This is an opinion post written for CryptoPotato by Ken Timsit, Head of Cronos Labs
The Year of AI
In 2023, it is the year of artificial intelligence. It’s an opportune time to explore the various types and applications of AI, particularly for startups and projects that operate at the intersection of AI and blockchain. To carry this momentum into 2024, you should have a clear understanding of what to focus on when developing projects that involve blockchain and AI. The Cronos Accelerator Program assessed over 600 Web3 startup applications, giving insight into the current state of the blockchain and AI landscape.
Team Productivity
The application review identified that generative AI can enhance the productivity of teams working on blockchain protocols. This is crucial as protocols continue to contend with local regulations, compliance, and localization. It’s essential to boost team productivity across different departments, such as software development, marketing, risk management, product design, and customer service, by leveraging AI tools.
User Experience
Blockchain protocols need to offer a smooth user experience with simple interfaces. AI can be used to guide users through product functions, interfaces, and notifications, making Web3 user experience seamless. Companies and startups like Crypto.com and Dune Analytics are already focusing on this dimension.
Provenance and Digital Identity
The rise of AI will create use cases for decentralized identity, such as ascertaining which users are human and tracking the provenance of training data used by AI models. However, decentralized identity protocols face challenges related to user adoption and market readiness.
Powering the AI Economy
The AI economy has expanded, with blockchain-based products promising cheaper access to compute resources and improved access to AI models. This year will see an increase in startups focusing on AI agents transacting with each other, building the blockchain-based financial rails to power this economy.
Looking Ahead
In 2023, AI has made significant strides, and 2024 will showcase how blockchain can benefit from AI to accelerate its growth. As both emerging technologies, the interaction between AI and blockchain holds immense potential for the future.
Author Bio
Ken Timsit is the Head of Cronos Labs, the 100 M$ web3 start-up accelerator and ecosystem development arm of the Cronos blockchain. Prior to joining the Cronos project in 2021, Ken was chief revenue officer at ConsenSys, the Ethereum technology company behind market-leading products MetaMask and Infura, where he spent 5 years. Ken started his career at The Boston Consulting Group (BCG) and has authored reports and publications on Web3 and fintech. He was in the management committee member of the European Commission’s EU Blockchain Observatory and Forum between 2018 and 2020.
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