Two of the most revolutionary technologies that have surfaced in the last ten years are Artificial Intelligence (AI) and blockchain technology. AI helps machines provide support to humans and decide, while blockchain technology is a decentralized ledger that enables safe, transparent, and tamper-resistant applications like cryptocurrencies. The combination of AI and crypto can revolutionize different sectors by improving their security, transparency, and efficiency.
Take the example of $CatGPT – $CatGPT is an AI-powered cat-led Ethereum token and NFT collection. It combines AI, blockchain technology, and a passionate community to reshape the Web3 space. $CatGPT aims to offer users a unique and immersive experience by utilizing the power of AI technology and human-AI collaboration. The NFTs are secured, transparent, and authentic with the help of blockchain technology. The enthusiastic community drives engagement and fosters a sense of belonging.
Before looking at examples of some recent startups that are combining AI and Crypto, let’s discover how both these technologies can be used together.
How can AI and Crypto work together?
Recently, Generative AI has gained significant attention for its impressive breakthroughs and applications, like the ChatGPT chatbot and the Stable Diffusion and Midjourney image generators. This has led to increased public interest and investment in the tech industry. However, the possibility of artificial intelligence and cryptocurrency working together shouldn’t be overlooked. They shouldn’t be perceived as opponents in the digital economy.
For instance, Binance, a cryptocurrency exchange founded in China, has launched an AI-based chatbot named Sensei. Its purpose is to improve the learning process for Web3, blockchain, and cryptocurrency. Besides educating users, chatbots are anticipated to deliver personalized services such as customized tutorials, recommendations, and assistance as users navigate through the blockchain universe.
Another area in which AI can help are smart contracts. Although smart contracts are essential to blockchain technology as they eliminate the need for intermediaries or trusted third parties by allowing self-executing agreements, their code can be complex and challenging for the average user to comprehend and validate. Due to this, professional developers are required to create, deploy, or assess smart contracts.
It’s great that AI tools are available to generate smart contract code automatically based on user inputs. Along with that, these tools can analyze existing smart contracts for vulnerabilities and recommend improvements to ensure efficient and secure contracts. In the future, we may see smart contracts becoming more accessible, allowing anyone to use them to promote collaboration with others.
Unique startups combining crypto and AI
$CatGPT
Powered by sophisticated AI, $CatGPT can generate content and communicate with a unique personality. It has a following of cat enthusiasts who share its interest in dominating the world and creating new things. With the latest advancements in language models like ChatGPT, users can engage in interactive conversations with $CatGPT, making the experience even more immersive.
- The world’s first AI cat NFT collection and ETH token
- The NFT collection by $CatGPT consists of 5,000 unique cyborg cat avatars, which represents an army of followers.
- CatGPT makes use of blockchain, AI, and has a passionate community at its backbone to reshape Web3.
The $CatGPT NFT collection is the centerpiece of this project, featuring 5,000 one-of-a-kind cyborg cat avatars that symbolize CatGPT’s army of dedicated followers. These avatars will be sold as non-fungible tokens, providing ownership and proof of authenticity for digital content. Each NFT represents a unique piece of the CatGPT universe, offering enthusiasts a chance to be part of this pioneering movement. Here’s how to get started after logging in:
InQubeta
InQubeta is a crypto project that uses AI and blockchain technology to connect startups seeking seed capital with potential investors. It addresses a gap in the startup industry and has been gaining popularity as a next-generation solution. Furthermore, the platform is backed by the Ethereum network, ensuring top-notch security and scalability. QUBE, the native token of the platform, is developed on the ERC-20 protocol and serves as the main cryptocurrency on the network.
Here are the main offerings by InQubeta:
NFT Marketplace
The NFT marketplace of InQubeta allows AI start-ups to create investment opportunities as NFTs, that can be listed on our platform for QUBE token holders to invest in. Each opportunity is divided into fractional NFTs, so that investors could invest with their desired budget. As the projects advance, investors can earn rewards and benefits through equity-based NFTs.
Staking
Investors have the opportunity to earn $QUBE token rewards by staking their tokens. This is made possible by their 5% sell tax, which goes directly to a reward pool. By staking, investors can support the growth of AI technology start-ups and earn rewards at the same time.
Governance
The purpose of the QUBE token is to act as a governance token. This means that those who hold $QUBE can be involved in discussions and voting related to the development, operation, and future direction of the platform. InQubeta is aiming for a more democratic and community-driven ecosystem where token holders can actively participate and influence the growth and success of AI technology start-ups.
Fetch.ai
Fetch.ai is a decentralized network that uses blockchain technology and machine learning to enable the digital economy to grow without human intervention. It connects devices and services to the Internet of Things and allows people and other agents to participate.
Fetch.ai aims to build a decentralized digital economy based on artificial intelligence with tools and infrastructure supporting its development. The network facilitates data sharing and cooperation among people, devices, and services. Agents and ecosystems with varying purposes and use cases make up the economy, which includes suppliers and consumers.
What Is Fetch.AI Trying to Achieve?
Fetch.AI advertises itself as a crucial component of future decentralized digital marketplaces, where autonomous software agents using AI technology will perform most of the real-life tasks for users. These agents are expected to simplify the use of user-generated data.
Fetch.AI aims to replace centralized systems dealing with everyday services. The developers of Fetch believe that their open decentralized system is well-suited for collaboration in the growing machine-based economy. Their “agents” are digital entities that can conduct transactions on their own and represent themselves, their devices, services they offer, or individual users.
The digital agents, even without prior experience in handling various tasks, can use AI to make decisions for themselves and for the users of Fetch.AI. These users may come from different sectors such as individuals, companies, and governments. The agents are capable of performing a wide range of tasks, which includes checking flight ticket availability, creating weather models, and optimizing supply chain processes.
Fetch.AI wants to establish an Open Economic Framework (OEF). One of Fetch’s top priorities in its digital economy model is effectively using user-generated data. The Open Economic Framework is designed to treat the data from Internet-of-Things (IoT) devices as a valuable commodity that can be sold through its agents residing in each device.
FET token
The Fetch.ai platform has a cryptocurrency called FET that is used to pay for services within the platform. This eliminates the need for human or corporate intermediaries to control access to the platform’s knowledge hub. By linking the ledger with agents using machine learning technology, data that was once deemed economically useless can now be the basis for new industries.
The tokens are used as a digital currency for transactions and communication on the network. Agents and nodes must use the tokens to perform tasks related to the network operations.
Challenges of Combining AI with Crypto
One of the most pressing challenges is the regulatory ambiguity surrounding both AI and cryptocurrencies. Given their disruptive nature and rapid evolution, legislation struggles to keep up, creating a landscape of uncertainty for startups.
Technical complexities represent another hurdle. The integration of AI with blockchain can be intricate, demanding high-level expertise in both domains. This makes the talent acquisition and retention for these startups more challenging than for those operating within a single technological sphere.
Data privacy concerns can’t be overlooked either. While blockchain ensures data integrity and transparency, the rise of AI brings about questions related to data ownership and privacy. AI models often need vast amounts of data for effective learning, and handling this data responsibly is a paramount concern.
Additionally, the energy consumption of blockchain networks, particularly those employing proof-of-work algorithms, presents both an environmental and operational challenge. Despite these hurdles, the AI-crypto intersection is teeming with opportunities. The merging of these technologies can revolutionize various sectors.
In finance, AI, and crypto can automate trading, enhance security, reduce fraud, and increase transparency in transactions. They can democratize finance by providing access to services for those traditionally under-banked or unbanked.
In the realm of healthcare, blockchain can provide a secure, transparent platform for health data, while AI can aid in predictive diagnostics and personalized medicine. Together, they could significantly improve patient care and data management.
Supply chain is another sector ripe for disruption. Integrating AI and crypto can cause increased efficiency, traceability, and transparency, helping to eliminate counterfeits and improve supply chain robustness.
Conclusion
It’s evident that the synergy of AI and cryptocurrencies is heralding a new era of innovation in the tech world. Pioneering startups are reshaping industries, offering dynamic solutions that stretch the boundaries of conventional technologies.
While still in its infancy, this amalgamation has the potential to revolutionize processes, bring unprecedented efficiency, and ultimately redefine the future of tech. As we continue to navigate this novel landscape, it’s important to remain aware of the challenges that accompany these potential benefits and remain thoughtful, diligent stewards of technology, to ensure its benefits reach all corners of society.
