Given all the excitement surrounding ChatGPT, it’s not surprising that many altcoin projects are looking for ways to integrate artificial intelligence (AI) functionality. This is especially true of the best Layer-1 Blockchains, which have vast ecosystems of projects, tools, marketplaces and applications, all of which can potentially benefit from AI. The Motley Fool analyst Dominic Basulto also pointed out an altcoin that will benefit from the excitement of AI. Here are the details…
Altcoin Solana’s AI initiatives matter
At the end of April, Solana announced two new AI initiatives inspired by the current success of ChatGPT. According to the analyst, if this is the start of a new AI strategy for Solana, it could have major implications for the future price trajectory of the coin. Solana is already up 102 percent for this year, but there could be more upside potential going forward.
On April 25, Solana announced the creation of an open source ChatGPT plugin that will allow users to interface with the Solana Blockchain directly from within ChatGPT. In many ways, this plugin is similar to ChatGPT plugins currently being developed by travel booking sites, food ordering apps, and e-commerce websites. ChatGPT’s early partners include companies like Kayak (owned by Booking Holdings), Expedia, Shopify, and Instacart, all seeking ways to make their customers smarter through ChatGPT.
Of course, Solana’s ChatGPT plugin currently has relatively limited functionality. As soon as the ChatGPT plugin goes live, Solana users will be able to query ChatGPT about on-chain activities occurring in Solana, including information about their current wallet balance. Users will also be able to perform very basic transactions such as transferring funds between wallets or purchasing NFTs. Things get really exciting when you think about where things could go.
Artificial intelligence grant program
Integration with ChatGPT is just the first step in Solana’s AI strategy. The next step is to nurture the Solana ecosystem with grants to develop innovative AI tools. To make this a reality, Solana will distribute $1 million in grants ranging from $5,000 to $25,000. This is a small coin by crypto standards, so Solana is clearly trying to create as wide a network as possible.
Despite its relatively small size, this AI grant program could be a very successful strategy for Solana. As the Solana team pointed out at its live product launch event for the Saga phone last month, Solana hackathon teams have a strong track record of finding venture capital (VC) financing to later bring their tools or projects to market. Therefore, the possibility of future hackathon teams receiving funding from Solana for AI projects stands out.
Why Solan?
Of course, Solana won’t be the only Layer-1 Blockchain trying to implement an AI or ChatGPT strategy. For example, Cardano may have laid the groundwork for an AI strategy thanks to its support of the popular AI coin SingularityNET (AGIX). It would be fair to say that Ethereum developers will also find a way to make artificial intelligence a part of the Ethereum blockchain ecosystem.
While other blockchains can replicate the technical part of the process of creating a ChatGPT plugin, they likely cannot reproduce the ability to fund hundreds of startups at once. If you take Solana’s initial funding commitment of $1 million and assume the average funding deal will be $10,000, that means 100 start-ups get money from Solana and develop AI tools for the Solana Blockchain ecosystem.
Of course, there are many other reasons to invest in Solana beyond ChatGPT and expanded AI functionality, such as Solana’s reach and scale in NFTs, DeFi and Blockchain games. “I was already bullish on Solana in the long run, and this new AI strategy has put me on the rise even more,” the analyst said. From my perspective, the long-term potential of ChatGPT is so great that the first Blockchain to solve it will have an enormous competitive advantage. Right now, it looks like this Blockchain could be Solana,” he says.
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