Roundtable: “The Role of AI in the Crypto Space”

Guests:

• Humayun Sheikh, Founder of Fetch.AI
• Pedro Rente Lourenco, Ceo of Dotmoovs
• Sabin Dima, Co-Founder of HumansAI

Top 3 Key Takeaways:

1. AI and Crypto need strong and timely regulation to promote trust, transparency, and fairness

During our conversation with industry experts, we delved into the challenges facing the nascent industries of crypto and AI. One point of discussion was the need for regulation in both fields, as it can promote wider adoption and protect users' privacy. However, there are also concerns that excessive regulation can stifle innovation and creativity- arguing that self-regulation could be a viable alternative, but with a potential worry that this approach could lead to exploitation by a few bad actors in the industry. 

Regardless, a growing consensus is that regulators must ensure fair economic dispensation and copyright governance in AI. This is particularly important given the potential for big corporations to exploit AI for their gain is already leading to job losses and economic inequality. In short, we need strong and timely regulation to promote trust, transparency, and fairness in these exciting and evolving industries.

2.  A decentralized AI model can empower individuals with unique skills and capabilities

The conversation continued with the hosts stating that most AI solutions today are developed by centralized entities and what the benefits are of a decentralized AI approach. The consensus was while the AI model itself cannot be decentralized, stakeholders involved in its development and utilization can be. A decentralized AI model can empower individuals with skills and capabilities that were previously impossible to attain. In today's world, knowledge is highly valued, and asking a question is considered a luxury. For instance, if we want to draw a difference between how web2 and web3 rewards a question, look at what ChatGPT is doing; it takes credit for the questions we ask and profit from answering questions posed to it.

In contrast, through Web3 and decentralized models, the first person to ask a question owns that unique question. Web3 rewards that person's curiosity and creativity, and every subsequent person who asks your question allows you to receive a reward. This is a significant improvement over Web2, where individuals who ask questions are not rewarded for their contribution. 

3. We must move beyond the generative aspect of AI and focus on how to use the outputs to create actionable items

Although many people view generative AI as a significant breakthrough, it is just the beginning. We must move beyond the generative aspect of AI and focus on how to use the outputs to create actionable items. To do this, we need to develop the necessary frameworks for deployment. For instance, generating an email is just the start; we must also incorporate an email server to send it. Similarly to this concept, to turn AI-generated content into meaningful actions, we need to focus on artificial general intelligence, which is making slow but steady progress. We need to encourage developers to use AI as a tool to generate new business models and make money. They should experiment with new ideas and applications using the frameworks mentioned above. Educating yourself about the field and questioning if things are being done ethically and properly is crucial. Always DYOR (Do Your Own Research) and don't blindly follow what others are saying. Building confidence that you are doing the right thing for the industry is essential.