodes, contributing to the security of the Pi Ledger,” the announcement states.
Pi Network’s team sees potential advantages from this engagement with AI, which they hope will bolster the future performance of their native cryptocurrency and overall ecosystem.
Price Observations
The news surrounding this new collaboration has led to modest price fluctuations for PI. Currently, the token is priced around $0.25, reflecting a 4% decrease over the last 24 hours.
The decline seems to correlate with broader cryptocurrency market trends, especially following the Federal Reserve’s anticipated decision to lower interest rates by 0.25%. There are discussions in the trading community suggesting the event was already accounted for, embodying the essence of ‘buy the rumor, sell the news’.
“Many traders anticipated PI’s performance prior to this decision, and upon confirmation, profit-taking might lead to a noticeable reduction,” an expert noted.
Concerns about overbought signals and persistent underlying structural issues have likely influenced the recent pullback of the price.
Nonetheless, PI remains among the top-performing cryptocurrencies weekly, with an impressive 27% increase. Contributing factors to this surge include renewed excitement regarding Pi Network’s potential involvement in the ISO 20022 initiative and the recent activation of Testnet2 v23.
PI Price, Source: CoinGecko
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