US-based cryptocurrency exchange Coinbase sees artificial intelligence as an opportunity for crypto.
According to Coinbase head of research, David Duong, he gave speeches on artificial intelligence and blockchain technologies. Doung said artificial intelligence is an opportunity.
Coinbase Says Artificial Intelligence Is An Opportunity For The Ecosystem
Coinbase states that the combination of crypto and artificial intelligence is an important opportunity for entrepreneurs. According to David Duong, head of research at Coinbase, AI and Blockchain technologies are opening the door to the crypto world for new use cases that will help uncover collaboration spaces and address the societal challenges posed by AI.
According to data from the Messari research firm, the total market cap of crypto projects focused on artificial intelligence stands at $772 million, which is only 0.07 percent of the total crypto market capitalization. The majority of these projects differ from other crypto assets such as Bitcoin, smart contract platforms and stablecoins.
Classified under the AI category by CoinGecko, tokens have seen significant growth this year as applications like ChatGPT develop rapidly and OpenAI receives large investments. Duong has listed several potential use cases combining both technologies. For example, decentralized data marketplaces can provide access to validated and diverse data to train the model of generative AI.
The report also includes other use cases such as AI projects using graphics processing units from decentralized networks for computing power, improving data authenticity, and making AI algorithms more transparent and auditable.
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