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- EMC announced that it provides not only GPU rental but also DeFi services and various AI-related services using Layer 1 blockchain.
- Decentralized GPU DePIN is emerging as an alternative that can solve the challenges of the AI industry by supplying GPUs needed for AI development while improving cost efficiency.
- EMC Token is currently at a market capitalization of $2.37 million, recording an annual revenue of $15 million, and the outlook is generally positive.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Photo provided by EMC
As interest in artificial intelligence (AI) continues to rise, there is a growing trend of virtual asset (cryptocurrency) projects attempting to combine AI with blockchain.
The most representative type of AI-related virtual asset projects is decentralized graphics processing unit (GPU) projects that rent out GPUs. Decentralized GPUs are a type of decentralized physical infrastructure network (DePIN), which involves uploading unused computing power to the blockchain and renting it out to developers or startups who need computing power.
EdgeMatrixChain (EMC) is also one of the DePIN projects that operate GPU rental services. However, it is evaluated as being differentiated from other GPU rental DePINs by enabling DeFi and creative platform provision using Layer 1 blockchain. Previously, in August, EMC attracted a total investment of $20 million from venture capitals such as P2 Ventures and Amber Group to develop Layer 1 blockchain.
Why is Decentralized GPU Needed?
Graphics Processing Unit. /Photo provided by EMC
Decentralized GPU projects have emerged as a solution to the GPU acquisition problem, which is currently the most important issue in the AI industry.
Since the emergence of Open AI's Chat GPT, everyone has jumped into AI development, causing a surge in GPU demand while supply remains severely lacking. As a result, high-performance GPUs used in AI development are currently priced at the level of a car. While big tech companies like Meta and Microsoft have no significant issues purchasing expensive GPUs, startups and individual developers face difficulties in terms of cost.
The demand for GPUs can be seen in Nvidia's third-quarter report, which virtually monopolizes the GPU market. Nvidia reported that its revenue and net profit surged by 94% and 106%, respectively, year-on-year to $33.16 billion and $19.39 billion in the third quarter, exceeding market expectations.
Decentralized GPU DePIN provides an alternative that can significantly reduce the cost of GPU computing resources, addressing these issues. Binance highlighted in its first-half report this year that "as interest in AI increases, the cost of computing resources such as GPUs has risen," and "decentralized GPU DePIN has emerged as a cost-effective alternative."
There is also hidden demand for decentralized GPUs. These are Chinese AI developers sanctioned by the United States. According to the Wall Street Journal, Chinese AI developers have turned to decentralized GPUs as an alternative after being blocked by Amazon Web Services. The media cited EMC as an example, evaluating that decentralized GPUs, with features such as anonymity through smart contracts, are becoming an attractive option for Chinese AI developers.
EMC, a One-Stop Platform for AI
Alex Go, founder of EMC, is explaining the Nvidia H100 cluster SuperPOD at Token 2049. /Photo provided by EMC
As explained earlier, EMC is a project that rents out the computing power of GPUs. To this end, EMC has currently secured 274 nodes on its blockchain and registered over 3,000 GPUs. The GPUs provided by EMC include Nvidia A100, GeForce RTX 4090, and GeForce RTX 3090.
In particular, the cluster 'SuperPOD,' made by assembling 1,024 'Nvidia H100' GPUs, is considered EMC's strength. Previously, EMC participated in the 'Singapore Token 2049' conference and demonstrated a real-time demo of SuperPOD.
EMC not only rents out GPUs but also provides users with various AI-related services. For example, it offers a platform business that allows users to develop and contentize AI more easily. EMC's AI platform, EMC HUB, includes ▲ AI agent Jarvis Bot that can generate various content, ▲ creative transaction application OmniMuse, and ▲ 3D content creation application ZoZo World.
Additionally, EMC is helping to build a network suitable for AI use. Specifically, it has implemented low latency and high transaction throughput in the network by introducing technologies such as smart routing and data caching. EMC stated, "Our goal is to become a platform that encompasses almost everything in the AI field," and "developers will be able to smoothly test and launch their AI models on the EMC network."
Moreover, EMC is also providing DeFi services using GPUs. Currently, anyone within EMC can purchase the computing power of Nvidia H100 GPUs in token form, and by staking it through EMC's DeFi, they can earn an additional income of about 2.7% to 7.1% annually, depending on the period. Currently, about 2.6 million EMC tokens are staked in this DeFi service.
Photo captured from CoinMarketCap
According to CoinMarketCap, EMC tokens are trading at $0.079 as of 10 a.m. on the 6th, down 4.91% from the previous day. The circulating EMC tokens are about 30 million, accounting for 3% of the total supply (about 1 billion). The market capitalization is approximately $2.37 million.
Meanwhile, EMC is generating about $15 million in annual revenue. Although the business scale cannot be considered large yet, the outlook for decentralized GPU projects is generally positive. Data analysis company Nansen, in a report published with MetaStreet, predicted that "considering the DeFi income, tokenomics, and GPU rental revenue of GPU rental services, the total revenue of these services could surge by at least 30% to a maximum of 200%."
