A new advanced language model has been introduced by the Validation Cloud artificial intelligence platform on the Hedera network, with the aim of making blockchain data more accessible to decentralised finance (DeFi) users.
The Validation Cloud team stated that the Mavrik-1 AI engine has been installed on Hedera and that several other planned integrations will be made public later this year.
The AI engine is designed to allow users to interact with DeFi and access blockchain data using natural language queries, without the need for technical skills or experience.
Mavrik-1 uses real-time data trained for stablecoin, DeFi and other blockchain applications. It offers faster insights, improves the user experience and supports developers by simplifying interaction with the blockchain. The integration with Hedera underscores Validation Cloud's commitment to a scalable, secure and intelligent infrastructure in the growing Web3 ecosystem, fostering the adoption of decentralised technologies across multiple industries.
"Accessing and interpreting this data remains a major challenge for most users and institutions, despite DeFi accounting for more than 50 per cent of all activity on the blockchain," said Validation Cloud.
The company also noted that people less experienced in the field may find it difficult to understand current blockchain data analysis tools, such as Dune, Flipside and Nansen.
The Growing Utility of AI in the Web3
Since 2023, several blockchain companies have developed chatbots with AI capabilities to support users and developers. However, large-scale adoption has faced several hurdles, particularly for AI-powered smart contracts, hampered by high and unpredictable gas costs.
Other issues include security, scalability and integration challenges with legacy systems.
According to PitchBook, $73 billion was invested in AI companies in the first quarter. In March, OpenAI (creator of ChatGPT) raised $40 billion in a single investment round, accounting for more than half of the entire amount.
Although cryptocurrency-focused venture capitalists are enthusiastic about AI applications, some are showing caution and prefer to wait for the technology to mature further before investing.
