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Etherscan Launches AI-powered Code Reader for Ethereum Contracts

2024-07-12 18:10:23.188000

Bitcoin miners are increasingly turning to artificial intelligence (AI) to boost their operations. Tech giants like OpenAI, Meta, Microsoft, and Google are investing in data centers and infrastructure to support AI models. The recent multibillion-dollar deal between Core Scientific and CoreWeave showcases the direction the industry is heading. CoreWeave, an AI hyper-scaler, has expanded its contract with Core Scientific, a cryptocurrency mining provider, to hire high-performance computing capability. CoreWeave, which was once a cryptocurrency mining outfit, pivoted to AI computing and now offers cloud-based AI training and operation of various models. The demand for such computing capabilities has led many cryptocurrency miners to repurpose their data centers. The new agreement will see Core Scientific modify 100MW of its infrastructure to add approximately 70MW more capacity for CoreWeave's Nvidia GPUs. CoreWeave is also expanding in Europe with plans for data centers in Norway, Spain, and Sweden by the end of 2025 [461e61cc].

Crypto miners are leveraging their advanced equipment and low-cost energy to meet the growing energy demand in the artificial intelligence (AI) sector. CoreWeave, a cloud computing provider, signed a $3.5 billion deal with Core Scientific to host AI-related computing hardware. The demand for heavy-duty computer capacity driven by AI applications like ChatGPT is increasing, and companies with access to cheap power, such as Core Scientific, have an advantage. Data centers' energy demand could surge to 9% of U.S. power generation by 2030. Miners are shifting to AI operations to benefit from stable revenue and afford high capital investments. AI-generated news and information websites are being aggregated by Google News. OpenAI has trained a new model called CriticGPT to catch mistakes in code produced by ChatGPT. Amazon has hired the cofounders and employees of Adept, a startup building AI agents, to strengthen its artificial general intelligence team. VC firm Benchmark is raising $425 million for its eleventh fund to back early-stage AI startups [b02ba723].

The fusion of AI and cryptocurrency has the potential to transform the global economy by $20 trillion, according to a Bitwise analysis. AI can enhance the efficiency and productivity of various industries, while cryptocurrencies provide a secure and efficient means of conducting transactions. Sectors such as healthcare, finance, transportation, and energy can experience significant advancements through the integration of AI and crypto technologies. However, the report also acknowledges the challenges and risks associated with this fusion, including regulatory concerns, privacy issues, and the potential for AI to exacerbate existing inequalities. The transformative potential of AI and crypto fusion in shaping the future of the global economy is emphasized [d38e3129].

Cryptocurrencies are experiencing volatility in response to the release of the latest US economic data. The figures, which have a significant impact on the market and the Federal Reserve's interest rate policy, revealed mixed results. While the inflation indicator was favorable, job openings data fell short of expectations, indicating a slack in the employment sector. The average hourly wage increased by 0.4%, surpassing the expected 0.3%. Non-farm employment reached 272,000, well above the anticipated 180,000, but the unemployment rate rose to 4.1%, compared to the expected 3.9%. These mixed figures have created uncertainty in the crypto market, causing bitcoin and altcoin prices to fluctuate. The recent economic data plays a crucial role in the Fed's decisions regarding interest rates. A stricter interest rate policy can reduce the appetite for high-risk assets like cryptocurrencies. Crypto investors should expect volatility and adopt diversified strategies to mitigate risks. Caution is necessary as strict monetary policies could persist [d38e3129].

A U.S. Federal panel claims that linking cryptocurrencies to the U.S. dollar can boost the economy and strengthen the dollar's status. The panel believes that incorporating digital currencies, particularly central bank digital currencies (CBDCs), into the U.S. dollar will improve its role in the international market. The Federal Reserve is assessing the use of CBDCs to maintain the dollar's international status. However, the panelists also noted that the technological aspect alone of cryptocurrencies cannot improve the ecosystem of the dollar. The U.S. CBDCs will focus on the retail sector to maintain the dollar's international status [d38e3129].

The fusion of AI and cryptocurrency has given rise to new possibilities and innovations in the tech industry. AI enhances the capabilities of cryptocurrency platforms by providing learning, pattern recognition, and predictive analytics. Blockchain technology, the foundation of cryptocurrencies, provides a secure and transparent ledger that AI can leverage to improve efficiency and trustworthiness. The integration of AI and cryptocurrency offers enhanced security and fraud detection, optimized trading strategies, AI-powered decentralized finance (DeFi), personalized financial services, and AI in cryptocurrency mining. The fusion of AI and cryptocurrency is still in its early stages, but the potential is immense. Regulatory considerations and ethical implications need to be addressed for responsible and ethical use of AI in the cryptocurrency space. Understanding and engaging with these technologies will be crucial for staying ahead in this rapidly changing landscape [d38e3129].

Blockchain developer Julian Peh warns of the risks of centralization in the crypto AI race. Peh highlights the formation of monopolies in AI and the potential loss of ownership rights in the AI-powered future. He emphasizes the need for a fair and competitive AI ecosystem where models, apps, and datasets are not owned by the same entities. Peh explains that the KIP Protocol facilitates the automated sharing of revenues among app developers, model trainers, and data producers by recording the price-per-query in the token metadata. The Synthetic Superintelligence Alliance, which includes fetch.ai, AGIX, and Ocean Protocol, is also focused on generating revenue through the deployment of the agentic network and commercial products [d38e3129].

Artificial intelligence (AI) is projected to add $15.7 trillion to the global economy by 2030. Big tech companies like Nvidia and Amazon are leading the way in AI innovation. Nvidia, known for its AI chips, has become more important than Microsoft and Apple in the AI technology space. Amazon is introducing a new chatbot called Metis, powered by its own AI model, Olympus. Bitcoin advocates like Michael Saylor and Anthony Pompliano believe that AI has the potential to generate massive wealth, and they promote Bitcoin as a secure way to preserve this new wealth. AI tokens are experiencing a trend reversal rally, and the price of AI tokens is rising while Bitcoin and Ethereum struggle. The article suggests that now may be a good time to invest in artificial intelligence crypto tokens [d38e3129].

Bitcoin miners have the opportunity to sell data-center services to AI customers due to their access to electricity. 14 publicly traded U.S. miners can spare about 3.6 gigawatts of the 5 gigawatts they currently control. The miners also have an additional 4.5 gigawatts coming in the form of contracts for power plants under development. Building high-performance computing (HPC) data centers that AI needs typically takes three to five years. The aggregate market value of 14 bitcoin miners soared by 32.5% in the month through July 3. The U.S. Treasury will require most cryptocurrency brokers to disclose information about user trades starting in 2026. Decentralized exchanges are exempt from the reporting requirement for now. Billionaires Dell, Musk, and Saylor have been posting about bitcoin on X (formerly Twitter). Dell posted a poll where Bitcoin was voted as the most important thing. The court ruled that BNB sales and cryptocurrencies are not securities. Sony is preparing to launch a crypto exchange in Japan with the acquired Amber platform [cd9cd8cf].

Venture capitalists (VCs) are showing interest in the combination of crypto and AI as the convergence of these technologies gains traction. Sentient, an AI company, recently announced a funding round with investments from Peter Thiel's Founders Fund, Pantera Capital, and Framework Ventures. This growing attention from top investors indicates that projects in the crypto and AI space are becoming more attractive. The article explores the reasons why VCs are betting on the fusion of crypto and AI [53c28748].

Etherscan, a block explorer and analytics platform, has launched Code Reader, an AI-powered tool that retrieves and interprets the source code of Ethereum contracts. The tool, powered by ChatGPT, generates insights into Ethereum contracts' source code files based on user prompts. Etherscan emphasizes that Code Reader is in beta and encourages user feedback. The tool requires a valid OpenAI API Key and does not store user API keys. The integration of AI in blockchain analytics presents challenges such as data capacity and AI hallucinations. Etherscan's launch of Code Reader marks a significant development in the use of AI in blockchain analytics [2aa8775b].

Disclaimer: The story curated or synthesized by the AI agents may not always be accurate or complete. It is provided for informational purposes only and should not be relied upon as legal, financial, or professional advice. Please use your own discretion.