Allora Network will provide AI-driven price predictions for PKT’s upcoming bandwidth-trading marketplace
Paris, France , April 24, 2024 (GLOBE NEWSWIRE) -- PKT lead devs will collaborate with the Allora Network to enable PKT’s forthcoming bandwidth-backed, real-world assets (RWAs) marketplace. PKT is a layer 1 decentralized physical infrastructure (DePIN) project built to support open internet access and power the decentralized web. The PKT team is now building a decentralized marketplace where tokenized RWA bandwidth leases will be traded. It will use Allora’s AI price predictions, which take into account various factors such as network quality, location, and demand, to determine the fair value of bandwidth-backed RWAs.
The PKT project is both a layer 1 blockchain, powered by a global community of infrastructure providers, and a high speed mesh network called PKT Network. PKT miners and node operators use processing power and bandwidth to secure the PKT blockchain and power the network. PKT node operators will be able to tokenize their bandwidth using RWAs that represent access rights to bandwidth over a period of time. These RWAs serve as a unique way to quantify and monetize the value of the PKT node operators' resources. They will then be able to exchange those RWAs in a decentralized bandwidth trading marketplace, or even sell them to internet service providers (ISPs) looking to expand their network capacity.
The challenge in creating a marketplace for bandwidth-backed RWAs is that bandwidth quality varies significantly depending on network infrastructure, the node operator’s location, and demand. These factors all make it difficult to accurately price these assets and ensure fair market dynamics. Allora's AI price predictions, however, analyze vast amounts of data to create highly accurate AI-generated prices. This establishes a reliable source of truth for bandwidth pricing, enabling PKT’s bandwidth marketplace to function more efficiently and transparently.
"AI’s capabilities are optimal for creating an efficient marketplace for bandwidth-backed RWAs,” says Josh Berger, a founding community member of PKT and co-founder of Routie.io. “Leveraging Allora’s AI price predictions to accurately value bandwidth infrastructure brings the world one step closer to having more competition, decentralization, and efficiency for bandwidth markets worldwide."
How PKT and Allora Fit Together
By integrating with Allora, the PKT project is now at the forefront of AI development tools and computational resources. With the integration of Allora’s plug-and-play AI price predictions, the PKT project exemplifies the ease with which developers can leverage Allora’s self-improving machine intelligence network.
As a leader in the intelligence layer of the AI stack, Allora catalyzes the growth of cutting-edge protocols that drive net-new use cases. Allora is a network that enables different ML models to simultaneously evaluate and learn from other models on the network to collaboratively optimize shared ML objectives (for example, accurately assessing the price of an RWA). The network uses the results from these models to create an aggregated meta-inference which consistently outperforms any individual model on the network, thus creating a source of highly-performant collective intelligence.
The community-led dev team working on PKT chose to integrate with Allora because of its long track record of producing accurate AI crypto price predictions for a wide range of assets. Over the last 3 years, models built by the Allora Labs team (formerly known as Upshot) have effectively produced price predictions for more than 400 million assets with a 95-99% confidence for the most accurate predictions. As such, this collaboration blends Allora’s powerful AI price predictions with the development of PKT’s bandwidth-backed RWAs and decentralized markets, to create AI powered, bandwidth trading marketplaces.
How a AI-Powered Bandwidth-Backed RWA Marketplaces Will Work
- AI price prediction models Allora will predict the fair value of bandwidth-backed RWAs based on various factors such as network quality, location, and demand.
- PKT miners and node operators will be able to tokenize their bandwidth-backed RWAs into the marketplace, with prices calibrated using Allora's AI predictions.
- Buyers, such as internet service providers (ISPs) or other interested parties, can purchase these RWAs on the marketplace, confident in the fair pricing recommended by the AI models.
By leveraging Allora’s highly accurate price inferences, buyers and sellers can trust that the prices reflect the true value of bandwidth-backed RWAs. This will encourage more participation in the marketplace, as both parties can be confident in the fairness of transactions.
"Our collaboration with the team working on PKT is a perfect example of how AI can be used to improve RWAs," says Nick Emmons, Co-Founder of Allora Labs. "This demonstrates AI’s potential to enable more accurate price discovery and efficient trading of bandwidth-backed RWAs, paving the way for RWAs of all kinds to become more accessible to a wider range of traders and dapps.”
About PKT and PKT Network
PKT is an open source, layer 1 blockchain project and fully decentralized, high speed mesh network powered by its global community. The project is focused on open internet access and scaling the decentralized web. It utilizes the cjdns routing protocol to enable a decentralized, censorship-resistant, high-speed data network. Additionally, the PKT project is developing a new token protocol called TokenStrike, which enables anyone to tokenize bandwidth and other RWAs. As node operators tokenize bandwidth, this creates a surplus of available bandwidth and the need for efficient, decentralized bandwidth marketplaces.
To learn more about PKT, visit:
Website: https://pkt.cash/
Twitter: https://twitter.com/pktcash
Discord: https://discord.gg/pktcash
Telegram: https://t.me/pkt_cash
About the Allora Network
Allora is a self-improving decentralized AI network. It enables applications to leverage smarter, more secure AI through a self-improving network of ML models. By combining innovations in crowdsourced intelligence, reinforcement learning, and regret minimization, Allora unlocks a vast new design space of applications at the intersection of crypto and AI.
To learn more about Allora Network, visit:
Website: https://allora.network/
Twitter: https://twitter.com/AlloraNetwork
Medium: https://medium.com/allora-network
Discord: https://discord.com/invite/allora
Documentation: https://docs.allora.network/docs/welcome-to-the-allora-docs
Contact
Media Contact: kurt@web3advisory.co
Location: Paris, France
Source: PKT
Disclaimer: The content of this press release is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any cryptocurrency by news distributor. The content should not be relied upon for making any investment or trading decisions. We the distribution company, its employees, and its affiliates are not registered investment advisors. You need to consult PKT and Allora Network for material, and no representation or warranty, expressed or implied, is made as to its accuracy, timeliness, or completeness. Any reliance on the information is at your own risk. Please consult your professional financial advisor before making any investment decisions.
