Function X Launches AI Innovation Fund to Drive Blockchain and AI Integration
Singapore, Singapore, August 5th, 2024, Chainwire
The Fund will support AI projects to build products and applications on the Function X network.
Function X, a decentralized physical payment blockchain network launched by Pundi X, is launching its first artificial intelligence (AI) innovation fund to leverage the transformative potential of AI using blockchain.
The launch comes as AI’s role has grown exponentially, from an academic research niche to now an unprecedented global technological phenomenon. As AI captures the interests of individuals, businesses, and governments, its market size has jumped by nearly $50 billion in 2024 and is expected to grow to $1 trillion by 2030.
Function X believes that blockchain has the potential to decentralize and democratize the application of AI. The application of these two technologies can potentially revolutionize cybersecurity, finance, and many other areas. Together, the tech can be integrated to ensure autonomous systems, strengthen privacy, and enhance data integrity.
To help make that happen, Function X has launched the AI Innovation Fund, with a focus on encouraging AI developers to build projects on Function X’s Layer 1 blockchain, f(x)core. The Fund will back projects with 10,000,000 $FX tokens.
AI projects will be incentivized to use f(x)core for infrastructure, more efficient data processing, training and validating AI models and developing predictive analytics and GenAI and LLM applications for blockchain.
To ensure that these AI projects align with Function X’s core values, a reward structure has been implemented. Accordingly, the funds will be distributed based on certain milestones, including time-specific commitments, natively built on Function X, with unique users exceeding 200, and social media followers surpassing 5,000.
This way, Function X will ensure that it supports AI projects that focus on innovation and community while having the potential to grow, taking Function X and the crypto industry forward.
About Function X
Function X is a Layer 1 network created and supported by the PUNDI X ecosystem since 2019, powering the largest network of crypto exchange stores and retail outlets. Function X connects users transacting crypto in real life with an on-chain payment solution, onboarding users from off-chain to on-chain. With our network of physical blockchain-based XPOS devices, we enable transactions using Bitcoin, crypto, forex, RWA and NFTs in real life.