The technology has been a buzzword both inside and outside the crypto industry following the latest update of the infamous artificial intelligence (AI) chatbot ChatGPT-4. While opinions on the technology may be mixed, companies continue to incorporate artificial intelligence to enhance the user experience.
On March 31, cryptocurrency exchange and Web3 technology company OKX announced that it will launch a new integration of EndoTech, which uses artificial intelligence algorithms to capture crypto market volatility. The algorithms incorporate machine learning and "other advanced technologies" and are designed to provide real-time analysis of data and trading opportunities.
According to EndoTech COO Dmitry Gooshchin, understanding market volatility is “critical to successfully trading in the crypto space.” OKX also joined the AI bandwagon on March 30, when it released an AI poem generated by ChatGPT-4 about the company’s wallet. This new platform update comes just days after the company announced its intention to expand its service to Australia and began closing down its operations in Canada.
AI is finding various use cases in the crypto industry beyond just identifying real-time market fluctuations. It is also used to track blockchain transactions, deploy autonomous economic agents to conduct transactions, and more. In everyday life, it is now used for personal assistant-like tasks, social media and customer service needs, among other use cases.
While some have a more positive view of the impact of AI technology in scenarios such as the Metaverse, a recent letter signed by 2,600 fintech researchers and leaders calls for a moratorium on AI development. The main concern expressed by industry professionals is that "human competitive intelligence could pose profound risks to society and humanity."
