MagnetAI hosted its second Open House event in Brussels, Belgium, on July 8th, in conjunction with EthCC 2024.

The event gathered experts, friends, and enthusiasts from the Web3 + AI fields for an in-depth exploration of content. The day's discussions and interactions provided valuable insights into the needs and expectations of users.

MagnetAI Open House:

The event featured a variety of panels, keynote, and the highly anticipated debut of our product demo. Attendees responded with positive feedback, fueling lively and dynamic discussions between the speakers and the audience.

This interaction provided a valuable platform for exchanging ideas and allowed us to gain a deeper understanding of user needs and expectations.

Keynote: The First ModelFi Protocol

The event began with a keynote that established the tone for the entire day.

MagnetAI’s Co-founder, Luke Fan, delivered a keynote introducing MagnetAI’s ModelFi Protocol, covering several key points:

1. Mission and Challenges: MagnetAI aims to reshape the AI economy by addressing three primary challenges: funding and profit mechanisms for AI creators, ownership and openness for AI consumers, and cost efficiency for all participants.

2. ModelFi Protocol: The solution involves the ModelFi protocol which allows AI products to be tokenized. This enables creators to secure funding, consumers to co-own AI products, and all participants to earn through features like Chat2Earn, RevSharing, and GPU Fusion.

3. Target Audience and Revenue Model: MagnetAI focuses on AI creators, crypto consumers, and GPU infrastructure providers. Revenue is generated through commission fees, network fees, and platform fees. The team behind MagnetAI consists of seasoned professionals with extensive experience in AI and token-based community management.

Panel I: The NextGen AI Blockchain

In the first panel, panelists, including Aethir Co-founder Mark Rydon, Space and Time Co-founder & CEO Nate Holiday, Masa Co-founder Calanthia Mei, Mind Network Co-founder Christian Pusateri, and MagnetAI Co-founder Lude Trappe, moderated by Mattie Biniek, explored how blockchain can enhance AI's security, transparency, and trust.

They provided insights into decentralizing compute power, ensuring data integrity, and shared their strategies for leveraging blockchain to advance AI and deliver practical value to end-users and creators.

Click the video to watch the full content.

Here are some excerpts from the panelists' sharing at the panel:

• Nate Holiday emphasized the need for next-gen AI blockchains to handle large datasets beyond just transactions. He stressed the importance of zero-knowledge proofs for verifying large-scale data off-chain, making it possible to provide transparency and verifiability in a trustless system without compromising scalability.

• Mark Rydon highlighted compute, data, and power as crucial components for next-gen AI. He explained how Aether addresses global compute market inefficiencies using blockchain technology, emphasizing the scalability, economic, and latency advantages of decentralized compute networks. Rydon also noted the increasing legitimacy of Web3 AI companies.

• Christian Pusateri argued for the long-term benefits of decentralized AI, allowing more participants to earn rewards and collectively determine truth. He discussed the importance of fully homomorphic encryption in improving security and user data control in AI systems. Pusateri expressed excitement about projects helping model makers earn revenue and compete with centralized companies.

• Lude Trappe predicted faster blockchain adoption in AI compared to other industries due to natural complementarity. He emphasized the importance of user experience and explained MagnetAI's focus on the application layer, connecting users to blockchain technologies through user-centric products. Trappe expressed excitement about bringing together different blockchain AI solutions to prove the viability of the technology.

• Calanthia Mei described Masa's open and permissionless data network, offering structured, real-time data for AI training without the limitations of centralized platforms. She highlighted the importance of offering decentralized AI solutions to the masses and engaging with major Web2 companies to bridge the gap between long-term optimism and short-term viability in the industry.

The panel collectively expressed enthusiasm about the growing legitimacy and excitement in the Web3 AI space, while emphasizing the need to engage with traditional Web2 developers and users to drive adoption and prove the value of blockchain in AI.

MagnetAI Product Demo

During the Open House, we unveiled the details of the MagnetAI product and conducted a live demo.

The demo was well-received, sparking numerous questions and feedback from the audience. The interactive atmosphere demonstrated strong interest in the product, with many expressing eagerness to participate in the internal testing.

Panel II: Open AI Economy

In the second panel, panelists, including ORA Co-founder Kartin Wong, Story Protocol BD Lead Alice Chen, Theoriq Head of MKT Anjali George, and Talus COO Ben Frigon, moderated by Luke Fan, dived into the concept of the AI economy and its current challenges.

They discussed how blockchain and crypto can address these issues by enhancing security, transparency, and democratizing AI ownership. The conversation also highlighted the unique role of tokens in improving efficiency and driving growth within this ecosystem.

Click the video to watch the full content.

Here are some excerpts from the panelists' sharing at the panel:

• Kartin Wong emphasized the importance of democratizing AI ownership and using AI to increase efficiency in DeFi. He stressed the need for freedom in AI, allowing for unconstrained AI models and chatbots. Kartin explained that tokens are necessary for security in decentralized inference and for Initial Model Offering (IMO) allocation, highlighting ORA's focus on tokenizing AI models and enabling decentralized AI inference on Ethereum.

• Ben Frigon described AI as a productivity tool for humanity, comparing its potential impact to that of petrochemicals during the Industrial Revolution. Ben focused on the importance of creating a useful product rather than token economics, emphasizing the need for AI agents to interact financially on-chain. He views blockchain as crucial for enabling decentralization in compute, data, and models, allowing for open model economies. Ben stressed Talus's focus on creating a great user experience and developer experience.

• Alice Chen viewed the AI economy as a business landscape powered by AI, focusing on the creation of new intellectual properties and the need for frameworks to manage them. Alice highlighted how blockchain enables tokenization for fundraising, creates incentive structures, and ensures data verifiability. She emphasized the importance of providing a framework to protect creators and enable sustainable monetization, particularly in the context of AI-generated content and intellectual property.

• Anjali George highlighted the importance of the AI Creator economy, focusing on incentivizing people to create valuable AI agents and solutions. Anjali explained how blockchain provides trust, data verification, and enables microtransactions between agents. She stressed the crucial role of tokens in aligning incentives among creators, users, and the network, enabling continuous earning for developers. Anjali described various ways people can get involved in the AI economy, from experienced developers building sophisticated solutions to non-technical users using no-code platforms to create agents.

The panelists collectively emphasized that the AI economy is still in its early stages, and user involvement and feedback are crucial for identifying valuable use cases and driving development in the right direction.

Gratitude and Appreciation

The event concluded with a lively gathering where attendees enjoyed pizza, tacos, and beverages, creating a pleasant afternoon of networking and discussion.

We extend our heartfelt thanks to all the friends and partners who participated, and we look forward to seeing you at Token2049!

About MagnetAI

MagnetAI is pioneering the first ModelFi protocol, designed to create financial opportunities for AI creators, users, and investors through blockchain-based principles like tokenization, incentivization and monetization.

ModelFi transforms the AI economy through 3 primary components:

• Model Store: A user-friendly, decentralized AI marketplace that enables creators to monetize their AI products, including models, bots, agents, and knowledge bases.

• Model Economy: Allows creators to tokenize their AI products, facilitating fractional ownership and benefits such as revenue sharing with "Model tokens."

• Model Network: Integrates Web2, Web3, and Virtual GPU nodes into a cohesive inference network that is ZKP-based and on-chain verifiable.

Discover more about how MagnetAI shaping a new AI economy on our homepage: https://magnetai.xyz/

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