Immerse AI scenarios, says Qureshi, you can imagine a world where AI agents are buying and selling resources, and they’re using cryptocurrency to do it. Once the darling of the tech world, crypto–or blockchain or Web3 or whatever we’re calling it today–has been mired in lawsuits by the SEC; a frosty bear market; and now, perhaps most painfully, the indignity of playing second fiddle to AI, said Jeremiah Owyang, an influential entrepreneur who has been active in the Web3 space. AI has become the new darling of the tech world, with events dedicated to it popping up in San Francisco and Dubai. But, is it really a competition between crypto and AI?
Web3 might be in winter, but it’s not dying. Projects continue to quietly build, and AI will inevitably impact Web3. Projects like SingularityNET, Ocean Protocol, and Cortex have already been working on various types of decentralized AI solutions. AI could potentially help reduce the power gap that’s ingrained in the Web3 community, increase productivity, and reduce the time it takes to build immersive worlds.
AI could also be weaponized by the bad guys and used as a shield by defenders. Fraudsters are already using AI platforms to build fake trading websites, and deep fakes have already gone viral and tricked millions. Zero-knowledge proofs could help prove something is something, without divulging anything sensitive. AI could also help Web3 companies become more competitive in compliance faster.
But, AI could also be used for nefarious purposes. AI agents could buy and sell resources, using cryptocurrency to do it. This could lead to a nightmare scenario where AI wipes out the human species.
Crypto and AI don’t have to be pitted against each other. AI could help Web3 in many ways, from boosting productivity to helping authenticate digital assets. It’s time to embrace the potential of both.