- New Grant Program from Coinbase
- Demonstration of AI Wallets Capabilities
- Implications and Opportunities
Coinbase has announced the launch of a grant program aimed at supporting innovative projects that combine artificial intelligence (AI) and crypto wallets.
New Grant Program from Coinbase
In a bid to advance the integration of artificial intelligence and cryptocurrency, Coinbase recently announced the launch of a grant program to support innovative projects that combine AI and crypto wallets. The program, led by Coinbase CEO Brian Armstrong, will award $3,000 to five projects that explore the potential of large language models (LLMs) in the crypto space.
Demonstration of AI Wallets Capabilities
On August 12, 2024, Coinbase engineering lead Yuga Cohler demonstrated an example of the 'AI Wallets' feature. In the demo, an AI system facilitated a payment to his cryptocurrency wallet for participating in a human-feedback session. This process, reminiscent of Amazon's Mechanical Turk platform, where individuals are paid for completing simple tasks, illustrated how AI could automate and streamline such activities.
Implications and Opportunities
The announced $15,000 grant program aims to incentivize developers to create useful 'bots' powered by LLMs that can connect to Coinbase's multiparty computation wallets. These wallets, which provide enhanced security by distributing private key functions across multiple parties, are a crucial component of Coinbase's infrastructure. The program aims to explore the economic applications of AI in a decentralized environment, facilitating autonomous and secure financial transactions.
The launch of Coinbase’s grant program could transform financial systems by integrating AI and decentralized finance (DeFi). This opens up new economic opportunities, where AI agents can optimize and manage transactions on behalf of users.
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