Push Protocol Founder: AI Could Onboard 1 Billion Crypto Users
Harsh Rajat noted that AI could help onboard millions of people through helping them find answers to their crypto-related questions.
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Editing by Nathaniel Cajuday
- In a Cointelegraph article, Push Protocol Founder Harsh Rajat stated that AI could be the key for web3 and crypto to finally onboard 1 billion users.
- AI can drive user adoption in the cryptocurrency market by enhancing user experience, improving security, and providing personalized recommendations to users, Rajat noted.
- Aside from attracting more crypto users, Rajat also suggested that AI can be utilized to improve security and accountability in the cryptocurrency industry.
Following the sudden and rapid adoption and integration of artificial intelligence (AI) in the digital space, Cointelegraph writer and Push Protocol founder, Harsh Rajat, stated that AI could be the key for web3 and crypto to finally onboard one billion users.
AI in Onboarding Crypto Users
In an article, Rajat explained how AI can drive users to the cryptocurrency space, noting that utilizing AI-powered tools can enhance the user experience, improve security, and provide personalized recommendations to users, leading to increased adoption of cryptocurrencies.
“By doing things such as helping users find answers to their questions by looking at their wallets, AI could help introduce millions of new people to blockchain,” he emphasized.
Moreover, AI and blockchain technology could unify and power the future of humanity, according to the author, citing that the proliferation of AI applications and the success of web2 have created an opportunity to simplify and strengthen blockchain use cases to increase mass adoption in Web3.
Thus, considering that web3 is still highly technical, Rajat suggests that the simplification of blockchain technology with the help of AI is necessary for average users to participate in the industry:
“While many have rightfully identified vast risks in AI, from potential regulatory issues to its speed of adoption, the technology has (ideally 100% unbiased) potential to personalize the onboarding process and utility of applications to create a more supportive and effective ecosystem of decentralized applications in Web3, which infamously consists of clunky, intimidating and somewhat “cold” UX for average users. Thus, the opportunity to create smarter, more attractive applications led by frictionless UX is paramount.”
AI in Risk Reduction in Crypto Market
In addition, he emphasized that AI can also help detect fraudulent activities in the crypto space, which will reduce the risks associated with the market. Rajat suggested that AI could be utilized to improve security and accountability in the cryptocurrency industry.
To reduce the risks of phishing and hacking, AI can examine the on-chain data of wallets and distinguish between safe and unsafe transactions. Moreover, AI can also automate the process of verifying user identities and ensure the preservation of user custody.
“Moving to decentralized applications, AI can also significantly increase user engagement and adoption rate by analyzing the user’s on-chain data and recommending the best features and how to leverage them. AI can help users become the best possible traders, a virtual investment adviser with the most innovative tools,” he added.
AI in Web3
Following the success of ChatGPT, AI tokens also gained popularity in the industry. AI tokens use artificial intelligence to enhance security, scalability, user experience, and other features. These tokens support AI-based initiatives such as decentralized AI marketplaces, AI-powered portfolio management, autonomous organizations, image generation, pathfinding, predictions, and more. Some AI tokens grant their holders governance privileges, while others can be used as transaction fees on AI networks.
Accordingly, PeckShield, a blockchain security firm, discovered several fake tokens that were created to take advantage of the increasing popularity of AI tokens. These fake tokens were issued under the guise of being related to the AI chatbot ChatGPT, and were found to be part of dozens of pump-and-dump schemes. Around 132 tokens have been issued on the BNB Chain, 25 on Ethereum, and 10 on other blockchains, including Solana, Arbitrum, OKChain, and Cronos, with no official association to the AI tool.
Recently, AI chatbot ChatGPT-4 was utilized by Rhett Mankind, a digital artist, to create the meme coin Turbo. The AI bot was used in the entire process, such as writing the smart contract, tokenomics, and the whitepaper.
This article is published on BitPinas: Push Protocol Founder: AI Could Onboard 1 Billion Crypto Users
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
