As a seasoned researcher and tech enthusiast with over two decades of experience, I find the intersection of artificial intelligence (AI) and cryptocurrency (crypto) to be one of the most fascinating developments in technology today. Nemil Dalal’s interview on CNBC has further solidified this belief.
On September 5, Nemil Dalal, head of the Coinbase Developer Platform (CDP), talked about AI and cryptocurrencies during an interview on CNBC. He explained that Coinbase successfully conducted a transaction where two AI systems traded cryptocurrency with each other, marking a significant step in the field.
Dalal pointed out that Artificial Intelligence (AI) and Cryptocurrencies are two of the most intriguing advancements in technology currently. The programmable nature of cryptocurrencies, enabling “if-then” functions, gives it a strong edge for AI. Furthermore, AI agents frequently encounter difficulties in opening traditional bank accounts, but they can efficiently manage crypto wallets, which are more user-friendly.
Dalal outlined that Artificial Intelligence (AI) and cryptocurrency are set to shape the future of financial networks. Earlier, AI was primarily about humans engaging with AI systems, like hiring AI to carry out tasks. However, in the near future, AI agents could potentially exchange payments among themselves. For instance, he presented a hypothetical situation where an AI agent specialized in web-scraping interacts with another AI agent needing information. Here, cryptocurrency serves as the medium for transactions between these two AI agents.
Dalal made mention of a recent update shared by Brian Armstrong, the CEO of Coinbase, emphasizing the importance of Coinbase’s initial cryptocurrency transaction conducted between two artificial intelligence entities.
— Brian Armstrong (@brian_armstrong) August 30, 2024
AI agents may not be able to open their own bank accounts, but they can now utilize USDC on Coinbase’s Layer 2 blockchain, known as Base, to carry out transactions with people, merchants, and even other AI agents. Dalal highlighted that this is just the beginning, and many more AI-cryptocurrency transactions like this are expected in the future.
The need for AI-based cryptocurrency transactions is already substantial, as stated by Dalal, with numerous developers testing their ideas on Coinbase’s development platform. He referenced a demonstration accessible at AIWalletsDemo.com, where users can connect a crypto wallet to an AI bot. Dalal explained that there are three primary categories of AI-crypto transactions: people paying AI assistants, AI assistants compensating humans, and AI assistants remunerating other AI assistants for specialized duties.
In response to queries about the future of an AI-focused economy, Dalal pointed out the high level of developer involvement in both AI and cryptocurrency. He drew attention to forecasts from Bitwise and VanEck suggesting that AI and cryptocurrencies could potentially increase the global economy by between $10 billion and $20 trillion by 2030. Although exact numbers are debatable, Dalal underscored that the value of AI and cryptocurrencies is evident and expected to expand substantially.
Dalal additionally delved into Coinbase’s approach to artificial intelligence, encompassing various aspects. He highlighted the implementation of AI-powered agents for enhancing customer service and expediting application development by developers. He emphasized his dedication towards supporting developers, providing them with essential tools, APIs, and digital wallets, enabling them to effectively navigate and make the most out of the cryptocurrency ecosystem.
Dalal showcased some upcoming tools from the Coinbase Developer Platform, such as Onchain Kit, a tool that allows developers to swiftly create on-chain applications within minutes. He also brought up the fact that both smart wallets for regular users and API wallets for developers will be accessible. Dalal emphasized that the main aim of Coinbase is to streamline blockchain development, enhance security, and make it less complex for developers of all abilities to construct on-chain applications.
At the end of the discussion, Dalal expressed his positive outlook on the progression of AI-cryptocurrency exchanges and the expanding AI-to-AI marketplace. He emphasized that the synergy between AI and cryptocurrencies offers significant possibilities, and Coinbase is dedicated to aiding developers via their platform.
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2024-09-06 12:34