Outside Source
Digital Currency Group, the parent company of Grayscale and Foundry, has launched a new decentralized intelligence subsidiary named Yuma.
According to a press release on Nov. 20, Yuma will focus on investing in and incubating startups and projects leveraging the decentralized network Bittensor (TAO). Barry Silbert, DCG’s founder and CEO, will also serve as Yuma’s chief executive officer.
The subsidiary derives its name from the Yuma Consensus mechanism, a core feature of Bittensor that rewards miners using the native token, TAO. DCG highlighted that Yuma represents its commitment to advancing the crypto industry, particularly at the intersection of artificial intelligence and blockchain technology.
The initiative follows DCG’s initial investment in Bittensor in 2021, signaling its continued support for decentralized AI innovation.
Silbert, who continues his role as DCG CEO, eyes bringing the company’s expertise and experience in the digital assets space to the emerging decentralized AI market.
“Just like the early days of Bitcoin, which fueled the development of a new form of transparent, borderless money, we’re moving from the digital ownership of assets to the decentralized ownership of intelligence,” Silbert said.
Yuma seeks to advance this via support to startups, including capital and technical resources. The aim is to help subnets deploy their decentralized AI related ideas on Bittensor.
“We created Bittensor to offer a competitive alternative to the top-down world that limits access to high-powered AI capabilities,” Bittensor co-founder Jacob Steeves said. “We’re championing open access to technology liberated from conventional gatekeepers so that we can ensure the AI revolution is accessible to the next generation of visionaries shaping our world.”
Yuma is collaborating with various companies for its subnet incubator program, including Sturdy, Masa, Score and Infinite Games. The partners target the successful launch of subnets on Bittensor.
This article first appeared at crypto.news
