How the Web3 and AI worlds collide Premium
The Hindu
VCs were quick to divert their attention from web3 to AI, but how can the two sectors benefit each other?
Generative AI has grabbed the limelight from Web3 in recent months. A little less than a year ago, several venture capital firms funded Web3 startups and crypto projects. Now, Generative AI is the apple of their eye. As the dust settles and a new winner emerges, some see a meaningful overlap between the two nascent industries. For starters, AI is capable of sifting through data, organising it, and presenting it in a useful way. This aspect of AI makes it industry agnostic in some sense.
“Intersections of AI and Web3 reveal instances where large language models (LLM) render on-chain data” that are humanly readable, Deep Gandhi, Investment Analyst with Hashed Emergent said. “Users can now simply input queries to understand on-chain data that previously seemed cryptic to most.”
While on-chain data is visible to everyone and contains all the details about the transactions recorded, like amount, time, wallet address and the fees, it isn’t necessarily interpretable by all. But LLMs are able to translate this complex blockchain data into simple natural language, making the technology far more accessible.
Belgium-based SettleMint, a low-code blockchain programming firm, added an AI assistant to its platform earlier this month to help Web3 developers write better smart contracts. Singapore-based Web3 startup Bunzz released an AI tool to help develop smart contracts with a click of button.
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Gandhi sees Generative AI streamlining processes in Web3 that “could attract numerous Web2 developers to the Web3 industry as they can now easily code customised smart contracts.”
AI coding assistants like GitHub Copilot have made it clear that AI inevitably makes life easy for coders. “It simply frees resources to focus their time and energy on better things. A team that may have needed three developers, may now only need two, and the additional resources can be deployed in UI/UX improvements. The productivity and cost improvements are key, especially to early-stage startups, as they can increase their runway and their chances to survive and succeed,” Ian Wittkopp, Head of Investments at Sino Global Capital said.
“We are judges and therefore, cannot act like Mughals of a bygone era ... the writ courts in the guise of doing justice cannot transcend the barriers of law,” the High Court of Karnataka observed while setting aside an order of a single judge, who in 2016 had extended the lease of a public premises allotted to a physically challenged person to 20 years contrary to 12-year period stipulated in the law.
The High Court of Karnataka on Monday declined to interfere, at present, in the investigation against a Bharatiya Janata Party worker, who is among the accused persons facing charges of circulating obscene clips, related to “morphed” images and videos clips related to Prajwal Revanna, former Hassan MP, in public domain through pen drives and other modes.
The 16th edition of Bhoomi Habba was held on June 8, at the Visthar campus. The festival drew a vibrant crowd who came together to celebrate eco-consciousness through a variety of engaging activities, creative workshops, panel discussions, interactive exhibits and performances, all centered around this year’s theme: “Save Water, Save Lives.”