A.I. economies, the blockchain, and rational economics. The power of Hut34
Welcome to post 3 of 7 as we head towards the finish line of the Entropy Token Sale (meaning it’s your 4th to last chance to indulge a guilty listening pleasure!). Today we’re looking at A.I. economies, how bullish almost everyone in the field is in regard to their growth, and how blockchain networks, specifically the Hut34 Network play an integral role in releasing the potential value.
This post is going to move at fairly breakneck pace through some big concepts we’ve been working through, so look out for further posts and discussions about some of the ideas, and if you’re interested, do join our telegram group to continue the discussion in real time!
Despite it’s ephemeral nature, Twitter can be a really good way to watch trends emerge in the way people are thinking, and the directions they’re heading in. If you browse through hashtags such as ‘Machine Learning’ or ‘AI’ you’ll start to see common threads around the power of networks, and in particular you’ll start to see many mentions of ‘IoT’ — the Internet of Things.
We often speak of Metcalfe’s Law — which was developed originally to demonstrate and promote the power of ‘Ethernet’ — a nifty piece of progress which made possible the internet we know today, it’s our contention that blockchains provide an economic framework to allow all of the connected devices, bots, and even people to become what economists refer to as ‘rational actors’.
A ‘rational actor’ is someone who is able to assess the value of what they have, and may be selling, therefore making sensible decisions around the price they will demand for such, and also is able to discriminate logically and according to their own preferences when purchasing something, in our case data or services, but the point stands fundamentally.
Right now, we believe there is no way for bots or devices to act as ‘rational actors’ within an economy, at least in part because there is no marketplace yet in place to allow them to do so. People are actually also restricted from making rational economic decisions by the growing oligopoly — the so called ‘FANGS’ of Facebook, Amazon, Netflix, Google, Siri et al. — we are currently given a binary option of using shiny clever services for free, but with the caveat that we feed their growing artificial intelligence all of our data, or not.
We, the people, are not making rational economic decisions in this space, we’re simply ceding all value. It’s far too high a price to pay, until now however, there has been little choice.
We envisage the role of The Hut34 Network to both disrupt the unfair centralisation of innovation, and also to empower bots and devices to connect to each other, route queries and data around the network, and exchange data through an agreed trustless transaction.
The power of the Ethereum blockchain to power micro transactions has a huge part to play in this model, of course, and we have been working on some amazing pieces of tech. to really move the needle on this, we can’t wait to share them!
So it’s abundantly clear that we have crossed a tipping point of both technology, but more importantly connectivity, where ideas which were once the realm of science fiction are becoming realities daily. On a purely pragmatic level, you now have less than 5 days to secure Entropy tokens in the main token sale, at a rate of 500 per ETH.
We urge you to support this movement, and we’d love to have you along for the ride — head over to https://hut34.io/ for all the information, and https://hut34.io/tokenSale to purchase Entropy now!
Onwards and Hutwards!
