Source: Cointelegraph
Original: “Validation Cloud Deploys Web3 AI Engine on Hedera”
The artificial intelligence platform Validation Cloud has launched a new large language model on the Hedera network, a move that could provide decentralized finance (DeFi) users with a more convenient way to access blockchain data.
The Validation Cloud team revealed to Cointelegraph that the Mavrik-1 AI engine has been deployed on the Hedera network, with additional integrations expected during a public rollout later this year.
This AI engine is designed to allow users to interact with DeFi protocols and access blockchain data through natural language queries without requiring technical expertise or knowledge.
Mavrik-1 utilizes real-time on-chain data and is trained on DeFi, stablecoins, and other blockchain applications.
Validation Cloud told Cointelegraph, “Despite DeFi accounting for over 50% of all on-chain activity, accessing and interpreting this data remains a significant barrier for most users and institutions.” They noted that existing blockchain data tools like Dune, Flipside, and Nansen are more challenging for users unfamiliar with the industry.
Since 2023, blockchain companies have been developing AI chatbots to assist developers and users. However, as Cointelegraph reported at the time, widespread adoption faces significant hurdles, particularly for AI-driven smart contracts, which are hindered by high and unpredictable gas fees.
According to AI development company LeewayHertz, as AI is expected to become a $15 trillion industry by 2030, more activities will migrate to decentralized networks, as blockchain provides users with greater control over computing resources and databases.
This view is further supported by Ernst & Young, which noted in its 2024 report: “AI and Web3 can address each other's shortcomings.”
Ernst & Young stated, “Web3 can help AI solve trust issues, while AI can help overcome the adoption challenges of Web3.”
Use cases for AI are emerging continuously in the blockchain industry. Cointelegraph recently reported that the co-founder of Circle launched an “AI-native bank” and secured $18 million in new venture capital.
According to PitchBook data, venture capital invested $73 billion in AI startups in the first quarter. More than half of the funding came from a round of financing for ChatGPT developer OpenAI, which raised $40 billion in March.
While cryptocurrency-focused venture capitalists are excited about AI applications, some express caution about investing until the technology further develops.
Related: Avalanche-backed Fusion launches with $100 million to promote blockchain adoption
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