IN THE SPOTLIGHT (1/2)
You’ve got a friend in an AI-powered necklace

The latest buzz in tech circles is all about "Friend" an AI-powered pendant designed to provide companionship.

Created by Avi Schiffmann—a young entrepreneur and Harvard student known for his popular COVID-19 tracking website—Friend aims to tackle loneliness with a digital companion. This necklace not only listens to conversations but also sends supportive, intelligent responses via text and offers spontaneous commentary on ongoing chats. It’s powered by Anthropic AI’s Claude 3.5 LLM.

Schiffmann's company has raised around $2.5 million in funding, with $1.8 million spent solely on securing the .com domain for Friend. Some of the notable investors in the seed round include Anatoly Yakovenko and Raj Gokal (Solana’s Co-Founders), Aravind Srinivas (Perplexity’s CEO), Morning Brew CEO and co-founder Austin Rief and more.

The product’s trailer quickly went viral, drawing both positive and negative feedback. Friend is set to launch at $99, with pre-orders starting shipping in Q1 2025 for customers in the United States and Canada.

While privacy concerns persist, surveys suggest that people are increasingly turning to AI for social support, improved social skills, and exploring new interests, which can reduce anxiety and increase feelings of connection.

Unlike tools focused on productivity or automation, Friend aims to be a simple, everyday companion you wear around your neck.

Will Friend flop or fly? We’ll have to wait a few months for shipping to start and for the first wave of feedback to roll in.

IN THE SPOTLIGHT (2/2)
Hold on, what is OP_NET?

Builders gonna build and they’re not stopping here.

This time, the developers’ attention is on OP_NET— a meta-protocol (an overlay protocol that adds new features or rules to an existing blockchain) that brings smart contract capabilities to the Bitcoin network.

This Wednesday marked a milestone as the meta-protocol went live on the Bitcoin regtest/testnet. This open-source innovation builds on the Taproot upgrade, which also enabled the introduction of Ordinals and Runes on the Bitcoin network.

Back in February, a talented team including Chad Master, Danny Plainview, and Anakun began developing MotoSwap, a decentralized exchange for Bitcoin. Now, they've shifted their focus to OP_NET, with MotoSwap being one of the first applications to utilize this new protocol.

OP_NET harnesses the power of WebAssembly (WASM), allowing smart contracts to be written in a variety of languages such as AssemblyScript/TypeScript, Python, Rust, and C++.

Transactions are identified by the “BSI” string and sent to unspendable Bitcoin addresses, which are then converted into contract addresses. These transactions are processed within the OP_NET virtual machine, which operates similarly to the Ethereum Virtual Machine (EVM), but for Bitcoin.

The team has announced that OP_NET will not have its own token; instead, BTC will serve as the sole gas token for transaction fees. Additionally, OP_NET comes with its dedicated wallet.

Moreover, OP_NET introduces new token standards like OP_20 for fungible tokens and OP_721 for non-fungible tokens, echoing Ethereum’s ERC-20 and ERC-721. This alignment provides a familiar framework for developers transitioning from Ethereum to Bitcoin.

Although there's more work ahead, this launch marks a major leap in Bitcoin’s evolution, unlocking new opportunities for innovation while preserving the network’s foundational values of security and decentralization.

SUBSTRATES
What else is happening?

WEB3

• Kraken launches Kraken Labs as a new experiment in crypto data visualization and analysis.

• The Crypto Fear & Greed Index fell to 'extreme fear' (17/100) on August 5, marking the lowest level since July 2022.

• The California DMV partners with Avalanche to streamline the title and registration transfer process, bringing 42 million Californian drivers on-chain.

• Zora introduces a major upgrade designed to deliver greater value for both creators and collectors.

• Russia greenlights a law legalizing cryptocurrency mining in the country.

• Manchester United launches Fantasy United, a Web3 fantasy football game with tradable playing cards on Tezos.

AI

• The European Union's AI Act officially takes effect on August 1, 2024.

• Microsoft lists OpenAI as a competitor in its latest annual report, despite OpenAI's claims of a strong ongoing partnership.

• OpenAI co-founder John Schulman is leaving the company for Anthropic, along with Product Leader Peter Deng, while President Greg Brockman has announced a sabbatical until the end of the year.

• Amazon Music announces Topics, a new AI tool that helps you find and browse podcasts based on mentioned topics.

• Elon Musk is suing OpenAI and Sam Altman once again.

• ByteDance launches Jimeng AI, a text-to-video tool on the App Store, to compete with Sora.

• OpenAI welcomes Zico Kotler, a Carnegie Mellon professor focused on AI safety, to its Board of Directors and Safety and Security Committee.

• Google Chrome introduces new AI features to the desktop version, including product comparisons across tabs, easier page retrieval, and more.

• Wix announces new AI tools, including SEO-friendly blog posts and image generation.

FROM THE REPOSITORY
Check this out!

• Will web3 change online ads forever?

• Is AI on a downtrend? 🎧

• 12 must-have tools for Bizdevs and researchers in crypto.

Use now or save for later:

• Try Astrocade for creating games instantly with AI.

• Tori is the super simple self-custody wallet for your crypto.

• Use Hedy as your real-time AI meeting assistant.

Visual of the week: Bitcoin Returns VS. Major Assets Classes

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