ChatGPT is helping this new project take crypto search to the next level – a game changer for the industry?
Ai-powered Web3-focused search engine Kaito raised $5.3 million in a funding round, according to a recent TechCrunch report. Kaito says the funds will be used to increase the size of the team and accelerate product development.
Participants in the round, which was led by Dragonfly Capitalinclude Sequoia capital of China, Jane Street, Folius Ventures, Alpha Lab Capital and Mirana Ventures.
Kaito uses AI technology to aggregate web3-relevant information into a one-click product, scraping and summarizing information from platforms such as Twitter, Discord, governance forums, Medium and podcast transcripts. Kaito’s search engine will also optimize search results using similar techniques to the established giants such as Google and Bing, such as ranking, topic mining and personalized recommendations.
Kaito has already launched an institutional version of its platform. Meanwhile, it is currently working with OpenAI to integrate ChatGPT into a future version of the search engine designed for individuals. ChatGPT, the world’s most advanced AI-powered chatbot, has recently become the fastest application in history to surpass 100 million users. It is seen by many as a massive technological breakthrough that will have an immediate and profound impact on the way we surf the web and work.
Kaito fights against crypto information overload
In crypto and web3, people are constantly fighting “information overload,” Yu Hu, founder and CEO of Kaito, said in an interview with TechCrunch. Kaito “shortens the path to finding answers from 30 minutes or an hour to 10 seconds,” he proclaimed.
A finance veteran, Hu has worked at Citadel, one of the world’s most profitable hedge funds, for nearly a decade. After becoming interested in crypto back in 2017, Hu noticed that, unlike in the traditional financial space, where information is well organized on platforms such as the Bloomberg terminal, information in crypto is highly fragmented. Kaito aims to make the web3 landscape easier to transversal.
A Game Changer for Crypto?
One of the biggest problems hindering crypto’s wider societal adoption is information overload. New people in space face a bombardment of new information that they need to learn to understand how things work, and which can often act as a deterrent for people to get involved. Misunderstandings lead to skepticism in crypto as a technology.
One way to solve this problem is to build intuitive web3 applications that non-crypto natives can use right away, giving them a gradual introduction to the space. Another way is to make crypto information more accessible. And Kaito’s search engine can be a big part of this. The company plans to make its individual search engine free to use – a smart move if it wants to become the future web3 version of Google’s search engine.
