Unveiling the Power of AI in Crypto: Reshaping the Future of Finance at WEB3BB Tokyo 2024

Unveiling the Power of AI in Crypto: Reshaping the Future of Finance at WEB3BB Tokyo 2024

The intersection of artificial intelligence (AI) and cryptocurrency is rapidly becoming one of the most exciting frontiers in the tech world. As both technologies continue to evolve at breakneck speeds, their synergy promises to revolutionize how we interact with digital assets and financial systems.

To explore this cutting-edge convergence, Web3BB, one of Japan’s largest business communities dedicated to bridging global and Japanese perspectives on emerging technologies, recently hosted a panel discussion on “The Power of AI in Crypto.” This event brought together industry luminaries, including Anndy Lian, a book author and venture capitalist, and Jenny Zheng, co-founder of Blockcast.cc. Their insights offer a compelling glimpse into how AI is reshaping the cryptocurrency landscape and what we can expect in the near future.

Beyond Trading: AI’s Broader Impact on Crypto

While trading applications are at the forefront, Anndy emphasized that AI’s potential in the crypto space extends far beyond just price predictions. Some key areas of impact include:

1. Security Enhancement: AI can be used to detect security vulnerabilities in blockchain networks and identify irregular activities or potential threats.

2. Productivity and Automation: AI is helping streamline various processes in the crypto industry, from smart contract development to project auditing.

3. User Experience Improvement: AI assistants are being developed to lower the technical barriers for crypto adoption, helping users navigate complex processes like wallet management and transactions.

4. Code Auditing: Project owners can use AI to analyze smart contracts and identify potential bugs or vulnerabilities, enhancing the overall security of their platforms.

5. Due Diligence: Venture capital firms are leveraging AI models to conduct more thorough and efficient due diligence on crypto projects.

Blockchain as a Secure Foundation for AI

An interesting perspective shared during the panel was how blockchain technology could serve as a secure foundation for AI systems. By storing AI models and data sets on blockchain networks, it adds an extra layer of security and transparency to their AI operations.

This integration of blockchain and AI is becoming increasingly seamless. As Anndy noted, “Nowadays there are fewer people talking about blockchain… because it’s really very well integrated into different systems.” He predicts that the combination of AI and blockchain will soon become so commonplace that it will no longer be considered newsworthy.

Ethical Considerations and Risk Mitigation

The panel also touched on the ethical implications of AI in the crypto space. Jennty commented that while AI offers numerous benefits, there are concerns about potential misuse or unintended consequences. The experts suggested that blockchain technology could play a role in governing AI systems, potentially serving as a failsafe mechanism.

For example, smart contracts could be programmed to automatically limit or shut down AI systems if certain conditions are met, providing a decentralized and tamper-resistant way to mitigate risks associated with AI.

Looking Ahead: The Future of AI in Crypto

As the discussion concluded, the panelists emphasized the transformative potential of AI in the crypto industry. They encouraged users to embrace AI tools to enhance their decision-making processes, while also maintaining a balanced perspective on the technology’s capabilities and limitations.

Anndy’s final advice to the audience was clear: “Try to use smarter tools to get by your days… AI has a lot to do to help you with your whole decision-making process. Just try to use it.”

As AI continues to evolve and integrate more deeply with blockchain and cryptocurrency systems, we can expect to see even more innovative applications emerge. From more sophisticated trading algorithms to enhanced security measures and improved user experiences, AI is set to play a crucial role in shaping the future of the crypto industry.

Conclusion

The key for users and industry participants will be to stay informed about these developments, critically evaluate AI tools, and leverage them responsibly to navigate the complex and fast-paced world of cryptocurrencies.

As with any powerful technology, the responsible development and deployment of AI in the crypto space will be crucial. The ethical considerations and risk mitigation strategies discussed by the panelists underscore the need for a balanced approach. As we move forward, it will be essential for industry players, regulators, and users alike to stay informed and engaged in shaping the future of AI in crypto.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Anndy Lian from Neurai Discusses COPX.AI and AI Finance Models at Web3BB Tokyo

Anndy Lian from Neurai Discusses COPX.AI and AI Finance Models at Web3BB Tokyo

Web3BB, one of the largest business communities in Japan, recently hosted a landmark event that brought together thought leaders, innovators, and enthusiasts from around the globe to discuss the future of Web3, artificial intelligence (AI), and other emerging technologies. The event, held from July 18 to 19, 2024, aimed to bridge the gap between Japan and the global tech community by providing a platform for learning and discussion on these transformative technologies.

Among the distinguished speakers was Anndy Lian, Chairman of Neurai, who delivered an insightful presentation on July 19, 2024. Lian’s talk focused on the pivotal role of AI in the crypto space and its potential to reshape the future of finance. He highlighted Neurai’s pioneering work in AI finance modeling for both stocks and cryptocurrencies, emphasizing the unique approach of their flagship product, COPX.AI.

AI and Web3: A Synergistic Relationship

Anndy Lian emphasized the importance of AI and Web3 working together hand in hand. He sees the finance sector as one of the best case studies for such a combination. “The integration of AI and Web3 can revolutionize the financial industry by providing more secure, efficient, and personalized financial solutions,” Lian noted. This synergy between AI and Web3 can lead to innovative solutions that address the complexities and challenges of modern finance.

Lian elaborated on how most AI crypto models rely on a common set of data, which can limit their effectiveness. In contrast, Neurai’s COPX.AI integrates user-based data, utilizing user behaviors and trading strategies to develop tailored trading strategies for individual users. This innovative approach not only enhances the accuracy of trading models but also creates a win-win situation where users contribute their data in exchange for rewards.

COPX.AI: A User-Centric Approach

Neurai has already made significant strides with COPX.AI, delivering an AI bot on Discord that has garnered a substantial user base. The team is currently working on developing a Telegram bot and integrating gamification modules to enhance user engagement on the platform. With over 100,000 users across various social media channels, COPX.AI is rapidly expanding its reach and influence in the crypto community.

Anndy Lian also mentioned that Neurai not only provides a service to COPX.AI but that some of the team members are also actively assisting COPX.AI. COPX.AI operates as a Decentralized Autonomous Organization (DAO), and some of Neurai’s team members are giving product and technical suggestions to the COPX DAO. “Some of my team members including myself have eventually become core members of COPX DAO, contributing their expertise to drive the project forward,” Lian added.

Quote from Anndy Lian, Chairman of Neurai

“AI in finance is not just about trading; it also acts as an underlying layer to detect frauds. While many financial systems are based on blockchain and are secure enough, an AI system on top of blockchain data storage adds an extra layer of security. At Neurai, we are committed to leveraging AI to enhance the security and efficiency of financial transactions, ensuring a safer and more reliable financial ecosystem. By incorporating user behaviors and trading strategies, COPX.AI can provide more personalized and effective trading solutions. This user-centric model not only benefits individual traders but also contributes to the overall improvement of our AI systems. We are excited about the future of COPX.AI and its potential to revolutionize the way we approach finance and trading.”

Anndy Lian’s talk at Web3BB Tokyo underscored the significant impact of AI on the future of finance and the innovative strides being made by Neurai with COPX.AI. As AI continues to evolve and integrate with financial technologies, the potential for more secure, efficient, and personalized financial solutions becomes increasingly attainable.

Neurai’s commitment to leveraging AI for the betterment of the financial ecosystem positions them as a leader in the Fin-Tech industry, paving the way for a new era of financial innovation.

For more information about Neurai and COPX.AI, please visit Neurai’s website or contact info@neurai.cc.

About Neurai

Neurai, a Singapore-based leading AI technology company, specializes in the development and delivery of AI solutions for the Fin-Tech industry. With a strong focus on innovation and user-centric design, Neurai is at the forefront of integrating AI with financial technologies to create more secure, efficient, and personalized financial solutions.

The company’s commitment to leveraging AI for the betterment of the financial ecosystem positions them as a leader in the Fin-Tech industry, paving the way for a new era of financial innovation. Neurai’s pioneering work in AI finance modeling for both stocks and cryptocurrencies, as demonstrated by COPX.AI, showcases their dedication to providing cutting-edge solutions that address the evolving needs of the financial sector.

About Web3BB

Web3BB is one of the largest business communities in Japan, dedicated to bridging the world and Japan by providing a platform for people to learn and discuss the core ideas of Web3, AI, and other emerging technologies. Through events, discussions, and collaborations, Web3BB aims to foster a deeper understanding and adoption of these transformative technologies.

The Web3BB event featured a series of keynote speeches, panel discussions, and networking sessions that provided attendees with valuable insights into the latest trends and developments in Web3, AI, and other emerging technologies. Participants had the opportunity to engage with industry leaders, share ideas, and explore potential collaborations.

 

Source: https://markets.businessinsider.com/news/stocks/anndy-lian-from-neurai-discusses-copx-ai-and-ai-finance-models-at-web3bb-tokyo-1033592866

 

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Top 5 Decentralized Finance Trends to Expect in 2024: Analyst Insights

Top 5 Decentralized Finance Trends to Expect in 2024: Analyst Insights

The decentralized finance (DeFi) space is leaving the bear winter behind and entering a bull summer as industry interest continues to pick up and the market moves into incentive-driven growth that focuses on real utility and technological innovations.

Or at least, that is what experts in the DeFi space are saying.

A recent report published by Exponential found that the “latest indicators signal not just growth but a transformative shift” within the DeFi space with significant growth in interest in DeFi yields.

The total value locked (TVL) in yield-generating DeFi protocols has steadily increased from $26.5 billion in the third quarter of 2023 to $59.7 billion in the first quarter of 2024, according to the report.

Total Value Locked per Protocol Job.
Total Value Locked per Protocol Job. Source: Exponential.fi

This growth signifies a return of confidence and liquidity to the DeFi markets.

We spoke to experts to find out the latest DeFi trends for 2024.

Key Takeaways

  • The DeFi industry continues to evolve with $43 billion already locked in low-risk yield contracts, indicating a shift towards more stable and reliable investment avenues.
  • The merging of traditional financial systems with DeFi is a significant trend, with financial institutions expected to use DeFi innovations such as smart contracts and decentralized lending to improve their services.
  • The DeFi space faces potential regulatory hurdles, exemplified by the SEC’s actions against Uniswap.
  • The development of Layer-2 scaling solutions and crypto bridges are pivotal in enhancing transaction speeds and reducing costs, thus supporting the broader adoption of DeFi.
  • Increased international regulatory cooperation is likely to result in a unified global framework for digital assets, balancing innovation with financial stability and opening up new opportunities for the DeFi sector.

DeFi Industry Is Maturing

As central banks signal towards more rate cuts, the DeFi yields space is gaining significant popularity as an attractive investment form with DeFi markets maturing, Anndy Lian, an inter-governmental blockchain advisor, told Techopedia.

This was also backed by the Exponential report, which noted that over $43 billion were locked into very low-risk DeFi yield contracts.

75% of DeFi total value locked (TVL) is currently in pools offering 0-5% of annual percentage yield (APY).

Total Value Locked in DeFi Yield Markets.
Total Value Locked in DeFi Yield Markets. Source: Exponential.fi

Additionally, new trends in the market are pointing towards more mainstream adoption, with DeFi projects continuing to grow and integrate more and more with traditional finance.

Lian said:

“The focus [of the DeFi space in 2024] seems to be on sustainable growth, improved security, and real-world applications that could lead to wider acceptance and use of DeFi platforms.”

Igor Telyatnikov, CEO and co-founder of AlphaPoint, a digital asset and cryptocurrency trading and investing platform, added that with over $90 billion locked in DeFi protocols, the DeFi market could very much reach and even surpass previous heights of $150 billion locked as previously seen in 2021. He said:

“Despite the challenges faced, DeFi has continued to attract both developers and users, showcasing its ability to innovate and adapt. We are seeing a maturing ecosystem with more robust infrastructure, improved user experiences, and increasing collaboration among projects.”

Decentralized Finance Trends 2024

Over the last year, DeFi applications have undergone significant changes, with a number of new trends starting to show up in the industry, stemming from crypto bridges to a number of Layer-2 (L2) scaling solutions.

Here are some of the biggest DeFi trends experts are paying attention to in the second half of 2024.

1. Traditional Finance Integration

The traditional finance market entering the DeFi space is perhaps the biggest trend in the current DeFi landscape.

Lian noted that the integration of traditional markets into the DeFi space could become a “significant step towards a more inclusive and efficient financial ecosystem,” with traditional financial institutions expected to collaborate more closely with the DeFi space, utilizing features like smart contractstokenization, and decentralized lending to enhance their products and services.

Lian said:

“A growing number of financial institutions are projected to adopt DeFi solutions, with significant investments to streamline operations and offer innovative services. The 24/7 operational model of DeFi breaks down traditional barriers of time and geography, offering constant accessibility and borderless transaction capabilities.”

Telyatnikov added that as regulatory clarity improves, the DeFi space could see a lot of exploration of new use cases in collaboration with more traditional institutions.

“Furthermore, the lines between DeFi and centralized finance will blur, leading to hybrid solutions that combine the best of both worlds.”

2. Layer-2 Scaling Solutions

Layer-2 scaling solutions are a prominent tech DeFi example that is expected to play a crucial role in the second half of 2024, AlphaPoint’s Telyatnikov noted. These solutions will enable faster and cheaper transactions while also maintaining the security of the underlying blockchain.

Lian added that the ability of L2 solutions to enhance the scalability and efficiency of blockchain networks is also vital for the growth of DeFi technology.

3. Crypto Bridges

However, major DeFi platforms have seen other emerging trends in the past year, including the development of crypto bridges and Know Your Customer (KYC’d) DeFi, according to Lian. He said:

“The emergence of crypto bridges has facilitated asset transitions to faster layer 2 networks like Arbitrum and Polygon, enhancing ERC-20 token trading while maintaining exposure to Ethereum.”

4. Regulation

AlphaPoint’s Telyatnikov added that over the past year, one of the most significant changes in the DeFi landscape was the heightened regulatory scrutiny.

One example is recent enforcement actions by the U.S. Securities and Exchange Commission (SEC) aimed at Uniswap Labs, which noted that the commission was planning to recommend legal action against the company.

Telyatnikov said:

“The recent Wells notice issued to Uniswap, the largest decentralized exchange by volume, and the ongoing Tornado Cash case have sent shockwaves and warning signals through the DeFi community, particularly in the US. Uniswap, being a significant utility in the DeFi ecosystem, is now facing a direct attack from regulators, creating uncertainty that may take a long time to resolve, similar to the Coinbase lawsuit.”

5. KYC’d DeFi

Such lawsuit cases bring direct challenges to the legal status of DeFi products, their tokens and use cases, which is why there could also be a potential rise of KYC’d DeFi. Know Your Customer procedures are known to align with regulatory standards and reduce illegal activities, which could serve as a limelight for a number of DeFi platforms.

For example, Singularity, a startup developing a protocol to provide institutions with confidential access to DeFi, attracted $2.2 million to develop a KYC-compliant DeFi platform for institutions.

Miko Matsumura, the managing partner at Gumi Cryptos Capital, said in a press release on February 22, 2024:

“Singularity addresses a crucial need in the market, providing institutional users with both the compliance and the commercial confidentiality necessary to participate in DeFi.”

Additionally, the SEC’s new regulatory definitions have the potential to bring decentralized exchanges (DEXs) within the scope of regulations for US broker-dealers, affecting their operations, which could also play a significant impact on the future of the DeFi space in the coming year.

However, global regulatory cooperation and the balance between innovation and safeguarding against financial stability risks will be crucial for further development of the DeFi space.

“The [current] focus seems to be on creating a regulatory environment that supports innovation while ensuring the security and integrity of the financial system,” Lian said.

The Bottom Line

As DeFi transitions from its speculative phase into a more mature and stable environment, the integration with traditional finance and the adoption of advanced technologies like Layer-2 solutions signify a robust future.

Despite facing regulatory challenges, the sector’s innovative response showcases its resilience and potential for sustained growth.

The growing acceptance and implementation of KYC procedures in DeFi could further enhance its legitimacy and foster broader adoption.

Overall, the future of DeFi looks promising, poised to redefine financial landscapes globally as it bridges the gap between traditional and decentralized finance while navigating regulatory challenges.

 

 

Source: https://www.techopedia.com/decentralized-finance-trends

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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