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ChatGPT and Other AIs May Be Crucial In Attracting New Users to Cryptocurrency

2023-05-10 14:56:10

AI might assist in bringing millions of new users to blockchain by doing tasks like assisting users in finding solutions to their inquiries by looking at their wallets.


It goes without saying that bear markets are difficult. How many once-promising ventures have vanished into obscurity may be seen by quickly reviewing the top initiatives of any previous market cycle. Despite how demoralizing these cycles might be, many people fail to recognize that every market downturn also presents a chance for innovation that will help Web3 have a brighter future. The success of Uniswap and OpenSea serves as a stark reminder of the possibility of "building in a bear market" to initiate fresh bullish cycles.

What innovations are on the horizon as we negotiate the market environment, which is exhibiting signs of an upward trajectory? Artificial intelligence (AI) is at the top of the list because of its ability to usher Web3 into its most fruitful and exciting time of transition, a new age that will enable us to achieve a goal we've been working towards from day one: enrolling 1 billion users.

AI has clearly overtaken blockchain technology as the most fascinating technical advancement in what seems like an instant. It seems inevitable that these two sectors of the future will combine to fuel humanity's future. The rise of AI apps offers a chance to take a step back and consider what Web3 actually needs to become widely adopted. Web2 was (controversially) successful in upgrading and rethinking our digital lives through algorithmic filtering and targeting. Various would concur that the key priority is to enhance and simplify various blockchain use cases so that common consumers may readily participate.

Why do services like Spotify, Amazon, and Instagram do such an excellent job of providing us with stuff we didn't even realize we needed? While it's no secret that these businesses collect our data and breach our privacy in order to teach algorithms to understand us better than we frequently understand ourselves, their products have still revolutionized the world through straightforward and efficient user experiences (UX).

The Next Stage of AI Development Is Driven by Bitcoin Miners

The technology has the potential to (ideally 100% impartially) personalize the initial setup and utility of applications and establish a more favorable and effective ecosystem of decentralized apps on Web3, which notoriously consists of clumsy, intimidating, and somewhat "cold" UX for average users. While numerous have appropriately discovered vast risks in AI, from potential legal problems to its speed of adoption. Therefore, the chance to develop apps that are smarter and more appealing that are driven by frictionless UX is crucial.

S-Curve adoption study for Bitcoin - Off the Chain Capital

In order to help differentiate between safe and unsafe transactions, AI can also look at on-chain data from wallets to assess their reputation. It can also make users complete additional verification steps before finishing transactions, which might decrease widespread phishing and hacks. This is something that exchanges currently do, but AI can automate it and guarantee that a user's custody is maintained. If we take this a step further, we may rate protocols according to the various attack vectors they may be vulnerable to, which will aid developers in identifying potential problems before they arise.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.

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