30s Summary

AI16z, a new project in the crypto world, planned to introduce a token called ELIZA, but another party beat them to it, leading to two ELIZA coins. The earlier coin’s value crashed while the newer one skyrocketed. AI16z creator, Shaw, eventually endorsed the newer token, promising that holders of the older one would receive 10% of the new token. AI16z, run by an AI officer, intends to become a major player in the AI industry. The new ELIZA coin is not an AI16z project, but the creation of an anonymous partner collaborating with AI16z.

Full Article

We all know Artificial Intelligence (AI) could potentially take over humanity someday. But for now, we are making a good job out of it for our own profits. Think about it this way: we built AI and now we’re using it to make a profit! Have you heard of AI16z? It’s the newest AI project in the crypto world which happens to be a fun play on the famous venture fund Andreessen Horowitz. Quite interesting, right? Well, they faced a bit of a setback. The team had plans to introduce a new token called ELIZA, synonymous with their AI creation. But guess what? Someone else got to it before they could.

This caused a bit of a mess in the crypto world. Soon, we had two ELIZA coins; one created a few days earlier by enthusiasts of AI16z, and a fresher one which got backed by the creator of AI16z. The older ELIZA coin, with a market cap of $40 million, crashed to $6 million in 30 minutes due to frantic selling, while the newer one sprouted from nowhere to hit $100 million!

Many individual traders incurred heavy losses, in tens of thousands of dollars. And what was it over? A meme coin that had taken its branding from a another project which had copied the branding of one of the world’s best-known venture capital firms. Crazy, right? According the creator of AI16z, who goes by Shaw, they had a plan and a fascinating story to tell but they got undermined on their own brand’s mascot character. Go figure.

The aforementioned mascot character is Eliza, an open-source AI character model which interacts with people on social media. Eventually, Shaw endorsed the new ELIZA token, whose creators have committed to giving a significant amount to the AI16z’s treasury. Shaw defended this chaotic mix-up and promised that the preceding holders of the old Eliza token would receive 10% of the new token – sort of a consolation prize for losing out on their original investment. But Shaw insisted, this new token was an absolute necessity for the creation of an asset linked to ELIZA that would not be tied up with AI16z’s branding and could outlive and outgrow it.

The plan now is that AI16z is setting itself up to be a leading player in the AI world. It represents itself as a venture fund fully managed by an AI officer with the intent of “flipping a16z.” If you happen to hold the project’s token (which currently has a market cap north of $300 million), you would be able to control the project’s AI chief, “Marc AIndresseen,” as per their website. The new ELIZA token, as per Shaw, is not an AI16z project. Instead, it’s the product of another anonymous “partner” that Shaw claims is teaming up with the AI16z crew.