Web3. It’s been heralded as the future of the internet, a decentralized utopia in which power is given back to the people. To put it frankly, that’s simply unacceptable. For the rest of us, the process is akin to assembling IKEA furniture with the instructions printed in Klingon. Complex code coupled with high gas fees further frustrates users. The ever-present anxiety of rug pulls demolishes the futuristic fantasy we all crave. What if I told you that AI is actually an amazing opportunity? In particular, AGII’s AI could usher in the age of Web3 for all!
Web3's Tower of Babel Problem
You had to be a full-on tech wizard just to create a basic website. But today, between tools such as Wix and Squarespace, literally anybody with an internet connection can establish a professional online presence. Web3 needs its "Squarespace" moment.
These are the smart contracts, or self-executing agreements, that drive decentralized applications (dApps). Today, developing and deploying them takes unique coding skills, usually in languages such as Solidity. This results in an unnecessary bottleneck, acting as a barrier for who is able to engage in the development of the Web3 ecosystem. It’s as if we had a city designed entirely by architects – where are the carpenters, plumbers and electricians?
AGII’s next generation, AI-powered smart contract automation solution could be the answer. By making the process user-friendly, it increases accessibility so that even those with minimal coding skills can build projects. Now picture a world where these same community organizers can easily spin up DAOs to fund the initiatives their communities want to see. Imagine artists being able to launch complex NFT projects without the need to hire expensive developers. And it’s not only creating a more convenient experience – it’s democratizing development.
From Fintech to Financial Freedom
Web3 is disrupting finance as we know it for the better, yet many underserved communities continue to be shut out from traditional financial systems. Consider the unbanked, the underbanked, and those who live in credit deserts, areas with little to no access to credit. These same people—historically Black and Brown Americans—are largely stuck in cycles of poverty, with little access to the tools necessary to create and accumulate wealth.
AGII’s AI is a powerful resource for creating dApps that rebuild with these communities’ best interests in mind. Consider a micro-lending platform that uses AI to evaluate credit risk, providing small business loans to would-be entrepreneurs in developing nations. Or a trustless, peer-to-peer insurance protocol that offers all farmers low-cost protection against the increasing threat of climate change. These are only a handful of examples of how Web3 can help build a more inclusive financial system.
The key is accessibility. AGII’s technology makes it easier and more affordable for builders to develop and deploy smart contracts. This further empowers communities to build their own financial solutions to address their unique needs. It's not just about providing access to existing services; it's about giving people the tools to build their own futures.
AI: Friend or Foe of Decentralization?
This is where things get tricky. Many would therefore contend that bringing AI into the fold of Web3 is antithetical to everything decentralization stands for. After all, often AI algorithms are opaque and even biased, which can result in negative unintended consequences. They’re afraid of AI coming for them, becoming the new, centralized authority that we sought to avoid in the first place.
I think AI holds the potential to be a great ally for making decentralization more effective, rather than attacking it. Imagine it as a digital protector, always on the lookout, monitoring smart contracts for any potential threats or mistakes. AGII’s real-time testing simulations and AI-powered contract logic validation can significantly reduce the risk of exploits and hacks, ensuring the integrity of decentralized systems.
Additionally, AI provides tools for improving participatory, democratic forms of governance within DAOs. Envision a system powered by AI that ingests community proposals, flags potential conflicts of interest, and recommends the most effective voting mechanism. In turn, this would improve decision-making by making it more equitable and education-focused, affording community members the agency to dictate what their DAOs’ futures look like.
We need to proceed with caution. Transparency and ethical considerations are paramount. In the future, we need to choose the AI algorithms that we’re creating with fairness and bias considerations. Most importantly, it’s critical to implement these systems in an accountable way. The human element – this creativity, this collaboration, this critical thinking – should and needs to come into play, Web3 development or not.
AGII’s mission to provide innovative, practical, and scalable AI systems within blockchain infrastructure is an ambitious one. It’s a risky wager, but the potential returns are enormous. In doing so, it would unleash the full potential of Web3, ushering in a more inclusive and equitable global economy. It’s a gamble worth taking, but only if there is a clear plan for careful, defensible development and a commitment to upholding principles of equity and transparency.
The future of Web3 isn't just about smart contracts, distributed ledgers and algorithms – it's about the people. It’s not just about empowering individuals, it’s not just about fostering innovation, it’s about creating a more just and equitable society. With AGII’s AI, we hope we are one small step closer to turning that collective vision into reality. Now is the time to consider, what are you going to create?
