Sui Network to Combine AI and Blockchain Technology in Upcoming Projects
- Patricia ArquetteOriginal
- 2024-10-18 03:30:10432browse
Sui Network announced it will combine artificial intelligence (AI) and blockchain technology in its upcoming projects to improve efficiency and security.
Layer-1 blockchain protocol Sui Network (SUI) has announced plans to combine artificial intelligence (AI) and blockchain technology in its upcoming projects.
Mysten Labs, the company behind Sui Network, announced the integration in an X post on Saturday. The goal is to enhance AI-related services and improve efficiency and security.
“Blockchain innovation is just the beginning – what if we told you that Sui is also building for the future, where blockchain and AI work together to increase efficiency and security?” the company wrote in the post.
AI and Blockchain Integration
Earlier this year, venture capital firm Andreessen Horowitz (a16z) highlighted the benefits of integrating AI and blockchain in its State of Crypto 2024 report.
The report found that the number of crypto projects with AI services and functionalities increased from 27% in 2023 to 34% in 2024. Among these projects, a16z specifically mentioned Near Protocol (NEAR), which is used to power several AI-related projects.
According to a16z, blockchain technology offers advantages for the AI sector, including transparency and immutability, which can help address issues related to verification and intellectual property.
SUI Token Performance
At the time of writing, SUI is trading at $2.10, up 3.40% over the past 24 hours, according to data from CoinMarketCap. The digital asset has a market capitalization of $5.80 billion and is ranked 18th by valuation.
The altcoin has seen a surge of 14.49% in the past week and 86.02% over the last 30 days. SUI is now trading very close to its all-time high (ATH) of $2.16, with potential for a new ATH in sight.
This is further supported by the Relative Strength Index (RSI) for the altcoin, which indicates strong buying pressure at the moment. The RSI value is at 61.78 at the time of writing.
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