- The combination of AI and crypto could be the next avenue for entrepreneurs.
- Generative Artificial Intelligence makes people’s lives easier and could revolutionize various aspects.
Coinbase Global Inc., the most extensive US Digital Asset Exchange, said the intersection of ‘Artificial Intelligence and Crypto presents an extraordinary opportunity for speculators and business people to assist in preventing some of the surplus produced by the technology critics.’
Coinbase believes that the intersection of AI and crypto is a great opportunity for entrepreneurs.
David Duong (DD), the head of research at Coinbase on June 01, 2023, showcased his research report. The report emphasized the potential of AI and its applications and how disruptive it could be.
The crypto projects involving the development of AI models on blockchain are applying AI to dApps.
DD’s Report on AI Streams and Related Concerns
The scope of the impact of ‘Generative Artificial Intelligence (AI)’ on people’s lives is transformative and disruptive. The advent of ChatGPT took the information technology by storm. Several companies, especially those dealing with big data have incorporated ChatGPT’s advanced paid versions into processes to aid employees.
At most, this technology can enhance productivity and lower costs. Automation of processes will not remain a distant reality anymore.
At its worst, it may spew misinformation which could add to the price of monitoring, auditing, litigation, and other forms of operational complexity.
Per the report, Cryptocurrency insights provider Messari says that crypto projects that involve AI account for only 0.07% of the total crypto market capitalization at $772 Million. However, upon including projects in less direct ways, the figure goes up to $2.85 Billion. This rise includes projects that have incorporated or are in the process of incorporating AI for offering services.
Blockchain technology can deal with problems like examining the authenticity and reliability of online content. It is supported by capturing the life cycle of content generation to differentiate between the photos, music, videos, and text generated by AI.
Further, blockchains can create an auditable track record of the decision-making processes used by AI algorithms, which otherwise would be difficult to scan.
Comparative Research as Years- 2016 and 2022
The development of AI models like Large Language Learning models (the model on which ChatGPT is built upon) are resource-intensive and time-consuming. These models can create lags and bugs in output generation or limit AI access to worldwide places that can comprehend such demands.
Present AI Sector-Crypto Market Cap Vs Total AI-Sector
Data from Coinbase shows that the incorporation of AI into the crypto sector gives a noticeable boost to the sectoral market capitalization.