Without a question, emerging technologies like AI and Web3 have the ability to transform the digital world. Artificial intelligence is human-like intelligence demonstrated by machines that are fed large datasets. Whereas Web3, is an advancement over Web2, in which users may engage via a decentralised network to access their data.
Let us delve a little further
What is Web3?
Web3 is a high-level vision that outlines the internet’s future. It entails distributing authority and rewards through decentralisation. Web3, because it is built on blockchain, would enable data to be kept in numerous locations throughout a network. Web3 is the notion of the web’s future generation, in which most users would be linked via a decentralised network and be given the ability to access their own data.
What is Artificial Intelligence (AI)?
The replication of human intellect by computer systems is known as artificial intelligence (AI). Natural language processing (NLP), speech recognition, and computer vision are some examples of AI. AI is based on specialised hardware and software that allows machine learning algorithms to be written and trained. A chatbot, for example, can be given text chat samples to understand how to have real-life discussions with humans. The focus of AI programming is on three cognitive skills: logic, knowledge, and self-correction.
How can AI be Leveraged to Drive Wider Adoption of Web3?
Web3 is the next evolution of the internet as it promises to provide a more transparent, secure, and decentralized online environment that empowers users to control their data and digital identity. However, the adoption of web3 is still in its early stages, and it requires significant efforts to make it mainstream. One of the ways to push the adoption of web3 is by leveraging the power of AI.
Enhancing the User Experience
One of the key challenges of web3 is its complexity. Decentralized applications (dApps) are often difficult to use, with confusing interfaces, lengthy registration processes, and unfamiliar terminology. This makes it challenging for users to understand how to use dApps and access their benefits.
However, by using AI-powered chatbots, web3 platforms can provide personalized assistance to users, helping them navigate through the complexities of decentralized applications. Chatbots can answer user queries, provide guidance on how to use the application, and assist in completing complex tasks. This can make it easier for users to access the benefits of web3, increasing their engagement and satisfaction.
AI can also be used to develop intelligent recommendation systems that suggest relevant dApps and services to users. These systems can analyse a user’s behaviour and preferences, such as their search history, social media activity, and past transactions, to suggest dApps and services that are relevant to their interests. This can help users discover new and exciting web3 applications, increasing their engagement and satisfaction.
Increasing Accessibility
Another challenge of web3 is its limited accessibility. Many web3 applications require users to have a certain level of technical expertise, such as understanding cryptography, blockchain, and smart contracts. This limits the adoption of web3 to a small subset of the population, such as developers and cryptocurrency enthusiasts.
However, by using AI, we can make web3 more accessible to a broader audience. For example, AI can be used to automate the process of identity verification, which is a critical aspect of web3 applications. By using AI-powered identity verification, we can streamline the registration process, making it faster and more efficient. This can make web3 more accessible to users who are less familiar with the technical aspects of the decentralized web.
Improving Security
Security is another critical challenge of web3. Decentralized applications are often vulnerable to hacks and cyber attacks, which can result in the loss of user data and funds. Moreover, many users are wary of using web3 applications because of security concerns, which limits the adoption of the decentralized web.
However, AI can play a critical role in improving the security of web3 applications. By analysing large amounts of data, AI can identify potential security threats and vulnerabilities, allowing developers to take proactive measures to secure their applications. For example, AI can be used to detect suspicious transactions, flagging them for further investigation. AI can also be used to identify patterns of cyber attacks, helping developers improve their security measures.
By leveraging the power of AI, we can accelerate the adoption of web3 and usher in the era of the decentralized internet. However, this requires significant investment and collaboration between the AI and web3 communities. By working together, we can create a more transparent, secure, and decentralized online environment that empowers users to control their data and digital identity.
