Are A.I. and crypto the perfect match?

Hello, I am Marco Quiroz-Gutierrez, reporting on cryptocurrency. I am taking over for Jeff.

The combination of Crypto and A.I. is one of the most notable developments in modern times. With the potential they hold, bringing the two together was an obvious proposition. Many blockchain, exchange and crypto analytics companies have introduced their A.I. solutions in recent times. However, it can be difficult to tell which of these have a true impact and which ones are all talk.

According to Solana Labs, they are the first to develop a ChatGPT assistant for their blockchain, which seems very impressive at first glance. Instead of having to go to the Solana explorer or Solscan to check your transactions, you can simply ask the Solana ChatGPT plugin for details about what you have bought and sold or find out how much SOL you have. Solana Labs software engineer, Noah Gundotra, explained to Fortune that the assistant can even recommend NFTs within your budget and help you purchase them. However, it's not possible for the assistant to make direct purchases yet.

Jonathan Abramovich, who leads the infrastructure business development for Solana Foundation, shared that the main intention is to facilitate people's access to the blockchain technology. They strive to make using Solana blockchain effortless for everyone.

One difficulty is that the plugin needs a specific ability in ChatGPT that not every user has, as demonstrated. A framework was developed by Solana Labs and the code was shared on GitHub. Assistance will be provided by the Solana Foundation, but it is encouraging users or groups within the ecosystem to "take the initiative". Abramovich clarified this. Teams are being encouraged by the foundation to explore the fusion of A.I. and blockchain and may be awarded grants of up to $10 million. According to a representative, they have already received applications from hundreds of hopefuls.

Crypto.com is doing something unique. It is training its A.I. assistant, named "Amy," to educate its users on the exchange. Amy offers beta users information on cryptocurrency pricing and historical events. However, the project is not yet accessible to the majority of users and may not be very practical. A spokesperson declined to comment further and instead shared a statement similar to what the company previously announced about the product.

According to Humayun Sheikh, the head honcho of Fetch.ai, most cryptocurrency-based virtual assistants that use A.I. are just fancy versions of old-school chatbots that we've known about for years. While A.I. technology definitely makes it easier to teach these assistants, they're not shaking up the blockchain scene by any means. This is especially true when they're limited to specific blockchains or the proprietary technology of just one company.

As per Sheikh, Fetch is developing some sophisticated A.I. programs. However, currently, the company's focus lies on the Fetch Wallet, which is quite similar to Solana's ChatGPT assistant. It allows its users to transfer Fetch's cryptocurrency, FET, from one wallet to another. The assistant embedded in the wallet can handle a limited set of tasks, and mostly, they are limited to FET.

According to Ciamac Moallemi, a professor at Columbia Business School and a researcher in crypto transactions, it's challenging for ordinary people to comprehend much of the data related to cryptocurrencies. He suggested that the greatest potential for A.I. assistants is for them to encourage more individuals to use crypto. Even though A.I. could simplify the process of scrutinizing the blockchain, Ciamac isn't convinced that this feature will be the primary draw for individuals.

He stated that there might be potential in democratizing things by lowering the bar.

Maybe someday individuals who utilize cryptocurrency will have the capability to utilize A.I. aides as their personal assistants to tailor trades, make DeFi transactions more streamlined, and tackle other complex tasks in the field. Nevertheless, that possibility might still be a long way into the future.

Initially, this tale was showcased on the website Fortune.com.

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