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DeFi pioneer Andre Cronje: Stop asking! AI won't advance blockchain

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DeFi pioneer Andre Cronje: Stop asking! AI won

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The Hype of AI in the Crypto Space

The recent AI trend sparked by ChatGPT continues to heat up. In order not to let OpenAI take all the credit, major tech giants are actively incorporating AI-related technologies. Google also announced yesterday the launch of a conversational AI service called Bard, allowing individual developers, creators, and businesses to join in.

Additionally, the recent trend of riding the AI wave in the crypto space has become evident, with cryptocurrencies that can be associated with AI benefiting from this trend, showing significant gains over the past week.

Coinmarketcap's "AI & Big Data" category cryptocurrencies

AC Criticizes AI-Related Projects

However, Andre Cronje, the founder of the Fantom Foundation, seems unfazed by this phenomenon and explicitly stated on Twitter: "Please stop asking about Fantom AI-related questions. AI and blockchain should not be confused." He also initiated an "Infinite AMA" on the Fantom forum to express his views to the community, stating:

  • Blockchain = slow, centralized, transparent, secure
  • AI = high throughput, opaque, black box

If these two things are mixed up, it's like asking, "What role do you think Coca-Cola plays in the construction industry?"

Furthermore, Andre Cronje believes that all current projects hopping onto the AI trend are merely for pumping and dumping. If a project suddenly shifts its focus to the AI field, it simply means they have nothing substantial. Even if blockchain advances to handle the throughput required for neural networks, maybe you can see them on the chain, but the question remains: "Why do we need AI?"

"Blockchain will not advance AI, and AI will not enhance blockchain," said Andre Cronje.

Aligned with the Ark Viewpoint

In addition to Andre Cronje, the research report "Big Ideas 2023" released by Ark Investment last week also clearly indicates that the development of neural networks, one of the methods of artificial intelligence, is only slightly correlated with digital wallets and smart contracts, and has no relevance to cryptocurrencies.

Full Read: Big Ideas 2023 | Ark Investment: AI as the most important catalyst for explosive growth, but low correlation with blockchain