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As the cryptocurrency industry attracts more users, developers are focused on improving the user experience. This is a big problem for most new users. Artificial intelligence is often seen as a technology that can improve the way people use and interact with cryptography.in the latest episode of hash it, The integration of AI and crypto is well documented.
Cointelegraph’s Elisha Owusu Akyaw (GhCryptoGuy) interviewed Nansen CEO Alex Svanevik about the importance of on-chain data and the use of artificial intelligence in cryptocurrencies. hashing.
The story of artificial intelligence taking over is growing with the popularity of applications such as OpenAI and ChatGPT. This trend has spread to the cryptocurrency industry as well, with the price of tokens associated with AI-related cryptocurrency projects skyrocketing. Svanevik believes AI will be integrated into cryptocurrency applications in a way that greatly improves the user experience.
He explained that several cryptocurrency on-chain data platforms use AI to help users find information more easily, similar to how Bing integrates ChatGPT. According to Nansen’s CEO, most of the results that the platform shows users currently require significant work and can be modified into human-readable content using artificial intelligence.
After the bankruptcy of several cryptocurrency platforms in 2022, the institution adopted a new standard called “.Proof of reserves to provide transparency to end-users and sparked controversy. Svanevik believes that proof of reserves, or transparency of reserves, is useful. But he believes that alone is not enough unless you also show what he calls “proof of solvency” which can be done by a combination of proof of reserves and proof of liabilities.
Nevertheless, Svanevik believes that many of last year’s collapses could have been avoided had users had more information about how exchanges and lending platforms were governed, so that solvency could have been bolstered. I argued the general conclusion on Twitter that proofs of reserves are useless because they cannot be verified to be wrong. Deposit through on-chain data. He added that regulators would be more efficient if they closely monitored on-chain data.
RELATED: Bitcoin advocate Najah Roberts explains why BTC is a tool of empowerment.
As for the outlook for 2023, Svanevik said despite increased trading volumes in sectors such as non-fungible tokens (NFTs) from December 2022 to early 2023, he recently raised money and is starting to run out of money. The new year will be difficult for many cryptocurrency startups. capital.
In this episode, the two also talked about:
Listen to the full episode at Spotify, Apple podcasts, google podcastsagain tune in Get all the insights about crypto and AI. You can also check out our catalog of Cointelegraph shows on our new Cointelegraph Podcasts page.
