PANews reported on August 26 that according to Cointelegraph, Binance Labs Investment Director Max Coniglio shared details of the company's recent investment and explained why the company is involved in the field of artificial intelligence. Coniglio said that one of the goals of their recent investment is to promote decentralized applications driven by artificial intelligence.
Coniglio believes that if both AI and blockchain are open source, they will both flourish. Coniglio explained: "AI and blockchain are a powerful combination. Both rely on open source innovation, challenge traditional regulations, and drive huge wealth creation. They complement each other by solving each other's challenges." Coniglio believes that the two technologies fit each other well. AI improves the user experience of blockchain and enhances decentralized systems; on the other hand, blockchain ensures authenticity, promotes cooperation in open source projects, and supports the computing needs of AI.
While all this looks great in theory, Coniglio noted that challenges remain for those looking to build projects using these technologies. Coniglio said blockchain developers and projects must build solid products and sustainable businesses. He added: “To be successful, founders must master AI technology and have a keen business sense. New technologies alone cannot create large-scale impact.”
