Gate.io Market Watch: Is the Integration of AI and Web3 Already Happening?
We’ve all heard it, but for many, it is only now just starting to sink in. Artificial intelligence (AI) will impact every aspect of our lives. Although still years from widespread adoption, it will eventually transcend the web, academia, just about every industry, and even blockchain. However, we’re not just discussing AI-generated NFT artwork or checking smart contract codes for security vulnerabilities, although both will play a role. Instead, we’re talking about the potential for AI and Web3 to have a mutually beneficial relationship for both respective technologies.
Decentralizing and anonymizing the data economy
For AI to work well, it requires large swatches of data. This data trains the AI, providing insight to make decisions and generate outputs. Generally, better, bigger, and more diverse datasets equal a better-performing AI. Mega tech companies like Google have an advantage here, where they can tap into their infinitely large pool of data on people and their behaviours. But, unfortunately, as Google gets rich off this data, the users get little in return. Moreover, users don’t have much control over their data once it’s handed off.
AI and Web3 are changing this dynamic. Users could opt-in to have their data collected and anonymized and get rewarded in cryptocurrency for doing so. A digital ID could determine when, where, and how the data is used, with the rules written in protocols and secured by blockchain. Effectively, users can own their online identity and determine the size of their footprint while also getting a cut of revenue. The Web3 company Pool Data is doing something like this, allowing users to decide exactly how their online data is used, shared, or collected through self-sovereign blockchain-based identity.
Increasing access to AI resources
Another way AI intersects with Web3 is through the Ocean Protocol, a decentralized marketplace where AI data can be “borrowed,” connecting data providers with consumers through tokenized datasets without compromising data privacy or control. Anyone can access data on Ocean Protocol to train an AI model without the data being shared directly. This can help break the AI industry out of the silos of big corporations, making the industry more open and accessible without losing out on privacy.
When AI, crypto, and the stock market collide
There’s also an intersection between AI, Web3, and traditional financial markets. For example, Numerai has developed a platform where market researchers can publish stock market signals, which predict market trends, that are generated using AI and standardized datasets released by Numerai. Researchers publish their signals to Numerai and stake NMR tokens with their predictions. If their signals perform well, they are rewarded.
So far, Numerai has achieved nearly a 50% return on investment using signals provided by its users. In addition, its AI-driven investment model is a de-facto governance tool where data scientists decide the direction of the firm’s investments.
Building a foundation for AI and Web3
Artificial intelligence and machine learning are coming in fast, faster than some may have expected. For a mutual relationship between AI and Web3 to fully materialize, blockchain developers must prepare their protocols and ecosystems to co-exist with AI and keep pace with users’ potential future needs and demands.
It’s not just the likes of Microsoft and Google who are chasing AI. One of the world’s largest cryptocurrency exchanges, Gate.io, is also diving in. Over the years, the exchange has grown beyond just crypto trading services. Instead, Gate.io is aggressively pursuing Web3 development, building out next-generation decentralized applications and blockchains aimed at not just the average crypto trader but ones that will serve people in their everyday lives.
In anticipation of the impending AI takeover (no, not in the bad sense), Gate.io is shifting focus to include artificial intelligence and machine learning as a core component of its emerging Web3 ecosystem, with the overall goal of enabling users to benefit from the latest and most innovative technologies of tomorrow, but today.
