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AI tokens outpace record-breaking bitcoin By Reuters

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© Reuters. FILE PHOTO: Figurines with computers and smartphones are seen in front of the words “Artificial Intelligence AI” in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

By Medha Singh and Lisa Pauline Mattackal

(Reuters) – The artificial intelligence boom has hit the crypto market with a bang.

Coins linked to AI-focused crypto projects have jumped alongside tech stocks like Nvidia (NASDAQ:), driven by insatiable investor appetite for applications like machine-learning.

The rise of many AI crypto tokens has outpaced even that of bitcoin over the past year as the world’s biggest cryptocurrency has surged to record levels.

Their combined market value has ballooned to $26.4 billion, from just $2.7 billion last April, according to CoinGecko data. Tokens linked to these projects are up between 145% and 297% in the past 30 days.

If the more optimistic industry predictions come to pass, there could be more room to run, as some market watchers say crypto and blockchain technology could help solve some of the AI industry’s teething problems such as privacy and a need for computing power.

“As both AI systems and blockchain networks continue to grow, we will see more and more use cases fusing together the two industries,” said Markus Levin, co-founder of blockchain data storage firm XYO Network.

The CoinDesk Indices Computing Index, which includes AI-linked tokens, has leapt over 165% over the past 12 months, outpacing even bitcoin’s 151% rise to record levels.

Trading volumes in AI tokens have also risen sharply this year, Kaiko Research data showed, hitting an all-time high of $3.8 billion in late February.

“There is a significant chance that … AI applications will be crypto’s raison d’être,” fund manager VanEck’s Matthew Sigel and Patrick Bush said in a note.

Some of the top blockchain projects at the moment include the Render Network, a blockchain platform for peer-to-peer sharing of AI-generated graphics, Fetch.AI, a platform to build AI apps and SingularityNET, an AI services marketplace.

“Investors are starting to realize that if you want real value, you need products that are uncorrelated to the crypto market,” said Ahmad Shadid, founder of AI-focused blockchain startup io.net.

WINNERS AND LOSERS

AI-linked blockchain products include a wide variety of services including payments, trading models, machine-generated non-fungible tokens and blockchain-based marketplaces for AI applications where users pay developers in cryptocurrency.

Investment manager VanEck has predicted that revenue from AI crypto projects could reach $10.2 billion by 2030 in their base case, and over $51 billion in their bullish scenario.

VanEck pointed to the use of crypto tokens as rewards, developing physical computation infrastructure, data verification, and transparency in proving digital ownership as primary areas where blockchain technology lends real-world value to AI development.

Offering crypto tokens as incentives allows quick scalability, said io’s Shadid. His company plans to launch a token later this year.

“The reason we can scale fast is because of the token we have coming out,” he added. “The token incentivizes owners of physical infrastructure to bring their computers on to our network,” Shadid added.

Yet, just as with the AI boom itself, picking winners and losers could be fraught with peril.

“We’re still in the very early stages of AI networks integrating with blockchain-based networks, and the utility of a lot of tokens is still very much uncertain,” cautioned Levin.



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India’s central bank fines Visa for unauthorised payment method By Reuters

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BENGALURU (Reuters) – The Reserve Bank of India imposed a penalty of 24.1 million rupees (nearly $288,000) on Visa (NYSE:) in relation to its usage of an unauthorised payment transfer method, the central bank said on Friday.

“It was observed that the entity (Visa) had implemented a payment authentication solution without regulatory clearance from RBI,” the central bank said in a statement, without providing details on the transgression.

In February, the RBI had ordered the credit card company to stop using an unauthorised route to make some commercial payments, per a Reuters report.

© Reuters. FILE PHOTO: Credit card is seen in front of displayed Visa logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

The central bank has aimed to tighten scrutiny of the processes followed by financial technology, or fintech, companies.

($1 = 83.6990 Indian rupees)





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Paris Olympics lift off with extravagant opening ceremony

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The Paris Olympics kicked off with an extravagant opening ceremony on Friday night when an armada of boats carried 10,500 athletes along the Seine — the first outdoor version of the spectacle that was expected to be watched by a billion people.

Earlier, a shadow was cast over the event by an act of criminal sabotage that hit France’s high-speed rail network in the early hours of the morning causing nationwide transport chaos. Heavy rain then began to fall about 30 minutes into the three-hour show, a nightmare scenario for the planners of the theatrical performance that featured a massive cast of dancers, two orchestras and a clutch of pop stars, including Lady Gaga doing a cabaret-tinged song.

Before the ceremony, interior minister Gérald Darmanin said: “We are ready for this magnificent event,” adding that no specific threats had been detected. The railway sabotage would “not have direct consequence on the Olympics or the ceremony”. 

Lady Gaga performs the opening number on the riverbank © Sina Schuldt/dpa

By mid-afternoon long queues had formed for ticket holders to get into the highly secured perimeter along the Seine river where 320,000 spectators were expected along the medieval-era cobblestone quays. The format of the event required heavy security: 45,000 police were deployed on the ground and in the air, using helicopters, drones and snipers positioned on roofs. 

The weather also tested the dozens of experienced ship captains powering the parade, who navigated at precisely the right speed to keep the show on line. Some spectators fled the quays for cover as rain poured down.

President Emmanuel Macron hosted more than 100 heads of state at Trocadero plaza across the river from the Eiffel tower where the athletes disembarked for a final parade and a performance by francophone favourite Céline Dion. Jill Biden, wife of the US president, and other leaders attended a reception at the Elysée palace beforehand. 

Map showing the route of the boat parade along the Seine river for the opening ceremony of the Paris Olympics

The idea for such an ambitious opening was the brainchild of one man, Thierry Reboul, an event specialist known for punchy marketing stunts, but pulling it off it needed more than 15,000 performers, technicians and firework specialists.

The performance featured ballet dancers on the roof of the Louvre, while hundreds of modern dancers and breakdancers performed along the quays and on some of the boats. Performers were clad in handmade outfits stitched by French couturiers, and LVMH’s Louis Vuitton trunk suitcases were prominently displayed in a lengthy segment. Bernard Arnault’s LVMH was an Olympics sponsor.

Organisers had to scale back some elements, such as BMX riders set to do tricks on a ramp because rain made it too slippery.

Floriane Issert, wearing the Flag of the International Olympic Committee (IOC), is seen on a Metal Horse on the River Seine during the opening ceremony © Getty Images

When Reboul pitched the idea for the river ceremony to Tony Estanguet, head of the Paris organising committee, the two-time gold medal winner reacted with stupor that quickly became enthusiasm. “It will be ambitious, audacious and totally crazy,” said Estanguet, recalling the moment. 

Reboul said the idea came to him on a walk along the Seine, the snaking river whose banks were chosen by a Gallic tribe called the Parisii to found a settlement about two thousands years ago. He told himself: “It should be here, of course it should be here, and nowhere else.”

The organisers hired Thomas Jolly, a 42-year-old theatre director known for a musical called Starmania, who started imagining how to convey the spirit of France from literature and culture to history. “I’m used to designing performances on a stage, and this time the entire city was my canvas,” he told reporters earlier this week. 

Zinedine Zidane, former French football player and manager, hands the Olympic Torch to Spanish tennis player Rafael Nadal © Getty Images

Jolly hired a team he has long worked with — a musical director, choreographer and a costume designer, all renowned in their fields — and also included author Leila Slimani, scriptwriter Fanny Herrero, who created the show Call My Agent!, and others to help him write the 12 tableaux that make up the ceremony.

Before they started writing, they took long walks along the Seine for inspiration and researched the history of its bridges, such as the oldest, Pont Neuf, finished under King Henry IV in 1607, and the Pont d’Austerlitz, commissioned by Napoleon Bonaparte, from which the parade will begin.

“We drew on the past of each site and monuments: almost each stone tells something about our history of France, of the history of Paris, a history which is connected to the world,” he said. 

But Jolly and Estanguet did not want the theatrics to overshadow the athletes, instead putting them at the centre of it by giving them the best spots to view the show — the decks of the boats on the river. 

“The athletes are the heroes of the show,” said Estanguet.

Although officials remained vague about the price, French media reported that the ceremony cost about €120mn, roughly four times that of the opener of the London 2012 Games. The overall cost for the Paris Games, which was pitched as a greener edition because little new infrastructure was built, is expected to reach €9-10bn, according to the national auditor. About one-third of that will be paid for by sponsors.

Jolly’s show was filled with memorable, kitschy moments: a hooded figure leaping across the zinc roofs of Paris, drag queens dancing to electro, beheaded royals of the French revolution set against heavy metal music, and a silver horse with an armour-clad rider gliding down the Seine.

Céline Dion closes the show with Edith Piaf’s ‘Hymne à l’amour’ © POOL/Olympic Broadcasting Services/AFP via Getty Images

Cheers rose when France’s beloved footballer Zinedine Zidane passed the torch to tennis champion Rafel Nadal.

The spectacle climaxed with an elaborate light show beaming out from the Tour Eiffel before a final flame relay to the Louvre led to a hot air balloon ascending into the night sky bearing a fiery Olympic cauldron.

Framed by the Eiffel tower, Canadian singer Céline Dion, in her first performance in years because of illness and wearing a white, beaded dress featuring 500m of fringe custom made by Dior, belted out Edith Piaf’s Hymne à l’amour.

“I declare the Paris games open,” said Macron.

Additional reporting by Adrienne Klasa



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How to beat the queues

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Getty Images Queues of cars in several lanes approaching Check In at the Port of DoverGetty Images

The kids have finished school and it’s time for the great summer getaway, with millions of Brits setting off on their holidays.

It’s likely to be a busy time on the roads, with the RAC predicting a “weekend of woe”.

The motoring organisation says some 13.8 million trips could be made between Friday and Sunday, making it the second busiest summer getaway weekend since 2015.

So what can you do to beat the queues? Whether you’re travelling by road, plane, train or ferry, here are some tips to help make your journey as smooth as possible.

On the roads

Getty Images Cars queueing in traffic on one side of the M25, while the motorway in the other direction is emptyGetty Images

Drivers are advised to avoid travelling between 12:00 and 17:00 on Saturday, and between 11:00 and 13:00 on Sunday. That is when travel experts INRIX expect the worst delays.

They say the best time to travel is after 18:00 on Saturday, or after 15:00 on Sunday.

Other tips from INRIX and the RAC include:

  • Plan your route in advance, but also be prepared to make changes on the day if necessary
  • Monitor news outlets and use route-planning apps for the most up-to-date travel information and live traffic updates
  • If you suspect there’s something wrong with your car or it needs some routine maintenance, get the work done ahead of your holiday, to avoid breaking down while you’re away and losing holiday time

At the airport

It might sound obvious but if possible, travel with hand luggage only and check in online before arriving at the airport to avoid queues.

But make sure your hand luggage meets the specific permitted dimensions of your airline, says Jane Hawkes, a consumer expert specialising in the travel industry, as they are not generic.

Other advice when flying includes:

  • If you do have bags to check in and are staying or living close to the airport, you could try using a twilight bag drop or bag collection service, says consumer group Which?
  • Arrive at the airport as per the recommended times given – usually around two hours before take-off for short-haul flights, and three hours for long-haul flights
  • Keep all travel documents handy so they are easily accessible whenever needed
  • Be “conveyor belt-ready” by taking off belts and shoes and removing laptops from bags in good time, and ensure liquids up to 100ml are in clear plastic resealable bags as appropriate

Ms Hawkes adds that holidaymakers should be prepared for delays due to the sheer volume of people travelling at this time of year, and take adequate provisions.

“Know your consumer rights before you travel so you don’t have to think on the spot in the event of inevitable delays or cancellations.”

Rory Boland, editor of Which? Travel, adds: “If you do find yourself stuck in a queue and your flight is due to depart shortly, make a fuss and ask a member of staff to take you to the front.

“If it looks like you’ll miss the flight through no fault of your own, it is important to tell your airline as soon as you can.”

Travelling by Eurostar or train

Getty Images Male member of staff in train station wearing a yellow and blue high-vis jacket, holding his arms out and holding a sign saying Paris 12:01Getty Images

Eurostar was always expected to be busy during the Olympics, but on Friday the service was hit after “co-ordinated attacks” of vandalism in France.

As a result, one in four trains between London and Paris will be cancelled until Monday morning.

Eurostar is telling customers to cancel their trips where possible. They can do so free of charge and get a refund. You can check the latest travel updates here.

“Rail chaos in France affecting Eurostar clearly shows that you also very much need a plan B if travelling this summer – and a contingency pot to fund alternative plans if necessary until you can recoup any costs,” says Ms Hawkes.

For those that are able to travel:

  • You’ll need to complete your Advance Passenger Information before you can get your tickets
  • Arrive at the station at the recommended time stated on your ticket
  • If you’re travelling from/to London, you’ll go through ticket, passport and luggage checks so make sure you have plenty of time as you won’t be allowed to board the train if you arrive after the ticket gates have closed

For those taking the train to somewhere within Britain, it will come as a relief that there is currently no planned industrial action on the railways, unlike in years and months gone by.

It is still worth trying to avoid travelling at peak times though, says Rory Boland from Which?. And things like broken down trains can still cause delays and so passengers are always advised to check their journey before travel.

Getting the ferry

Dover is Europe’s busiest ferry port, and summer is its peak period.

The port’s boss has already warned this summer will be “exceptionally busy” due to travel for the Paris Olympics and while the port carries out work preparing for new EU border checks, which come in in the autumn.

Nevertheless, the port has some general advice to help passengers’ journeys run smoothly:

  • Travel to the ferry terminal via main routes only and allow plenty of time for the journey
  • Don’t turn up more than two hours before your booked ferry crossing, and don’t turn up without a booking
  • Come prepared with sufficient food, snacks and entertainment
  • Have passports open and ready before border controls to ensure the quickest transit



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