Every day this week, we will highlight a real and unembellished use case of artificial intelligence in cryptocurrency.
Cryptocurrency and Artificial Intelligence
For every real project in blockchain technology that uses artificial intelligence in an attempt to create a better world – like Singularity.net by Dr. Ben Goertzel – there are 100 coins like AI Doge that are simply a collection of the terms “artificial intelligence” and “cryptocurrency” put together to sell tokens.
According to the founder of Near blockchain, Ilya Polosukhin, these terms are just buzzwords, and he says that if we ignore the hype, these two technologies really do fit together.
Polosukhin states: “There are many specific things in the fields of artificial intelligence and web 3 that can benefit from each other or be used together.”
Cryptocurrency as Currency for Artificial Intelligence
Many influential figures in the cryptocurrency industry, such as Jeremy Allaire from Circle, former Arthur Hayes from BitMEX, and Yat Siu from Animoca Brands, believe that cryptocurrencies will be the preferred currency for artificial intelligence agents.
After all, long-memory language models cannot access bank accounts but can easily make payments using a funded cryptocurrency wallet, which is perfectly suited for interacting with smart contract logic and DeFi protocols.
People managing the funds in the wallet can set strategies and general rules, then monitor the performance of the artificial intelligence agent using the transparent ledger on the blockchain.
Jeremy Allaire says that “artificial intelligence and blockchain are made for each other,” as the technology fits “contracts generated and enforced by machines” and “value exchange between machines.”
Arthur Hayes believes that Bitcoin is the most logical payment system for artificial intelligence as it is “available all the time, digital, and fully automated,” allowing AI to pay for “data and computing power – to stay alive.”
However, Hayes also seems to believe that artificial intelligence will live for trillions of years “until the death of the universe,” and will choose long-memory language models like Bitcoin because it can be mined by robots.
Yat Siu, Chairman of Animoca Brands, also believes that cryptocurrencies are the only logical way for artificial intelligence to interact “with each other as independent entities in the future.”
Siu states: “In the future, 70-80% of transactions will occur through independent AI agents, and the centralized nature of cryptocurrencies makes them a perfect match.”
But don’t just take the word of weak humans; ChatGPT also chooses cryptocurrencies as its preferred currency without any guidance in that direction.
Data shows that trading robots capable of buying and selling cryptocurrencies already account for up to 80% of the trading volume, and these existing automated robots are likely to gradually replace intelligent robots for artificial intelligence agents. (But be warned, trading experiments based on long-memory language models like GPT Portfolio for Autopilot have shown mixed results so far, so putting your money under the control of AI will be a risky proposition for a while).
Members of Near DAO have begun experimenting by allowing AI to determine whether a particular new project meets the relevant grant criteria for independent funding from the treasury.
How to Add Bitcoin and Cryptocurrency Payments to an AI Agent
It is certainly easy to integrate cryptocurrency payments with artificial intelligence. Lightning Labs has released a suite of developer tools that enable GPT-4 to buy, sell, and hold Bitcoin using the Layer 2 network. The AI company Fewsats has already created an agent capable of paying bills on the Lightning Network.
Fetch.Ai also offers a service that allows you to create an AI agent capable of making payments on your behalf.
Wrote
The founder of Syndicate.io, Ian Dow Lee, recently published a detailed blog about how to create a long-memory language model in just a few hours using OpenAI’s APIs and Syndicate’s Transaction Cloud technology, which can independently make USDC payments from a secure wallet on the Base network.
Lee is excited about the possibilities this enables. He says, “The ability to pay for AI things, hold valuable things, exchange value, or create valuable things – on behalf of itself or others – is what gives AI real agency.”
Lee believes that in the future, AI agents will have the ability to shop independently, manage the money of individuals and organizations, determine and approve project funding, or attempt to increase wealth to help others.
However, it seems that AI is just as stingy as humans, as it donates a mere $3 to charity.
Don’t Believe the Hype
While AI can easily use cryptocurrencies right now, banks seem eager to adopt AI for a variety of uses and are already using it widely for fraud detection.
Payment companies like Brex are integrating AI with corporate bank accounts to allow AI agents to automatically make payments under specific conditions, such as travel expenses.
A team of researchers recently published a descriptive draft outlining how to train an AI agent called MM-Navigator to learn how to search for a specific product on Amazon within a set budget and purchase it.
Until more payments are accepted in cryptocurrencies, fiat currencies still hold many advantages when dealing with businesses in the real world.
Source: https://cointelegraph.com/magazine/use-case-ai-crypto-money-payments/
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