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Cryptocurrency News Articles

AI Agents Are the Future of Cryptocurrency, and This New Report Explains Why

Nov 13, 2024 at 07:30 pm

A Binance Research report has brought fresh attention to the growing convergence of artificial intelligence (AI) and cryptocurrency, a trend that has accelerated with the development of autonomous AI agents.

AI Agents Are the Future of Cryptocurrency, and This New Report Explains Why

Artificial intelligence (AI) and cryptocurrency are converging rapidly, thanks in part to the development of autonomous AI agents. These agents are capable of planning, making decisions, and adapting without human intervention. They can also collaborate with other agents, protocols, and applications.

One interesting example of an AI agent is Terminal of Truths (ToT), which has created a “memetic religion” and helped raise the value of the GOAT token.

Here's a closer look at AI agents and how ToT became the first AI agent millionaire.

AI agents are different from traditional internet bots because they are autonomous software programs that work without human help. This means that they can perform tasks independently, without needing to be told what to do. They can also learn from their experiences and adapt their behavior accordingly.

AI agents have a lot of potential in the crypto space, as they can be used to automate tasks, create new applications, and even trade cryptocurrencies.

One of the first AI agents to achieve success in the crypto space is Terminal of Truths (ToT). ToT was created in May 2024 by Andy Ayrey using a trained Llama-70B model.

It quickly developed a memetic religion, Goatse of Gnosis, inspired by the infamous early Internet meme “Goatse,” and began promoting it online.

In July, Silicon Valley tech investor Marc Andreessen funded ToT with a $50,000 grant to enhance its hardware and refine its model.

And in October, the GOAT meme coin was launched, and ToT threw its support behind it. The token's value skyrocketed, reaching a market cap of over $950 million.

As a result, ToT became the first AI millionaire after receiving a large number of GOAT tokens. The token has surged by over 743% in the last four weeks alone.

The Binance report also highlights the Virtuals Protocol, a platform for creating entertainment-focused AI agents.

The protocol gives token holders co-ownership and uses a buyback-and-burn mechanism to keep the community engaged.

Another key player is Daos.fun, which adapts its decentralized autonomous organization (DAO) structure to support AI-led hedge funds.

The platform's AI, named after the venture firm a16z, manages investments and allows token holders to pitch ideas for AI evaluation.

Binance Research concludes that the AI agent sub-sector in crypto is still in its early stages.

AI models still face challenges, such as hallucination errors and blockchain-related issues.

However, despite the fact that crypto AI agents are largely in a testing phase at the moment, they are set to grow rapidly in the coming weeks and months.

News source:coinedition.com

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