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In the era of AI, the new direction for Web 3.

Leo

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AI is expected to become the savior of the crypto industry.

Original author: Tyler Cowen, Bloomberg columnist

Translated by: Leo, BlockBeats

Editor's note: With the explosion of GPT, AI has officially entered the public's view, and many venture capital and projects in the encryption field are gradually approaching/integrating AI technology, and even many institutions have abandoned encryption and turned to AI. Of course, the best way is to innovate at the intersection of AI and Crypto, and new narratives such as AIDPoS, AI concept coins, and zkML have emerged. As the article says, a "new technology" that has been hyped for many years, the ultimate reason for the crash is mostly attributed to "human subjective thinking", and in this regard, AI robots will surpass humans in both technology and operation, and AI will indeed liberate humans in certain operational layers. For traditional economies, AI will make humans feel fearful and worried, and we are afraid to entrust the assets of bank accounts to AI. But in the encryption field full of "unstable factors" today, AI is expected to become the savior of Crypto. AI represents digital abundance, and encryption represents digital scarcity. There will be conflicts between them (encryption is based on people, and AI is based on liberating people), but more importantly, they can exert powerful energy when combined. Tyler Cowen, a columnist for Bloomberg, wrote an article entitled "The Best Use Case for Future Encryption Comes from AI", which is translated by BlockBeats as follows:

GPT Under Web 3

Do you remember Web 3? Let ChatGPT answer: According to GPT-4, Web 3 is "the next frontier of internet technology, characterized by decentralized, user-centric applications that prioritize data privacy and promote seamless, interconnected experiences."

Today, Web 3 has become one of the least credible ideas of this era, a "technological innovation" that has been hyped for years - until the cryptocurrency prices plummeted, causing many cryptocurrency projects to collapse. Like Crypto, the advocates of Web 3 have never been able to provide a real-world use case for their technology that matches their beliefs.

Of course, there is a reason why I am asking GPT-4 for the definition of Web 3. I am particularly looking forward to the resurgence of the ideas behind Web 3 - use cases for legal and institutional frameworks that can be applied to AI robots. This is where we should rethink Web 3.

AI Robot Use Cases in Combination with Web 3

Assuming you run a charity organization and want to create and distribute an AI robot that can teach math to impoverished children, the robot will inevitably encounter some obstacles. For example, in some jurisdictions, licensing and registration fees may be required, it may need to purchase attachments for recent teaching courses, and if it operates overseas, it will need to improve its translation capabilities. In short, these processes require funding.

If AI were allowed to have their own bank accounts, such transactions would become very easy. However, this seems unlikely to happen soon. How many banks can accept robot accounts? Imagine if a bank went bankrupt and the government had to bail out some robot accounts, how would the public protest? Therefore, robots are likely to be unable to obtain "bank accounts" - which will prompt them to use cryptocurrency as the core transaction medium.

Critics often point out that as a form of currency exchange, the US dollar is more efficient than cryptocurrency. However, if AI robots cannot use the US dollar, they have no choice but to adopt cryptocurrency. Yes, some owners may allow robots to access their accounts, while others may prefer to confirm every robot expenditure through a dollar-based banking system; but most people would rather let the robots run themselves, without creating many risks and troubles. Reality has brought us back to cryptocurrency.

Initially, encrypted assets were what we now know as Bitcoin and Ethereum. However, over time, robots may issue tokens based on their own cognition (for the convenience of robots). It is speculated that these robots are adept at handling numbers and more diverse, and they may use a variety of encrypted assets. A robot-based encrypted economy may be more complex than a human-based encrypted economy.

This type of parallel economy may only account for a small portion of GDP, but it will help maintain the price of cryptocurrencies. Additionally, if humans interact with these robots (perhaps some people would like to donate to your math teaching robot?), they will also need to deal with cryptocurrencies. Therefore, robot-based crypto economy will penetrate into the traditional economy.

The plot has become more complicated. Once a crypto-based robot economy emerges, it will require property rights and legal systems, just like the human economy. Suppose your teaching robot purchases a translation improvement service from another robot, but the service has issues, your teaching robot will "want a refund". To enhance trust and reduce transaction costs, many robots will agree to arbitration services in advance, usually provided by a third robot. (These robots cannot have any regional and territorial biases and must be fair and just). The final judgment will be inscribed on the blockchain and, if necessary, smart contracts will be used. New property rights will be defined.

AI Robot Goes Deep into Web 3

Some robots may want to advertise themselves or establish their core identity. Some robots will establish ownership of symbolic goods by purchasing them and building them on the chain, which also comes from Web 3 use cases. At the peak of Web 3's popularity, many critics believe it is unreasonable for humans to pay millions of dollars in assets for NFTs. Why spend so much money just to get a "receipt" based on blockchain to prove that you have spent this money? Buyers may not even have any accompanying intellectual property.

It may seem funny, but even future robots will do similar things, such as your math teaching robot: suppose it is competing with other math robots. It will think of creating a promotional website - "My Portfolio, come learn calculus with me!" - perhaps using images based on Midjourney made by Newton and Leibniz to prove its point. All of these steps could potentially be completed using Web 3 tools or its innovative robotic branches.

The development and success of robots will depend on electricity prices, so robots may actively trade on the electricity futures market to hedge their positions. They may have to trade with other robots and humans.

Do you remember DAO? The decentralized autonomous organization? So far, I haven't seen a DAO run by humans achieve widespread success, perhaps because humans need more power, or because DAO is just another hidden form of human power (for example, one person controlling 51% of the vote). Robots have understood the problems with DAO and imperfect operation, and they may redefine DAO. At the same time, robots will self-train and learn how to make their DAO run, and robot "organizations" may be more democratic than human ones.

Some robots may find the "limited liability" system more efficient, and by dealing with such robots, you or your robot will be required to agree that you cannot sue the robot for more than a specified amount. For hiring robots to perform more dangerous tasks, you and the robot may agree on a stricter standard of liability. Based on the so-called "company law," Zhejiang brings a diversity of innovations and methods. In contrast, human institutions appear to be more sluggish, and perhaps we can learn from these robot experiments over time.

And now, I am convinced that AI robots can generate more Web 3 applications under our training.

Conclusion

Experience: Don't dismiss the potential benefits of technological or systemic advancements just because they may be difficult to see. Quantum mechanics existed for decades as a concept driven by our curiosity before it became a fundamental principle of modern computing. Critics argued that video games would corrupt young people, but now the GPUs used in high-end gaming are helping to build better AI, and even Nvidia has nearly a trillion dollars in assets.

Of course, when all of this comes true, we may call it "Web 4". But before that, Web 3 will eventually receive the deserved recognition and prove its value.

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