AI to feature prominently in the crypto user experience — Nansen CEO

As the crypto industry attracts more users, developers are focusing on improving the user experience, which is the main concern for most new users. Artificial intelligence is often seen as a technology that can improve how people use and interact with cryptocurrencies. In the last episode Mixing, the integration of AI with cryptography is discussed in detail.

Elisha Owusu Akyau of Cryptooshala (GhCryptoGuy) interviewed Nansen CEO Alex Svanevik about the importance of on-chain data and the use of artificial intelligence in cryptocurrencies in episode 8 Hashing.

Rumors that artificial intelligence is taking over have intensified with the rise in popularity of OpenAI and applications such as ChatGPT. This trend has also spread to the crypto industry, where there has been an increase in the price of tokens associated with AI-related crypto projects. Svanevik is confident that artificial intelligence will be integrated into cryptocurrency applications in a way that will significantly improve the user experience.

He explained that, like Bing integrating ChatGPT, several cryptographic data platforms on the web will use AI to make it easier for users to find information. According to CEO Nansen, most of the results that platforms show users currently require substantial work that can be changed into human-readable content with the help of artificial intelligence.

After several cryptocurrency platforms went bankrupt in 2022, institutions adopted a new standard called “proof of reserve” to ensure transparency for their end users, which caused controversy. Svanevik believes proof of reserves or transparency of reserves is useful. However, he doesn’t think that’s enough unless they also demonstrate what he calls “proof of solvency”, which can be done through a combination of proof of reserves and proof of commitment.

However, Svanevik argued that the popular conclusion on Twitter that proof of reserves is useless because it is impossible to prove solvency is incorrect, as many of last year’s crashes could have been avoided if users had more information about how exchanges are run. and lending platforms. deposits through data on the network. Moreover, he added that regulators would be more effective if they closely monitored the data on the network.

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As for the outlook for 2023, Svanevik mentioned that despite the growth in volumes in sectors such as non-fungible tokens (NFTs) between December 2022 and early 2023, the new year will be challenging for many crypto startups that have recently raised money starts to run out. capital.

In this edition, they also discussed:

  • Data on the trajectory of the NFT market in 2023
  • Ethereum Layer-2 Competition
  • Web3 games
  • The popularity of network data in the crypto industry

Listen to the full episode at Spotify, Apple Podcasts, Google Podcastsor Tune to get all the information about cryptocurrency and artificial intelligence. You can also check out Cryptooshala’s show catalog on the new Cryptooshala Podcasts page.

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