AI to feature prominently in the crypto user experience — Nansen CEO
As the crypto industry attracts more users, developers are laser-focused on improving user experience, a major pain point for most new users. Artificial Intelligence has often been seen as a technology that could improve how people use and interact with crypto. In the latest episode of Hashing It Out, the integration of AI with crypto is discussed at length.
Cointelegraph’s Elisha Owusu Akyaw (GhCryptoGuy) interviewed Nansen CEO Alex Svanevik about the importance of on-chain data and the use of artificial intelligence in crypto in Episode 8 of Hashing It Out.
The narrative that artificial intelligence is taking over has intensified with the popularity of OpenAI and applications like ChatGPT. The trend has also extended into the crypto industry, which has witnessed a price surge in tokens associated with AI-related crypto projects. Svanevik is certain that AI will be integrated into cryptocurrency applications in a way that will significantly improve user experience.
He explained that similar to Bing integrating ChatGPT, several crypto on-chain data platforms will use AI to help users find information more easily. According to the Nansen CEO, most of the results that platforms show users currently require substantial work, which can be changed to human-readable content with artificial intelligence.
After several cryptocurrency platforms went bankrupt in 2022, institutions adopted a new standard called “proof of reserve” to provide transparency for their end users, which has sparked debates. Svanevik believes that proof of reserves, or reserve transparency, is useful. However, he doesn’t think it’s enough unless they also show what he terms “proof of solvency,” which can be done through a combination of proof of reserves
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