The Artificial Intelligence Platform Verification Cloud could launch new, large-scale language models on Hedera networks and reach blockchain data in a more accessible way for distributed finance users.
The Mavrik-1 AI engine is being deployed on Hedera, and several other planned integrations are expected during the public deployment later this year, he told Cointelegraph.
The AI engine is designed to allow users to interact with Defi protocols and access blockchain data via natural language queries without the need for technical expertise or knowledge.
Mavrik-1 uses live-on-chain data trained for Defi, Stablecoins and other blockchain applications.
“Even though we require more than 50% of all on-chain activities, accessing and interpreting data remains a major hurdle for most users and institutions,” Verification Cloud told Cointelegraph, arguing that existing blockchain data tools such as Dune, Flipside and Nansen are difficult to grasp for users new to the industry.
Since at least 2023, blockchain companies have been developing AI chatbots to help developers and users. However, as reported by Cointelegraph at the time, widespread adoption faced a major hurdle, particularly due to smart contracts powered by AI.
Related: AI-generated content requires blockchain before trust in digital media collapses
Expanding AI utilities in Web3
According to AI developer Leewewheretz, AI is set to be a $15 trillion industry by 2030, so much of its activity will move to the decentralized web as blockchain gives users more control over their computing resources and databases.
This was further supported by Ernst & Young, who reported in 2024 that “AI and Web3 can address each other’s shortcomings.”
“Web3 can help AI tackle trust issues, and AI can help overcome the challenges of Web3 adoption,” E&Y said.
AI use cases have emerged throughout the blockchain industry, with Cointelegraph reporting that the circle’s co-founders have recently launched an AI Native Bank with fresh startup capital of $18 million.
According to Pitchbook Data, Venture Capital poured $73 billion into AI startups in the first quarter. More than half of the total was a single funding round for ChatGpt developer Openai, which raised $40 billion in March.
Crypto-focused venture capitalists are excited about AI applications, but some have expressed their investment reservations until the technology progresses further.
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