Latest In Web3, AI & Emerging Tech

Hello, and welcome to the latest edition of my weekly newsletter, where I bring you updates on the latest happenings in the world of Web3, AI, and Emerging Technologies.?

There are just so many things happening all at the same time in this industry and it’s often a job in itself to keep up to date with the latest, so it’s my pleasure to digest it all for you and share with you some of my favourites or most essential developments in the space.

So, without further ado, let's dive into this week's news!

Worldcoin Foundation's Global Crypto Rollout Faces Regulatory Hurdles

Sam Altman's blockchain initiative, the Worldcoin Foundation, is set for an international expansion despite regulatory hurdles at home. Altman, a co-founder of OpenAI, aims to launch Worldcoin services, including its namesake cryptocurrency token, in 35 cities across 20 countries. Notably, these tokens won't initially be accessible in the U.S. due to regulatory constraints.

At the heart of this undertaking is a unique eye-scanning "orb" device, developed to differentiate humans from AI entities – a growing concern in the face of rapid AI advancements. The orb allows users to authenticate their identities, a prerequisite to receiving a Worldcoin token.

However, the U.S. regulatory clampdown on digital currencies, fuelled by concerns of speculation and fraud, could slow Worldcoin's progress. Altman expressed disappointment but remains optimistic, saying, "The U.S. does not make or break a project like this."

As the Worldcoin project emerges amidst significant AI advancements and a turbulent crypto landscape, it secured a substantial $250 million investment. Prominent investors include venture capitalists Andreessen Horowitz and Khosla Ventures, internet entrepreneur Reid Hoffman, and Sam Bankman-Fried before his FTX venture collapsed.

Despite regulatory scrutiny limiting their disclosures, Worldcoin's co-founder, Alex Blania, and product head, Tiago Sada, are confident that the project will generate profits. Their strategy includes retaining 20% of all issued tokens to fund various aspects, including "orb" production and ecosystem maintenance.

While acknowledging the "ick factor" of eye-scanning technology, Altman believes in earning users' trust through transparency about the technology and the company's decentralization roadmap.

Key Player at OpenAI Steps Down from Trust and Safety Role Amid Crucial AI Regulatory Discussions"

OpenAI, an influential player in artificial intelligence (AI), is undergoing a significant change in personnel. Dave Willner, the company's trust and safety head, has revealed via a LinkedIn post that he is stepping down from his role to focus more on his family life. Willner, who had been at his post for a year and a half, will now act in an advisory capacity.

OpenAI confirmed the departure and announced that its CTO, Mira Murati, would oversee the team on an interim basis while they search for a replacement. Willner's departure occurs during a pivotal time for AI, with questions about regulation and potential harms increasing alongside excitement about the capabilities of generative AI platforms.

OpenAI's President, Greg Brockman, is set to attend a White House meeting alongside executives from several tech giants today. The meeting's purpose is to endorse voluntary commitments to safety and transparency goals ahead of a proposed AI executive order. These commitments come amidst a flurry of regulatory activity in Europe and shifting sentiments elsewhere.

Throughout his tenure, Willner witnessed the launch of ChatGPT and the resultant transition of his role into a "high-intensity phase". He lauds his time at OpenAI as "one of the coolest and most interesting jobs" but acknowledges the increasing difficulty in balancing work with his family commitment post-launch.

Willner's extensive experience in the field, which includes leading trust and safety teams at Facebook and Airbnb, had been integral to shaping community standards at Facebook. His position on controversial issues, like hate speech, shaped discourse on social media, reflecting a challenging period of internet and societal development.

His departure leaves OpenAI searching for a leader in its ongoing commitment to safe and responsible AI use.

Google Cloud Increases Focus on Web3 Products and Services Amid Crypto Industry Growth"

Google Cloud has announced plans to further expand its Web3-focused products and services, with an aim to become the preferred choice for developers and industry firms. This move follows the recent launch of a startup program specifically designed to support the Web3 sector.

James Tromans, Google Cloud's Web3 head, stated in an interview with Blockworks that the company intends to create services in line with its Blockchain Node Engine, with the objective of helping customers become significant contributors to the Web3 ecosystem. Although he did not provide specific details about possible initiatives, Tromans revealed that Google Cloud will continue offering on-chain datasets such as Ethereum on BigQuery, its serverless data warehouse.

Tromans stated, "With these fundamental capabilities, our startups move faster, focusing on their differentiated value propositions and avoiding rebuilding foundational capabilities that are not unique to their business."

Google Cloud is collaborating with entities focused on financial services and gaming to explore how Web3 technologies can enhance operations, offer alternative business models, and unlock new revenue streams. It is also looking at the intersection of Web3 and AI, aiming to identify unique applications in the Web3 space.

The company's Web3 startup program, launched in April, supports companies in building faster and more secure Web3 applications. The program provides startups with free access to Google's serverless platform, $200,000 in Google Cloud credits, and technical support. Aptos, Celo, Flow, HBAR Foundation, Near, and the Solana Foundation have each pledged to offer $1 million worth of grants to expedite Web3 startup growth.

A notable participant in Google Cloud's program is Cosmic Wire, a Web3 company focusing on interoperable blockchain technology. The company recently raised $30 million in an equity investment seed round led by Solana Foundation and Polygon.

The Google Cloud developments come as major tech companies increasingly show interest in crypto and Web3 technologies. The changes indicate a growing recognition of the potential opportunities in this emerging field.