Near Protocol (NEAR) Unveils Plans to Launch World's Largest Open-Source AI Model

Near Protocol (NEAR) has caused waves in the market with its plan to unveil the world's largest open-source AI model. At 1.4 trillion parameters, Near Protocol's model is estimated to be 3.5 times bigger than Meta's AI model.

Decentralized blockchain platform Near Protocol (CRYPTO: NEAR) is making waves in the market with its plan to unveil the world’s largest open-source AI model.

At 1.4 trillion parameters, Near Protocol’s model is estimated to be 3.5 times bigger than Meta Platforms Inc's (NASDAQ: META) AI model.

The announcement was made at the opening day of the Redracted Conference in Bangkok.

According to Near Protocol co-founders, the project is expected to cost $160 million and will be funded through token sales, ensuring monetary incentives to token holders.

The sales will see new tokens being created for each model within the project.

Through Near's AI Research Hub, the project will crowdsource contributions from researchers globally.

The model will have seven stages, and only the best contributors will be retained in each progressive stage.

Investors are placing significant trust in the project, given the past AI experience of Near Protocol co-founders Polosukhin and Alex Skidanov in spaces such as ChatGPT and OpenAI, respectively.

Amid the latest developments, the market activity around Near Protocol has been largely optimistic.

The token, priced at $5.69, has mostly stayed in the green.

Over the past week, Near Protocol witnessed a 10.32% jump.

Further, the token experienced an upspike of 12.03% over the past month.

However, within the past 24 hours, Near Protocol has been on a downturn with a 5.26% drop in value, and a 16.78% drop in 24-hour trading volume.