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Solana Increases Its AI Grants to $10 Million from $1 Million  

source-logo  thecoinrepublic.com 24 May 2023 19:30, UTC

On May 23, CEO and co-founder of one of the biggest and promised crypto projects, talked on ChatGpt and AI. Anatoly Yakovenko, CEO of Solana Labs discussed Solana’s recent focus on ChatGpt and AI, and called it a major shift.

Yakovenko mentioned that ChatGpt’s natural language interface is very cool and that it is a huge shift just like the time when Microsoft released Windows and the computer mouse.

He further added that AI can be used in consumer apps and developers should learn how to integrate it. He mentioned that AI interaction can be used in cryptocurrency APIs as it will help their programmability, especially compared to central finance.

Yakovenko also spoke about the current ChatGpt plugin that Soana has. The plugin helps to retrieve on-chain data about NFT collections and accounts when required by users and developers.

Although all of these are features that previously existed on the platform, Yakovenko announced a few additional things. He hinted that Solana users will be able to execute transactions from within the chatbot itself.

$10 Million for AI Grants

After speaking about AI’s role, the company also informed that the company’s AI-focused grants have been increased to $10 million. Originally, the AI grant program held just $1 million, back when it was launched.

The purpose of the grant program is to encourage motivated developers to explore the use of AI in relation to Solana. The company has received more than 50 applications for it, as of now.

Additionally to the grants, the Solana Foundation has launched three accelerator programs for universities. Ask Solana U chatbot and Solana Audits AI are two AI-powered services of the project.

Who Is Anatoly Yakovenko?

Co-founder of Solana Labs, Anatoly Yakovenko, is a Russian computer engineer. He grew up in the Soviet Union and was obsessed with computers from the age of 5. Yakavenko moved to the United States to build his life and later authored the Solana white paper.

Yakovenko earned a computer degree at the University of Illinois, despite professors advising against it. He then started working in Qualcomm, San Diego where he led the development of operating systems. He also worked as head of development of distributed systems at Mesosphere and compression at Dropbox.

Among his various successes in tech development, the Solana co-founder holds the patent for two high-performance operating system protocols.

Solana Project

Solana is a very similar blockchain to Ethereum, and is usually referred to as the Ethereum killer. Solana’s token SOL can be bought from any major exchange. The real value of the token is conducting transactions on the Solana network.

Unlike Bitcoin and Ethereum, Solana uses a proof-of-history mechanism and not the proof-of-algorithm mechanism. The algorithm defines its block by the timestamp of the previous block.

Proof of work uses a consensus mechanism that relies upon miners to determine what the next block will be.