In an environment where the majority of the cryptocurrency market is grappling with the ongoing crypto winter and challenges within the banking sector, Rejuve.AI ($RJV), an artificial intelligence token with connections to Cardano, has experienced remarkable traction, all while of course, also experiencing some degree of volatility.
At the time of writing, the token’s price has skyrocketed by roughly 153% within the past 24 hours, reaching a new all-time high (ATH) of $0.1132, according to data from CoinMarketCap.
The token’s recent surge can be traced back to its successful Token Generation Event (TGE), which followed a series of community funding round events. The token’s design is linked to both Ethereum (ETH) and Cardano (ADA), leveraging the capabilities of two leading proof-of-stake (PoS) Layer 1 protocols. Rejuve itself was launched by SingularityNET ($AGIX) as a utility token, with the prospect of accelerating the extension of human health and lifespans. SingularityNET’s thrust, in terms of the social impact it aims to achieve, is quite straightforward: to enable individuals to easily “create, share, and monetize” AI services through a globally accessible AI marketplace.
The current enthusiasm surrounding the Rejuve.AI protocol and token can be attributed to the crypto market’s broader excitement in terms of artificial intelligence ecosystems and projects. With the introduction of OpenAI’s ChatGPT and GPT-4 algorithmic models, numerous crypto projects are pivoting towards AI, devising solutions and applications to advance the frontiers of both AI and blockchain technology.
The convergence of AI and blockchain technology has garnered support from numerous proponents, and it is this intersection that Rejuve.AI is currently exploring. However, while the integration of artificial intelligence (AI) within the Web3 ecosystem offers numerous benefits that have the potential to revolutionize the way we interact with decentralized networks and applications, there are several factors that we (humans, yes, all too human humans) need to stay wary of.
The unethical use of artificial intelligence, especially in the context of Web3 and blockchain development, may lead to unintended consequences and threats. This may also be countered given how recent deployments of OpenAI’s GPT-4 model were used to debug smart contract code, opening the possibility of outsourcing or automating code audits to large language models which contain vast libraries and databases of smart contract code, even those which may be too obscure or may be reserved only for those who have been developing smart contracts since its heydays sometime between 2013 and 2014, which was when Ethereum and other derivatives first sprang.
In this instance, AI-driven applications may be exploited for malicious purposes, such as manipulating markets, facilitating illegal activities, or creating fraudulent dApps. Moreover, the mass use of AI can amplify existing biases and inequalities, as algorithms may inadvertently reinforce discriminatory patterns present in training data.
Another potentially incriminating quandary with the use of AI for Web3 and blockchain development is this: the centralization of AI development and resources can potentially undermine the decentralized nature of Web3, resulting in power imbalances and compromised security. Consequently, it is crucial to approach AI integration in Web3 with caution, ensuring ethical and responsible use to prevent negative outcomes.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Opinions stated herein are solely of the author’s, and hence do not represent or reflect CryptoDaily’s position on the matter. The author has no stakes in any of the digital assets and securities mentioned, and does not have any significant hold of own any cryptocurrency or token discussed.