🌟 Welcome to the Proof of Intel (PoI) Newsletter! 🌟

Hey there, PoI readers! It's your favorite quirky newsletter writer, Mochi, back with another exciting edition packed with the latest and greatest from the world of blockchain, AI, and digital assets. I've got some fascinating stories lined up for you, so get ready to dive in and explore the ever-evolving landscape of technology!

In this issue, we'll take a closer look at the groundbreaking alliance between three AI powerhouses, Peaq's impressive funding round for its decentralized infrastructure ecosystem, Vitalik Buterin's thought-provoking take on the Metaverse, and HSBC's game-changing tokenized gold offering for retail investors. So, sit back, relax, and let's embark on this thrilling journey together!

INTEL BRIEF
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🟧 Fetch.ai, SingularityNET, and Ocean Protocol join forces to create a decentralized AI alliance, merging their tokens into a single ASI token.

🟧 Layer-1 blockchain Peaq secures $15 million in funding to expand its decentralized physical infrastructure networks (DePIN) ecosystem.

🟧 Ethereum co-founder Vitalik Buterin criticizes the current understanding of the Metaverse, calling for a better definition and a more comprehensive approach.

🟧 HSBC launches tokenized gold product for retail investors in Hong Kong, claiming to be the first bank to offer a blockchain-based real-world asset to the retail market.

AI Powerhouses Unite: The Birth of a Decentralized AI Alliance

In a groundbreaking move, three prominent players in the decentralized AI space, Fetch.ai, SingularityNET, and Ocean Protocol, have agreed to merge their tokens and create an alliance for decentralized artificial intelligence. This collaboration aims to provide a transparent and open alternative to existing AI projects controlled by Big Tech companies.

The native token of Fetch.ai, FET, will be rebranded as ASI (artificial superintelligence), with a total supply of around 2.63 billion tokens and a starting price of $2.82. The native tokens of SingularityNET (AGIX) and Ocean Protocol (OCEAN) will merge into ASI at conversion rates of approximately 0.433 to 1. The combined entity will boast a fully diluted market cap of around $7.5 billion.

The AI collective seeks to create an open, decentralized AI infrastructure at scale, contrasting with existing systems whose inner workings may be hidden from the public. This move comes amidst a surge in mainstream interest in AI, sparked by tools like ChatGPT. However, concerns have arisen about the potential oligarchy that the largest tech companies – Microsoft, Alphabet, Amazon, Apple, and Meta – may establish over the AI space.

In response, blockchain and Web3 companies are stepping up to present an alternative where data is more transparent and shared among contributors. The formation of this decentralized AI alliance marks a significant step towards a more open and collaborative future for artificial intelligence.

Fetch.ai, SingularityNET, and Ocean Protocol merge tokens to create a decentralized AI alliance.

The new ASI token will have a total supply of 2.63 billion and a starting price of $2.82.

The alliance aims to provide an open, decentralized AI infrastructure as an alternative to Big Tech-controlled projects.

Peaq Raises $15M to Build the Future of Decentralized Infrastructure

Peaq, a layer-1 blockchain focused on decentralized physical infrastructure networks (DePIN), has successfully raised $15 million in a funding round led by Generative Ventures and Borderless Capital. The round also saw participation from notable investors such as Spartan Group, CMCC Global, and Animoca Brands.

The funding comes as Peaq prepares for its mainnet launch and the listing of its native token, $PEAQ. The capital will be used to expand the blockchain's ecosystem of DePIN networks, which aim to revolutionize the way physical infrastructure is built and maintained.

DePIN leverages blockchain technology and token incentives to create decentralized networks of physical infrastructure, eliminating the need for projects to purchase and operate their own equipment. This innovative approach positions Peaq as a decentralized alternative to centralized cloud services like Amazon Web Services (AWS) or Google Cloud.

Currently, Peaq hosts more than 20 DePIN networks, showcasing the growing demand for decentralized infrastructure solutions. The potential for DePIN is immense, with crypto market data provider Messari estimating that the market value of decentralized physical infrastructure networks could reach a staggering $3.5 trillion by 2028.

As Peaq continues to build and expand its ecosystem, the blockchain is poised to play a significant role in shaping the future of decentralized infrastructure, providing a more transparent, efficient, and accessible alternative to traditional centralized solutions.

Layer-1 blockchain Peaq raises $15 million to expand its decentralized physical infrastructure networks (DePIN) ecosystem.

DePIN leverages blockchain technology to create decentralized networks of physical infrastructure, eliminating the need for projects to purchase and operate their own equipment.

Messari estimates that DePIN could have a market value of $3.5 trillion by 2028.

Vitalik Buterin's Reality Check: The Metaverse Isn't What You Think

Vitalik Buterin, the visionary co-founder of Ethereum, recently shared his thoughts on the Metaverse at the BUIDL Asia conference in Seoul. In a surprising turn, Buterin took a dig at the current perception of the Metaverse, calling it more of a branding ploy than a well-defined product.

Despite the Metaverse tokens boasting a market cap of $18 billion, Buterin argues that we're still far from the immersive, decentralized virtual world depicted in science fiction like "Ready Player One." He believes that the Metaverse is often seen as a brand name rather than a clearly defined product, and its association with virtual reality (VR) is just one piece of the puzzle.

"The Metaverse is poorly defined and often seen more as a brand name than a product. It's envisioned as a virtual universe where everyone can participate and is not owned by anyone," Buterin stated. "It's frequently associated with virtual reality, where needs are simpler, akin to wanting a laptop without the laptop."

It's worth noting that this isn't the first time the Ethereum co-founder has expressed his skepticism about the concept.

While VR is undoubtedly a crucial component of the Metaverse, Buterin emphasizes that it's not the be-all and end-all. For the Metaverse to function effectively, he believes that it must combine various virtual world elements, including cryptocurrency, VR, and artificial intelligence (AI), in the right way.

In addition to his thoughts on the Metaverse, Buterin also touched on the topic of account abstraction, stating that for it to become mainstream, Ethereum must strike a balance between security and convenience, something that is not yet in place.

As the conversation around the Metaverse continues to evolve, Buterin's insights serve as a reminder that there is still much work to be done in defining and building this ambitious virtual universe.

Ethereum co-founder Vitalik Buterin criticizes the current understanding of the Metaverse, calling it more of a branding ploy than a well-defined product.

Buterin believes the Metaverse must combine various virtual world elements, including crypto, VR, and AI, in the right way to function effectively.

For account abstraction to become mainstream, Ethereum must balance security and convenience, which is not yet in place.

HSBC Strikes Gold with Tokenized Offering for Retail Investors

Banking giant HSBC is making waves in the digital assets space by launching a tokenized gold product aimed at retail investors in Hong Kong. The HSBC Gold Token, minted on the bank's proprietary Orion digital assets platform, is now available through HSBC Online Banking and the HSBC HK Mobile App.

By offering this innovative product, HSBC claims bragging rights as the first bank to create a blockchain-based real-world asset specifically designed for the retail marketplace. This move comes as banks and financial institutions increasingly explore the potential of tokenizing real-world assets (RWA) on both private ledgers and public networks like Ethereum.

HSBC's foray into tokenized gold was first teased in November 2022, when the bank announced plans to include the offering as part of its new digital asset custody platform, developed in collaboration with Swiss-based crypto safe-keeping specialist Metaco.

Maggie Ng, head of wealth and personal banking at HSBC Hong Kong, expressed pride in the bank's achievement, stating, "We are proud that HSBC Gold Token, powered by HSBC Orion, is the first retail product in Hong Kong that is based on distributed ledger technology, as authorized by the Securities and Futures Commission."

As HSBC leads the charge in bringing tokenized real-world assets to retail investors, this development marks a significant milestone in the growing adoption of blockchain technology in the traditional financial sector. The launch of the HSBC Gold Token demonstrates the bank's commitment to innovation and its desire to provide customers with cutting-edge investment opportunities.

HSBC launches HSBC Gold Token, a tokenized gold product for retail investors in Hong Kong.

The product, minted on HSBC's Orion digital assets platform, is the first blockchain-based real-world asset offered by a bank to the retail market.

HSBC's move highlights the growing trend of banks and financial institutions tokenizing real-world assets on blockchain networks.

🎉 That's a Wrap, Folks! 🎉

As we've seen, industry leaders like Vitalik Buterin continue to challenge our perceptions and encourage us to think critically about the future of technology. Meanwhile, projects like Peaq are working tirelessly to build the infrastructure necessary to support the next generation of decentralized applications.

P.S. Don't forget to share this newsletter with your friends and colleagues who geek out over the latest in blockchain, AI, and digital assets. Let's keep growing our PoI community and spreading the love for all things tech! 📣❤️

🍨📰 Catch you in the next issue! 📰🍨