Filecoin speculates higher utility from AI in 2024

Artificial intelligence has gained momentum, and many industries are betting that it will have a core role in supporting the overall development of innovative technology. Filecoin is one of them, and it has put forward five reasons why it believes AI will incline more toward Filecoin in the current year. For starters, Filecoin addresses all the significant issues that AI companies frequently encounter. This includes interference by regulatory authorities, high storage fees, and a lack of collaboration.

Filecoin is being vocal in predicting that AI companies will migrate to the decentralized P2P storage network in the days to come. Details further clarify how AI can actually leverage the potential of Filecoin in 2024.

Filecoin comes loaded with the offer of scalability in decentralized data storage. The AI industry is known to produce tons of data that must be stored for its efficient functioning. However, storing it in limited capacity comes at a cost, and considering the data is ever-expanding, the only solution is to have a mechanism that supports scalable storage.

Enter Filecoin, which has said that it will assist in storing training datasets, results, and models on the network without letting it affect the accessibility and integrity of data.

That brings the focus to data sharing and collaboration. In order to avoid having a central authority and enable seamless operation, AI depends on collaboration between various companies. Filecoin eliminates the need for a central authority, boosting the availability of accessibility and contribution capacity on different datasets.

Its cost-effective feature makes a decentralized storage system better than a traditional one. Filecoin is based on utilizing the marketplace model, enabling AI companies to choose the best price for them. Needless to say, AI companies can optimize their storage requirements accordingly.

That said, the announcement has, so far, yet to work well for the native token of Filecoin. FIL was last seen exchanging hands at $5.25. The value is down by 5.28% in the last 24 hours, 11.35% in the last 7 days, and 2.28% in the last 30 days. The community is optimistic about the future; Filecoin predictions estimate that FIL can end in 2024 at $8.20. An alternate possibility is that the token may touch just $5.70 before entering the next year.

Going back to the five factors listed by Filecoin, the platform is ready for use by AI companies purely because of its immutability. Filecoin has said in the official post that AI companies can use its best record-keeping techniques by storing critical audits, records, and prior versions of their mechanism.

Finally, it is the permissionless architecture of Filecoin that, the team believes, will help foster long-term innovation in artificial intelligence.

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Simply put, Filecoin comes to the rescue of all AI companies by empowering them to access the permissionless nature of its system for unrestricted access to the data at any time and at their convenience.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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