In a research note published on October 23, Grayscale examines several infrastructure models linked to AI and blockchain, illustrated by DATA, USD.AI, and Pearl. DATA focuses on contributed training data, USD.AI on lending secured by graphics processors, and Pearl on combining computing power with cryptocurrency rewards. Hardware financing introduces credit risks, including accelerated equipment depreciation, customer concentration, and difficulties recovering collateral. Grayscale also emphasizes that the success of an infrastructure does not guarantee the value of every associated token, whose rights may relate to governance, lending income, or service usage.
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