The technology panorama is constantly evolving, and innovations are being made all the time across a wide range of fields. Artificial intelligence has an impact on every sector and how people will live in the future. Though AI seemed like distant science fiction, at present, technology is so assimilated into our day-to-day lives. We will only realise how dependent and influenced we are with it once it's off our life.
Be it voice assistance or self-driven cars, Artificial Intelligence is expanding with more developments in natural language processing, computer vision, and machine learning. Integrating AI technology with other fields like robotics, virtual and augmented reality, IoT , biotechnology, and synthetic biology will also create more opportunities for innovation.
The Role of AI in Web3
AI (Artificial Intelligence) in Web3 has the potential for making better data management and analysis capabilities and to bring more human-like behaviour in various applications.
AI deals with the development of intelligent systems that can perform tasks that normally require human intelligence, such as speech recognition, natural language processing, decision-making, and image recognition.
Web3 refers to the third generation of the World Wide Web, which is more interconnected and accessible by using decentralised technologies, such as blockchain and peer-to-peer networks, to create a more open and equitable internet. This allows for greater autonomy and control for users and the potential for new types of applications and services.
Blockchain and smart contracts in Web3, can create a more secure environment for online transactions and enable new use cases such as digital identity, immutable records, decentralised marketplaces, and non-interchangeable tokens.
It emphasises data privacy and security; it's more user-centric and allows users to have more control over their personal data, rather than centralised platforms having control over it.
Artificial intelligence (AI) is expected to play a significant role in the development of Web3 and beyond. AI in Web3 could be used to create smarter dApps and Intelligent NFTs that are more secure, transparent, and autonomous. For example, AI algorithms could be run on a decentralised network, allowing for more secure data storage and privacy. Additionally, AI could improve the scalability and efficiency of decentralised systems.
User data over the internet is controlled by a few large companies (such as FAANG companies). These companies have tremendous power and control over the information we see and share online. On the other hand, the decentralised web app is run by a network of users, who all have an equal say in how it is run. This creates a more open, secure, and transparent online experience, where users have more control over their data and privacy.
The use of decentralised AI (DAI) networks allows for the creation and sharing of AI models in a decentralised manner, which can improve the trust, security, and accessibility of AI.
An important area where AI will be integrated into Web3 is to make smart contracts more intelligent, flexible and adaptable. Smart contracts are self-executing contracts which follow if-then
predetermined terms of the agreement directly written into code.
AI can also be used in the development of decentralised autonomous organisations (DAOs), which are organisations that are run by code rather than people. AI can make decisions and automate processes within DAOs, making them more accurate, efficient and effective.
Customised to every individual user - Every AI model is trained on the creator's personal knowledge, passions, and experiences. For example, Web3 users will receive more relevant ads as AI algorithms will adapt to each individual’s preferences.
Capitalism to Socialism: Creators have exclusive access and power of their data to repurpose or share it as they wish.
Engagement of users and creators - a collaborative network architecture that alters the connection between value generation and value consumption by moving power from platforms to people.
A new creative economy that enables communities to support their favourite creators and the private AIs that enhance their lives is being driven by AI in Web3. Creators now have the chance to create a thriving business around their work, and the neighbourhood can profit from their success.
AI will also be an important element in the development of new technologies such as quantum computing.
In summary, AI will be an essential part of Web3 and beyond. The ultimate goal is to create a more intelligent and efficient web that is better able to meet the needs of users and to improve their experience.