1st prize for Coretex Cloud idea on Nearcon 2023!

Igor Perić
Director of Research & Development
Behind The Scene
Director of R&D at Coretex LLC, Igor Peric, wins three coding hackathons in November 2023, securing international validation of the idea behind Coretex. Insights will help the company make more informed strategic decisions and explore potential partnership with Near.

The AI hype

Since its inception couple of years ago, Coretex has been a modern platform for rapid data modelling, both in early experimentation stages as well as in production systems. The goal is simple: allowing small teams to focus on science and results instead of the boilerplate activities, such as moving and versioning data, tracking parameters, logs and metrics and managing complex compute infrastructure. At the end of the day it reduces the amount of people and effort you need to keep you data processing workflows operational.

This is particularly important in the age of AI hype the world is going through today. In today's AI-driven era, marked by the soaring success of ChatGPT, we're witnessing transformative impact of LLMs across various industries. ChatGPT's ability to streamline customer service, enhance content creation, and revolutionize healthcare and education underscores its significant market value disruption. This AI evolution comes with considerable costs, exemplified by the substantial investment in training models like GPT-4 and the anticipated higher costs for GPT-5. Moreover, the escalating demand for GPUs and the increasing centralization of the cloud market are shaping a new technological landscape. These trends point towards a future where AI is not just a tool but a fundamental driver of industry and innovation, albeit with challenges like potential monopolies in cloud services.

Decentralized compute masked as decentralized finance

On the other hand, in 2008 we have witnessed a blockchain revolution. Satoshi Nakamoto published a whitepaper about Bitcoin, as the first decentralized store of value, has shown the power of algorithmically guaranteed asset ownership records. Computers around the world were given economic incentive to keep the network safe by tirelessly validating transactions. In fact, the economic model behind it was beautifully elegant - the reward to validate transactions was dynamically adjusting itself to scale with the number of pending transactions and the joint power of computers to process them. To put things in a simple perspective: if some computers disconnect the reward immediately increases,  incentivising new computers to join and earn this high reward and, as a result, keep the network balanced. Beautiful, isn't it?

Ethereum extended this powerful concept with something called "smart contracts", enabling software developers to encode custom rules and business logic directly on blockchain. Suddenly, transactions were not just moving coins from one account to another, but instead they became literally unstoppable, small pieces of memory and code. Once you deploy your contract on a blockchain nobody can stop it. Ever.

Very quickly the world has seen an explosion of various blockchain networks: Solana, Polkadot, Polygon, Near, just to name a few. Each one had slightly different set of features, characteristics and technical improvements on a protocol level, allowing them to be easier to use, faster, cheaper or more environmentally friendly.

This tech stack of network protocols enabling distributed execution of smart contracts on a blockchain is known as "web3 stack" and will be at the core of the next wave of many technological revolutions.

Veni, vidi, vici

Director of R&D at Coretex LLC, Igor Peric, has won three successive coding hackathons in November 2023, securing international validation of the core value proposition of Coretex as a platform. The winning project of Nearcon 23 hackathon in Lisbon was a natural extension of everything Coretex already was, extended to a network of computers providing massive joint computational power for training the next generation of neural networks. The project mention in the official NEAR blog is a notable recognition of those efforts, detailed here.

For an in-depth look at this work, we invite you to explore the hackathon submission detailed in this Devpost and explore the source code available on GitHub. Additionally, insights and reflections on related recent successes can be found in Igor's blog post, available here.

Insights gained from hands on experience and working with experts in the field will help the company make more informed strategic decisions for future of Coretex and explore potential partnership with Near Foundation in web3 ecosystem. This was a clear signal and motivation to keep building on it and researching the utility in the scope of product offering.

Igor Peric presenting the winning project on Nearcon 2023 hackathon stage

Next steps for Coretex

In the broader landscape, the AI and blockchain ecosystems are rapidly evolving. Companies like Gensyn and Truebit are just some of the catalysts of this revolution, showcasing the immense potential of decentralized computing. The Near Foundation's recent announcement of Near Tasks is particularly exciting, demonstrating the practical applications of these technologies in a real-world context.

Coretex's vision aligns with these developments. We are actively working towards creating trustless execution protocols, offering an alternative to the current centralized cloud offerings. Our goal is to catalyze a new economy where individuals worldwide can participate in model training and data processing. This approach is not only about technology; it's about shaping a more inclusive and participatory future.

The potential partnership with the Near Foundation in the web3 ecosystem is a significant step towards this goal. Collaborating with such forward-thinking organizations will enable us to leverage their expertise and insights, further enhancing our platform's capabilities and impact.

As Coretex continues to build and innovate, we are not just focused on technological advancement but on redefining the very way in which AI and blockchain technologies are utilized and accessed. We're crafting a future where technology is democratized, and every individual has the opportunity to contribute to and benefit from these groundbreaking developments.

Join us as we pave the way for a new era of distributed computing and AI!

Igor Perić
March 14, 2024