Quir Quiñones

Approaching to an era wherein Blockchain is the only fundamental of trust. 🚀

[Siqi Chen @blader]

oh man people are really opinionated about their chains.

by popular request, here are SOL and BTC addresses as well:

SOL: C4wwvA1D479e5m6K19fjFrRaCPGzVykSm4pCHqsxgEuw

BTC: bc1q8akwa87ekuyvmyazerc6yxu0nk7j8lyqkpp2wr

[Evan Park @evanpark99]

Understanding $GRASS requires a new framework. Demand from AI Labs/Fortune 500s is here. With 2.5m users + mobile launch soon, the network is approaching capacities only Google & Microsoft can handle. It isn't just another DeAI token; I believe Grass is vital AI infrastructure👇

Let this be the article you refer back to when you think about what Grass is capable of. Below I’ll discuss:

1) Grass overview and value-add
2) Demand & Supply expansion
3) Ultimate vision
4) New frontiers for LCR (live context retrieval)
5) Retail investors’ appetite for AI exposure

Grass Overview and Value-Add
Grass is a decentralized web scraping network for AI use-cases powered by 2.5 million global users who contribute their idle bandwidth for scraping. Grass has two main use cases:

• Utilizing real-time internet data (LCR) in model inference and training
• Building AI Datasets through scraping up-to-date, multimodal web data

It’s becoming critical for AI models to have fast, real-time access to the internet to satisfy the growing demands of users at the inference level. And since a model is only as good as the data it’s trained on, it’s important for a model to be trained on up-to-date datasets, which is made possible with an internet-scale data engine like Grass. Grass is positioned to become a key piece of AI infrastructure.

Demand
Some of the most prominent AI foundations have been working with Grass for months, and inbound demand from Fortune 500 companies is heating up. If you want to get a sense of current network usage, Grass announced on Oct 16 that 80TB of internet data was scraped in a single day. Grass has also scraped close to 1 billion minutes of multimodal video data. For context on what this could be worth, Photobucket CEO told Reuters that companies training generative AI models are offering over $1 per video; Adobe asked users to submit videos for AI training and paid an average of $2.62 per video.

This is unlike other crypto x AI projects we have seen, where adoption requires an idealistic change in behavior. It’s clear to us that the demand for Grass is here now: every AI model needs real-time data, and I believe that Grass is designed to be the most performant network of its kind. Andrej Radonjic, the founder of Grass, has been quoted saying that the current inbound demand for the network is in the 9-figure range.

Supply
The crypto industry has gotten in a bad habit of seeing the token launch as a late milestone for projects, but this is just the beginning for Grass. On the supply side of the network, they will be launching their mobile app, which could multiply the number of nodes and improve uptime. Additionally, they have planned for hardware devices and apps for Xbox/Roku TV. Grass has seen impressive growth, expanding from 100K users just a few months after launching its closed alpha in mid-2023 to 300K by the end of that year and reaching 2.5M today.

Ultimate Vision
With their current capacity, Grass has the ability to scrape the entire training data set for GPT-3.5 daily. With 50-100M nodes, Grass will be able to do an entire internet crawl – something only tech giants like Google and Microsoft can do today. This revenue will flow back to the millions of nodes of the network on-chain. This non-recursive revenue comes from companies finding efficiency gains from using Grass vs. speculation-driven fee revenue, etc. Not only will people want to stick around for that, but it should really set the flywheel into motion, with non-crypto people looking for passive income and joining the Grass network.

Grass seeks to be an infrastructure that every AI builder must plug into if they want to integrate real-time data into their model. And unlike the other companies that have the scraping capacity but also have their proprietary models, Grass is not competitive to prospective clients with their own model, so they have strong prospects of taking market share as this real-time paradigm scales out.

New Frontiers
There have been two recent developments in the AI space that I believe could exponentially expand the scope of Grass. The first is using LCR (Live Context Retrieval) in the training process. For context, Google DeepMind recently released a paper that leverages a new method called SCoRE, which enables LLMs to self-correct without external supervision via reinforcement learning; people also hypothesize that OpenAI’s o1 models followed a similar method.

Grass could be crucial to a model’s self-reinforcement learning, providing up-to-date internet data that’s used to provide the model with a definition of success and a clearly defined state. @alpha_pls has a great graphic explaining LCR for training vs. inference here: https://t.co/kFas9LAqGF

Secondly, people are realizing the structure of internet data is poisoned and not suited for LLM integration. This comes from the fact that people have been trying to influence search results for the last 15–20 years in order to optimize their content for ads. When it comes time to get a model real-time information, you need to filter through SEO junk first. A recent paper on ChatGPT found that in 40% of queries, only 1% of the available data was used. Grass’s LCR engine is optimized to fetch the highest quality information for LLMs - you might think of it as a search engine for machines vs. a search engine for humans. Early alpha tests of the LCR engine show it’s retrieving more relevant information than any of the existing web indexing solutions.

Strong Retail Appetite for Quality AI Exposure
In the final piece of this article, I want to describe the current market landscape that Grass is launching into and how favorable it is for AI tokens. AI has consistently been at the top of crypto mindshare since the start of this year (see Kaito dashboards). The raging volumes for tokens like $TAO and its ascent this year into the top 25 tokens by market cap reflect the fervent market demand for high-quality AI tokens. I’ve had non-crypto friends asking me about $TAO. I believe that this anecdote could be a sign of things to come for Grass as we consider how non-crypto retail traders might take an interest in $GRASS, especially as they scale out their partnerships with Fortune 500-level, non-crypto companies. Similar to $TAO, the $NVDA price action reflects raging market demand and suggests how high-quality, alternative retail exposure to AI might be limited. Grass has a real opportunity to fill this gap in our eyes.

Closing
When I led Tribe’s investment into Grass’ seed round, I wrote a memo, “Potential to be a flagship use case for crypto in general and our crypto funds,” and the content holds true today more than ever. I believe that Grass is continuing to push the limits of how blockchains can be used to 1) bootstrap a network that provides critical service to major clients, 2) leave an on-chain provenance of scraping, and 3) rewrite internet incentives through decentralization such that the average person is compensated in ways they’ve never been previously. The scope is boundless and just beginning. Touch $GRASS 🌱

[Binance Angels @BinanceAngels]

A big shoutout to our dedicated #Binance Angels 🙌!

Their unparalleled support and contribution during Blockchain Week Rome showcases the power of unity and commitment in the Binance community.

Looking forward to the continuing journey.

[Binance Angels @BinanceAngels]

Nap time, #Binance style!

Our feline friend found the coziest spot on the Binance blanket.

📸: @effiekav

[Quir Quiñones @QuinonesQuir]

https://t.co/T50ttDsH8A

[Whales Market 🐳 @WhalesMarket]

NEW LISTING: @getgrass_io Points | Solana network

https://t.co/yf0IFlWtHw

900k+ users have joined the https://t.co/pvj3iinjRj beta. Their incentivized program allows early adopters to earn Grass points until its conclusion.

Trading your Grass points on @WhalesMarket !

[Quir Quiñones @QuinonesQuir]

@_RichardTeng Congratulations @_RichardTeng!

[CZ 🔶 BNB @cz_binance]

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.

I’m pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.

Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.

Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.

With Richard and the entire team, I’m confident that the best days for @Binance and the crypto industry lay ahead.

As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.

What’s next for me?

I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.

After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi.

I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.

On that note, I am proud to point out that in our resolutions with the U.S. agencies they:

- do not allege that Binance misappropriated any user funds, and
- do not allege that Binance engaged in any market manipulation.

Funds are SAFU!

With that, I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion.

Onwards!

CZ

[Binance @binance]

We're aware of an issue impacting the display of EUR holdings for some users. The team is working on a fix.

In the meantime, if you see an incorrect value for your EUR balance on your Binance account, note this is only a temporary visual error.

Funds are SAFU.

[Binance Angels @BinanceAngels]

A big thank you to our #Binance Angels who made our community brunch in Turkey an event to remember 🇹🇷

They lit up the event with their warm receptions, presentations, and fun crypto games.

Here are some highlights ⬇️

[Binance Angels @BinanceAngels]

Meet @Pain_Alive_BNB, one of our dedicated #Binance Angels!

With a love for travel, Timur truly embodies the adventurous spirit of our community ⛰️

Stay tuned as he shares his unique experiences and insights below ⬇️

https://t.co/ti2OskpfIJ

[Binance @binance]

We've been made aware of a scam project that has caught a lot of attention by lying about having a partnership with Binance.

Scammers often lie about partnerships to seem credible. Be careful, do your own research. Real partnerships are announced on official Binance channels.

[Binance Angels @BinanceAngels]

Our #Binance Angels had a lot of fun at the #BinanceWorldTour event in Uganda!

They helped with games, swag distribution, and answering attendees' questions.

Here are some highlights ⬇️

[Quir Quiñones @QuinonesQuir]

#BinanceTurns6

[Jess Mac 💛 @Mac_jess19]

@BinanceAngels 💛Keep Building💛

[Binance @binance]

Our response to the SEC's complaint.

https://t.co/mgXxGTKr67

[CZ 🔶 BNB @cz_binance]

4.

Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits.

We will issue a response once we see the complaint. Haven't seen it yet. Media gets the info before we do.

🙏

[Gabor Gurbacs @gaborgurbacs]

$68 Trillion in motion. The greatest generational wealth transfer ever. Millenials, GenZ and younger generations invest differently than previous generations. This is the structural bull case for Bitcoin and digital assets. It’s a world world worth building and investing in.

[Disclose.tv @disclosetv]

JUST IN - UN General Assembly again demands Russia withdraw troops from Ukraine, calling for a "comprehensive and lasting" peace.

[Trust Wallet Filipino @TrustWallet_Fil]

We are happy to meet our users in Manila as they scream TRUST WALLET as their most trusted wallet! 💙

Tiwala sa mga Pilipino at tiwala sa buong Komunidad! #TrustWallet

[CZ 🔶 BNB @cz_binance]

This is the 3rd blockchain that #BNB is a native token on. One coin, 3 blockchains (so far). Keep building!