Artificial intelligence tools that have become widespread with ChatGPT have led to radical changes in the altcoin market. Coinbase, one of the largest centralized exchanges, underlines the growth in this industry in a new report.
Coinbase draws attention to the growing dominance of AI Coins in the altcoin sector
David Duong, head of research at Coinbase, mentioned in a recent report that despite the growing demand for AI-based blockchain projects, the industry still has a small market cap. According to the report, the future of AI and crypto points to a fairly broad landscape.
According to Messari, the market capitalization of crypto projects directly involved in artificial intelligence today is $772 million, which represents only 0.07% of the total crypto market capitalization. According to Duong, “However, if we include projects that incorporate or incorporate AI in some way into their capabilities and/or service offerings, that figure rises to approximately $2.85 billion (as of end of May).”
Duong also touched on some of the problems in artificial intelligence that can be addressed by Blockchain technology and crypto protocols. The titles listed at this point are as follows:
- False information and disinformation
- Auditability
- Democratizing AI development and use
- Demand for data sources
- Demand for computational resources
The report also included expectations about WorldCoin and the special biometric imaging device Orbs it developed.
Coinbase said the intersection of AI and crypto is an important opportunity for entrepreneurs https://t.co/cQgKvo8iuL
— Bloomberg Crypto (@crypto) June 2, 2023
OpenAI announces $1 million investment in AI security
In another development, OpenAI, creator of ChatGPT and Dall-e, has announced a $1 million cybersecurity grant program to increase and measure the impact of AI-driven cybersecurity technologies.
The AI company has been stressing the importance of AI regulation to thwart potentially malicious apps for a while. In an ongoing digital arms race, OpenAI seems to be taking proactive measures to ensure that positive forces are not left behind.
Announcing the Cybersecurity Grant Program — a $1M initiative to boost and quantify AI-powered cybersecurity capabilities and to foster high-level AI and cybersecurity discourse: https://t.co/kqHXqxAks1
— OpenAI (@OpenAI) June 1, 2023
OpenAI has previously presented a wide variety of project concepts to enhance security. The goals of the program are as stated by OpenAI in its official blog post: “Our aim is to promote the advancement of AI-driven cybersecurity capabilities for defenders through grants and additional assistance.”
This groundbreaking initiative seeks to achieve three key goals. First, it aims to “empower the defenders” to leverage artificial intelligence capabilities and collaborative efforts to shift the balance in favor of those dedicated to improving overall safety and security.
Another focus of the initiative is “measuring talents”. OpenAI aims to support projects focused on developing quantification methods to evaluate the effectiveness of artificial intelligence models, particularly in the field of cybersecurity. Additionally, OpenAI aims to “elevate the discourse” by encouraging in-depth discussions about the complex relationship between artificial intelligence and cybersecurity.
How is the AI Coin market
Here are the last 24-hour earnings rates of the largest AI projects, according to data from CMC:
- The Graph (GRT): 1.76%
- RNDR (Render Token): 0.01%
- INJ (Injective): 0.64%
- AGIX (SingularityNET): 0.72%
- ROSE (Oasis Network): 1.96%
- OCEAN (Ocean Protocol): 1.76%
- FET (Fetch.ai): 1.29%
- RLC (iExec RLC): 0.24%
- SURE (inSure DeFi): 3.25%
- ALI (Artificial Liquid Intelligence): 11.39%
- TRAC (OriginTrail): 1.59%
- DKA (dCargo): 0.39%
- NMR (Numeraire): 1.25%
- PHA (Phala Network): 2.26%
- CQT (Covalent): 2.07%
- AKT (Akash Network): 2.99%
- IQ (IQ): 0.16%
- VRA (Verasity): 0.25%
- KEY (SelfKey): 8.27%
- FORT (Forta): 1.93%
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