Agentic Web: The Future of Crypto-native AI
Last week, I shared my thoughts on AI-Driven Web3 with a focus on the conversations on Hello [AI] event. Follow-up researches have shown that there are many efforts ongoing from different fronts to synergize artificial intelligence (AI) and blockchain as a web3 infrastructure.
In a recent development, Coinbase Ventures is exploring how AI is set to transform Web3, and they project a future where "crypto-native AI" will autonomously interact within blockchain networks. This vision, termed the "Agentic Web," foresees autonomous AI agents creating decentralized applications and managing transactions using cryptocurrency and stablecoins, enhancing both human and AI interactions on Web3. Here is the report.
“We predict a future where agents will have their own crypto wallets to autonomously transact […] or leverage stablecoins to pay humans and other agents to complete tasks necessary for their overall objective function,” Coinbase Ventures said.
Source: Coinbase Ventures
According to Coinbase, these agents could independently handle crypto transactions, generate decentralized applications, and perform complex tasks without human oversight. This innovative blend of AI and Web3 could facilitate a self-sustaining economy where crypto payments support AI-driven services, with stablecoins potentially becoming the default currency. Default currency? Yes! you read that right.
In its report, Coinbase Ventures emphasizes the substantial investment opportunities at this AI-Web3 intersection. It argues that integrating AI into Web3 could address some of the digital economy’s current bottlenecks such as trust, transparency, and scalability. With blockchain providing a transparent, secure infrastructure, AI agents could execute secure transactions, handle data processing autonomously, and interact with decentralized applications (dApps) seamlessly. This is expected to expand Web3’s user base as well as catalyze a dynamic ecosystem where AI and human interactions reshape digital finance and governance.
In one of my tech discussions with my students, one of them queried "How much can AI do?" This was in response to my charge that they should work hard and learn harder so as to be able to give value in their chosen career paths so as not to be useless in the coming AI0driven world. Obviously, the synergy of AI and web3 will be a big and deep dive into the possibilities of tech and this would further expand the employment gap for non-creative. The Coinbase's report further highlights the transformative possibilities of the proposed Agentic Web.
However, the Agentic Web has foreseen challenges too. These include the high energy costs of blockchain, data privacy concerns with AI, and the need for robust regulatory frameworks. That notwithstanding, Coinbase Ventures, along with other major venture capital firms, is actively investing in this AI-Web3 intersection to curb the foreseen challenges.
It is worthy of note that the intersection of blockchain and AI is attracting increasing interest from crypto-focused venture capital (VC) firms, and a record $213 million is reportedly being invested into AI-related startups in the third quarter of 2023. Here are specific recent examples:
Aethir, a decentralized graphic processing unit (GPU) provider, announced the launch of the $100 million Aethir Ecosystem Fund on October 10. The fun is accelerate the innovation of artificial intelligence and gaming.
Skyfire, a web3 payments platform raised $9.5 million from VCs — including Coinbase Ventures and a16z as announced on October 24. The funs is for the building of infrastructure to enable AI agents to autonomously transact in US Dollar Coin. Meanwhile, Skyfire has engaged about half a dozen AI developers onto the payment network.
The underlying fact here is that crypto could become the core payment method in AI-driven economies and Coinbase Ventures are positioning themselves at the forefront of this shift, advancing Web3 into a more integrated AI-supported digital world.
Posted Using InLeo Alpha