A new year filled with new possibilities that present new challenges and opportunities are here. We look at some of the areas that will be crucial for the crypto industry in the coming months.
Many predict that 2023 will mark the year of artificial intelligence's breakthrough as more AI apps and tools become part of our daily lives. AI has been hailed as the upcoming big thing for a long time. Although the field has consistently advanced, there have only been a few practical and commercialized applications of AI.
However, this is set to change in 2023, rising usage of AI-based bots that can produce stimulated replies is one of the telltale markers of this transformation. These tools are constantly being tested and improved by users all over the world. With feedback from users and continuous development, AI can start playing that imminent crucial role.
Crypto will also greatly see the influence of AI in the coming years. However, with the advent of Web3 and the internet becoming more decentralized, it will be interesting to see the impact AI and bot creates on the crypto industry.
Bots created using AI technology that can mimic human behavior may present challenges for Web3 platforms to achieve decentralization and governance through democratic voting mechanisms.
Another crucial area that will have some defining changes is related to regulations and policies for cryptocurrencies and digital assets.
Last year we saw several centralized giants of the crypto space failing and filing for bankruptcy, primarily due to the mismanagement of user funds by these platforms. Owing to the breakdowns of these platforms, regulations, and policies will be introduced on crypto products by countries and governments.
Although, regulators and policy-makers should be careful when drafting these policies as applying old and outdated policies that suited centralized products might not work with crypto products and may stifle the growth of the industry.
SelfKey can help with both the points mentioned above and are ideal problems. The SelfKey ecosystem, with its decentralized identity verification process, can allow users to verify their identity on Web3 and the Metaverse.
With regards to AI, and the rising threat of bots against decentralization, using the decentralized identity verification offered by the SelfKey ecosystem, users can distinguish themselves from bots and prove that they are humans.
With regulatory and compliance policies on crypto products, both users and Web3 platforms can utilize the SelfKey ecosystem to comply with Know Your Customer(KYC) or Anti-Money Laundering(AML) laws and minimize the risks of privacy violations and data breaches.
2023 is set to be a landmark year for crypto. With utilities that can help make users' life easier, SelfKey is all set to play an all-important role in the coming months.
The SelfKey mobile wallet got an update during the month of January.
Updates in the release include:
The SelfKey wallet is available on mobile, for both Android and iOS devices, and on the desktop for Mac, Windows, and Linux desktops.
It is imperative that Web3 adopts a decentralized human verification system, much like the SelfKey ecosystem, to fight against the potential threat of AI to the fundamental properties of decentralization and democracy that are embedded in Web3.
That's all for this month. Stay safe, and Thanks for reading.
You can read all the previous SelfKey progress reports here.