In a recent Ask Me Anything (AMA) session hosted by Cointelegraph, industry experts delved into the intriguing possibilities of artificial intelligence (AI) within the crypto space. The panel featured Tony Cheng, partner at Foresight Ventures, Ed Roman, managing director of Hack VC, and Haseeb Qureshi, managing partner at Dragonfly Capital. Together, they examined the potential use cases of AI in the blockchain realm, highlighted noteworthy startups leveraging AI, and discussed the growing interest of investors in this domain. Here are the key takeaways from their engaging conversation.
While the intersection of Web3, AI, and blockchain holds immense promise, the speakers acknowledged that we are still in the early stages of this emerging landscape. Large language models, such as OpenAI, are just beginning to shape the field, and predicting the evolution of AI collaboration with Web3 or the emergence of groundbreaking unicorns remains uncertain. Notably, the panelists underscored the contrasting nature of these technologies. AI, with its authoritative capabilities, stands juxtaposed against the democratic, non-hierarchical, and decentralized ethos of blockchain and Web3.
Ed Roman shed light on the prevalent trend of AI startups proposing solutions without clearly defined problems. “We get pitches that are mostly solutions looking for problems,” Roman remarked. He further explained that while infrastructure aimed at serving use cases is being proposed, the challenge lies in the absence of those use cases at present. Tony Cheng echoed this sentiment, emphasizing the nascent stage of AI investments, particularly within the perspective of Web3. Although intriguing ideas from startups utilizing concepts like ZK, machine learning, and on-chain AI have emerged, concrete use cases are yet to materialize.
Haseeb Qureshi brought attention to the misconception surrounding AI products, clarifying that a startup cannot thrive solely on AI as a feature. With the absence of super advanced models, he advocated analyzing competitors’ strengths, aligning with audience interests, and leveraging existing AI models like OpenAI as a foundation for building innovative solutions.
Addressing potential AI use cases for blockchain, the panelists shared valuable insights. They proposed utilizing AI to offer similar services based on user actions in decentralized applications (DApps), detecting fraud and anomalies in smart contracts, and even envisioning AI as a financial advisor. Furthermore, they stressed the importance of enhancing user experience through AI, enabling a deeper understanding of the inner workings of smart contracts and DApps, which could pave the way for broader crypto mass adoption.
Qureshi emphasized that the true power of AI lies in democratizing existing expertise, making it more accessible and affordable for everyone. He expressed his belief that the most significant breakthroughs in AI would primarily enhance team productivity rather than result in game-changing products. Unique datasets and unprecedented achievements are the key ingredients to unlocking the potential of AI-driven innovations.
Tony Cheng acknowledged the current limitations of AI models in solving complex problems. While they excel at basic security audits and enhancing user experiences in games, tools, and productivity, they still struggle to handle intricate edge cases.
On the subject of AI’s occasional “hallucinations,” Ed Roman raised a pertinent concern. While the impact of these hallucinations may be minimal in some scenarios, such as fraud detection, their consequences could be significantly amplified in contexts like AI-powered autopilot systems for vehicles.
During the discussion, Cheng highlighted the fascinating HIM project, reminiscent of the movie “Her,” where users can create and interact with virtual boyfriends or girlfriends. Utilizing AI, HIM enables users to tailor their virtual partners’ personality and conversational tone, allowing them to express emotions and generate content at an accelerated pace.
Looking ahead, Tony Cheng expressed excitement about the potential fusion of AI and blockchain, pointing to the emergence of even more intriguing use cases and innovative startups. The ongoing exploration of ideas and the entrepreneurial spirit in this space promise a future where the boundaries between AI and blockchain blur further.
As the conversation concluded, it became evident that AI’s role in driving crypto mass adoption and shaping the future of Web3 is both promising and complex. While AI brings immense potential to revolutionize existing expertise and enhance team productivity, its limitations and potential risks must be carefully considered. The collaboration between AI and blockchain holds the key to unlocking new possibilities, but it is a journey that requires continued exploration, innovation, and thoughtful application.
As the world of crypto evolves and technology continues to advance, the intersection of AI and blockchain promises to reshape industries, redefine user experiences, and open up avenues for mass adoption. The insights shared by the experts in the Foresight Ventures AMA shed light on the exciting possibilities that lie ahead and underscore the importance of careful navigation and ongoing dialogue to ensure that AI and blockchain work hand in hand towards a more decentralized and inclusive future.
The Foresight Ventures AMA offered a glimpse into the minds of forward-thinking individuals at the forefront of this convergence, leaving us with a sense of anticipation for the transformative potential that awaits as AI and blockchain continue their journey together.
So, as the world embraces the power of AI and blockchain, it is clear that their synergy has the potential to shape the future in ways we are only beginning to fathom. As we navigate this uncharted territory, one thing is certain: the future is now, and AI’s role in driving crypto mass adoption is a significant piece of the puzzle.
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