Could AI be what crypto has been waiting for? Experts weigh in!

After months of being all people, media and pundits can talk about, it seems the AI ​​hype cycle is finally cooling down. While billions of dollars are still being invested in the space, experts like OpenAI CEO Sam Altman believe that the era of giant AI models has comes to an end. Now, just like crypto and the metaverse before it, it’s time for generative AI to truly unlock its potential.

With ethical concerns, media sensationalism, and the cycle of greed slowing down significantly recently, most industries now have a better idea of ​​what AI can really do for them. Of all those exploring potential applications, the crypto industry is one of those leading the charge. This is not surprising, given that one of the main challenges facing the cryptocurrency industry is its complexity, which has prevented it from reaching mass adoption. For crypto, AI could be a game changer.

Over his almost 70 years In history, AI has proven to be one of the most powerful tools when it comes to automating complex processes that require a certain level of decision-making or data analysis. These capabilities will make AI the perfect complement to cryptocurrency if used correctly, revolutionizing areas ranging from user experience to innovation consensus mechanisms.

So far, most applications of AI in the crypto space seem to have focused on helping users navigate the intricacies of digital wallets, exchanges, and blockchain technology. making it easier for them to manage their crypto assets. This user-focused approach can help the technology become more accessible to new users, easing the transition from fiat and centralized currencies to crypto.

Making cryptocurrency easier to use could also make the technology easier to understand for regulators. So far, regulators and lawmakers around the world have struggled to develop a regulatory framework for cryptocurrency and other decentralized financial services. This has been partly due to an unwillingness to do so by claiming that such the framework already existsto a complete lack of understanding of what crypto is or how it works.

In addition to making Crypto easier to interact with and therefore understand, AI can also play a crucial role in streamlining regulatory compliance. By automating the monitoring and reporting of transactions, AI can help crypto projects identify and address potential problems more effectively, ease compliance, and ease regulators’ concerns.

The “AI: Crypto’s Spoiler or Bulwark” panel, which took place as part of this year’s edition of Grit Daily House at Consensus, discussed these and other benefits of bringing AI technology to the crypto space. AI Business’ editor Deborah Yao sat down with CircleClick’s co-founder and CEO, Anne Ahola Ward and Daily.ai’s founder and CEO Joe Proud to learn more thoughts, insights and experiences with the participants.

To hear what the panel of experts had to say about AI’s “electricity moment,” what it can do for DeFi and Crypto, and how it’s being used to create rich and meaningful experiences, be sure to watch the video below or on Grit Daily’s official YouTube channel.