Here's a recap of the fascinating dialogue from Klein Labs' recent space event on the topic "AI Meets Web3: How TG/DC Bots Are Changing the Game?", held on Aug.23rd 1:00 p.m. UTC.
We brought together notable figures from various decentralized trading platforms and projects to have an engaging discussion on the applications of trading bots and AI in the cryptocurrency field. The guests introduced innovative features of using AI and bots on their own platforms, including auto-trading, sentiment analysis, user experience optimization, etc.
This enlightening session brought together some of the industry's notable figures, including Russell from @owlswap_finance, Coucou from @MapProtocol, Bay from @Dexbotapp.
Guests introduction and projects overview:@Dexbotapp: Dexbotapp is a professional on-chain trading assistant tool that provides users with a convenient and efficient trading experience. It offers features like privacy trading, customizable limit orders, optimal gas fee settings for prompt transactions, and on-chain profit stabilization to enhance the trading experience.The goal of Dexbot is to empower users to engage in on-chain trading with greater simplicity and convenience@MapProtocol: MapProtocol is based on blockchain technology and aims to solve the problem of interoperability between different blockchains and cross-chain asset transfers. It operates on the principle of "code is law" and takes inspiration from Satoshi Nakamoto's idea of simplified payment verification. This technology empowers MapProtocol with the ability to create a peer-to-peer system without the need for a third party.@owlswap_finance: Owlit is a decentralized exchange that provides multiple tools to improve user experience. There are two unique trading bots:Trading bot and Mimic trading bot.Owlit also has an AI-driven sentiment analysis bot that analyzes discussions and comments about different tokens across social media to predict price ranges for the next 24 hours.
Innovations features of AI-integrated Bots:
@owlswap_finance: Spotlighted AI robots' 24/7 crypto market monitoring and their efficient, emotion-free trading. They excel in community management and sentiment analysis. However, he cautioned users to understand bot algorithms and be wary of replication risks.@MapProtocol: Believed that AI at its current stage lacks genuine cognitive abilities; its outputs are grounded in past experiences and a wealth of data. The real value of AI lies in its capacity to boost productivity, but its trustworthiness and adoption still require human judgment. The synergy of AI and humans is where the maximum potential is harnessed.
Profit Models for Bot Projects:
@owlswap_finance: Emphasized the web3 landscape's focus on relationships over product quality, resulting in Owlit's investor challenges despite its user-focus. With the crypto market's 1 trillion cap, relationship-building dominates, but this may shift with the next wave of web2 users. He also highlighted the cost-effective potential of bot projects to meet user needs and build loyalty.
Ensuring Data Privacy with Bots:
@owlswap_finance: Highlighted the need for user data protection and developer IP safeguarding in bots. He advocated for security audits and user discretion, and mentioned not all bot code is on-chain to prevent copying. Users should prioritize bots from reputable teams.
AI Bots and Human Roles:
@MapProtocol: Believed that at this stage, AI is not capable of thinking and its output relies on past data. So full replacement of humans seems impossible. But the combination of humans and AI can make things more efficient.@owlswap_finance: Emphasized that while bots have assumed certain roles, human oversight remains vital, especially in strategic areas. While bots handle routine tasks, understanding their strengths and limits is key to effective utilization.@Dexbotapp: Added that understanding user needs is very complex, requiring human insight. So bots may replace simple repetitive tasks but cannot fully replace human creativity and judgment.
The discussion reflected a high level of interest and positive attitude within the industry towards leveraging AI and bots to improve efficiency and expand user base.
As the discussion went deeper, the participants also realized the need to approach these emerging technologies with caution. Protecting user privacy, platform security, and developer intellectual property are issues that need consideration. At the same time, AI and bots also face risks of misuse. Therefore, the discussion emphasized that both developers and users should take necessary measures to research potential risks thoroughly, in order to promote the healthy development of AI and bots in the cryptocurrency sphere.
In summary, this discussion signified AI and bots playing an increasingly important role in cryptocurrency investing and trading, and likely redefining this field. However, human wisdom, regulation, and ethical norms still play an indispensable role in guiding the direction of technological advancement. The discussion called for all parties to continue pioneering innovation, while adopting prudent and responsible attitudes to advance human-machine collaboration, and co-create a bright future for the cryptocurrency industry.