As a seasoned analyst with over two decades of experience in the tech industry, I’ve witnessed the evolution of digital technologies from the early days of the internet to the current era of AI and blockchain. The intersection of these two groundbreaking technologies is not just an exciting development; it’s a game-changer that could reshape our world beyond recognition.
In simple terms, combining artificial intelligence (AI) and blockchain technology is set to revolutionize the online economy, leading us towards a future where intelligent AI systems can engage with people directly on the decentralized web known as Web3. This prediction was made by Coinbase Ventures in their October 24th report.
In this anticipated scenario, often referred to as “The Agentic Web” by Coinbase Ventures, self-governing artificial intelligences are expected to design and operate decentralized apps, engaging in cryptocurrency transactions not only with humans but also with other AI agents, as outlined in the report.
Coinbase Ventures anticipates a time when digital agents will possess personal cryptocurrency wallets, enabling them to independently conduct transactions automatically. Additionally, they may utilize stablecoins to compensate humans and other agents for tasks contributing to their overarching goals.
Related: Aethir launches $100M fund to accelerate AI, gaming innovation
Investment in the crossroads between blockchain and artificial intelligence is growing more popular among venture capital firms specializing in cryptocurrency. These firms reportedly invested around $213 million into AI-focused startups during the third quarter of 2023, as per Messari, a research organization in the crypto sector.
On October 10th, the decentralized graphics processing unit provider, Aethir, declared the initiation of a $100 million fund known as the Aethir Ecosystem Fund. This fund aims at boosting the advancement of artificial intelligence and gaming innovations.
As an analyst, on October 24th, I’m excited to share that Skyfire, a pioneering Web3 payments platform, successfully secured $9.5 million in funding from visionary venture capitalists such as Coinbase Ventures and a16z. This investment will empower us to construct the necessary infrastructure, allowing artificial intelligence agents to carry out transactions autonomously using US Dollar Coins (USDC), a reliable digital currency.
Skyfire has already onboarded upward of half a dozen AI developers onto the payment network.
According to Coinbase Ventures, the development of artificial intelligence (AI) could significantly benefit from using blockchain technology. This is because cryptocurrency has the potential to expand access, boost transparency, and create more practical applications in the growing AI field.
According to a recent report, Coinbase Ventures anticipates that cryptocurrency will eventually be the chosen method for both peer-to-human and peer-to-peer commercial transactions. Furthermore, they predict that generative AI will become the most common means for users who wish to carry out on-chain transactions.
In the near future, AI is expected to write most of the software code, including smart contracts, leading to an explosion of on-chain applications and experiences, as stated by Coinbase Ventures.
During the third quarter, a total of $19 billion was invested by venture capital firms into artificial intelligence (AI) startups, representing approximately 28% of all venture capital funding during that time, as per Crunchbase’s data.
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2024-10-24 22:38