Joey Bertschler, previously with OpenAI, develops a blockchain-enabled wage system called Volante Chain, providing same-day payouts and efficient records.
Introduction to Joey Bertschler’s New Venture
Joey Bertschler, once part of OpenAI, is now developing a blockchain-centric wage distribution network. Volante Chain, his new venture, came into existence partly due to his dissatisfaction with the work culture at OpenAI.
Understanding Volante Chain
In an exclusive interaction at the German Blockchain & AI Week, Bertschler disclosed his stint at OpenAI as part of the ChatGPT launch team, assisting business clients in utilizing emerging AI tools. Over time, he decided to transition to the fintech domain and established Volante Chain, a blockchain-powered platform ensuring same-day wage payouts for workers.
Through Volante, employees at participating firms can receive their daily wages the same day instead of waiting till the end of the month. Bertschler sees the traditional monthly pay model as limiting, particularly for those who rely on every paycheck. The platform’s integration of blockchain facilitates effective record-keeping with a verified ledger, reducing costs and enabling low transaction fees.
Artificial Intelligence at Volante
Volante implements artificial intelligence to predict possible employer defaults and assess risk instantly. Bertschler characterizes the system as semi-automated, utilizing AI for identifying patterns and aiding decision-making, but it is not completely autonomous. The system is monitored by humans and involves the legal review process.
Volante’s Funding and Prospects
Bertschler confirmed that Volante has collected around $2 million from individual investors thus far. With this funding, he anticipates the modestly sized company to operate for approximately five years without the need for further capital. Volante is currently being tested by several thousand users in Vietnam and Japan, and expansion plans are on the horizon. Bertschler equates this phase to a closed beta testing stage.
Joey Bertschler’s Transition from OpenAI to Fintech
Bertschler’s decision to exit OpenAI and pivot towards fintech was influenced by attractive proposals from other companies and internal policies he found disagreeable. He also noted that as a non-US employee, his advancement opportunities were limited and he was excluded from stock option schemes.
Critique of OpenAI
Bertschler expressed disappointment with the direction OpenAI is taking, particularly since Microsoft’s involvement. He believes that the organisation has become more secretive and profit-driven. He criticized OpenAI’s name as not being reflective of its operation, suggesting it could be more aptly named “Closed AI” and stating that the organization is straying from its founding principles.
Reports highlight that Microsoft is currently discussing renegotiating its investment deal with OpenAI. As OpenAI transitions into a public-benefit corporation, conflicts with co-founders like Elon Musk and early investors over the organisation’s profit-making shift have surfaced.
