Artificial intelligence (AI) has been making waves in the world of crypto. We have seen $TAO and $RNDR hit over a billion market cap, new advancements in AI abilities, and all the biggest podcasts are debating it.
There are many use cases for AI. At AmaZix we believe the addition of an economic layer, is where crypto and AI, is a match made in heaven. We asked ChatGPT what it would take into account when considering its economic layer. The program stated: Resource Allocation, Cost-Benefit Analysis, Market Dynamics, Regulatory Compliance, Risk Management, Ethical Considerations, Long-Term Sustainability, and Human Input and Values. All the above will be achieved through programmable currencies.
Aside from hype, what does AI really do, and how can we use it today? In this blog post, we’ll explore what AI is effective in and where it may not be as effective.
Why AI is Good for Due Diligence
AI is able to analyze transactional data, it can evaluate the quality of smart contracts, and scrutinize regulatory compliance without any bias. AI will analyze large datasets quickly and accurately, which helps us make informed decisions. At AmaZix we have done this process manually for some time, which requires a tremendous amount of resources. It is important to note that a human is always required in the process.
Why AI is good for design
One of the first renditions of AI that I have personally used was ‘Image Generation AI’ $IMGNAI; a Telegram bot that can create images through prompts. These tools require detailed descriptions for the prompt to produce satisfying results. We are now seeing new applications evolve into much more intuitive designs. One most recent is the ability to create video content with just a few words. This allows content creators to be much more flexible. Teams are able to create and test out multiple renditions on a much cheaper budget. For companies that are starting off without much funding, this will help them build their narrative at a fair price.
Why AI is Bad for Community Management
While AI can be a great tool for design and due diligence, it is not always the best choice for community management. This is because AI lacks the human touch necessary for effective community management. Although the tech will get there in the future, right now it lacks the ability to react in real time and adapt to different communities without integrating large amounts of data. AI algorithms moderate forums and social media platforms, however they don’t understand the nuances of human communication. This can lead to misunderstandings and miscommunications, damaging a company’s reputation.
At AmaZix, we believe Community Management will always require a human touch. When a community member has a question, not only do they require the correct answer, but the Community Manager must have a human sense of understanding to satisfy the members needs. Our teams are trained to find out the whole story. You do not want a knee jerk reaction to a question or concern (as an AI-powered community management tool might). Most importantly, real time engagement is pivotal for a healthy community, something AI is not able to pull off in this current iteration.
In conclusion, AI is a valuable tool. It’s not the best choice for community management, however it can be a great way to save time and resources. The crypto industry continues to grow and evolve at a rapid rate. We are following AI’s new and innovative use cases.
Contact us today to learn how to create and activate your community.