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Tesla’s CEO or The Iron, Mr Elon Musk and a group of partners announced the formation of OpenAI, a nonprofit venture devoted to open-source research into artificial intelligence.

Tech elite committed $1 billion so that its AI research can be conducted without a need to generate revenue.

Funding for this comes from Elon Musk, Reid Hoffman, Peter Thiel, Jessica Livingston and Amazon Web Services.Musk is co-chairing the project with Y Combinator CEO Sam Altman.

“Just like humans protect against Dr. Evil by the fact that most humans are good, and the collective force of humanity can contain the bad elements, we think its far more likely that many, many AIs, will work to stop the occasional bad actors than the idea that there is a single AI a billion times more powerful than anything else” – Altman said in a joint interview with Backchannel.

It’s unclear how much OpenAI will focus on those issues, although Musk said those aspects would be of particular interest to him.

“I’m going to be super-conscious personally of safety,” – Elon Musk told Backchannel

“We believe AI should be an extension of individual human wills and, in the spirit of liberty, as broadly and evenly distributed as is possible safely,” it says in its blog post. “It’s hard to fathom how much human-level AI could benefit society, and it’s equally hard to imagine how much it could damage society if built or used incorrectly.”

Additionally, the organization is committed to freely disseminating its research via blog posts, open patents and code.