Transforming DeFi: AI agents simplifying onboarding in Blockchain
Advancements in artificial intelligence (AI) is picking up speed across industries. Integrating AI with blockchain offers vast potential to reshape our engagement with DeFi. We are here to talk about one very important issue: onboarding users into blockchain ecosystems and transformative solutions through AI agents powered by NEAR Protocol and the innovative Bitte Protocol.
On October 24th, enthusiasts and innovators in the field of AI and blockchain gathered at Full Node in Berlin to kick off a new series: AI Agents Berlin. Organized by Crypto Invest Berlin, this launch event is going to be instrumental in truly bringing out NEAR Protocol as the core infrastructure that will enable the next generation of AI agents. In this respect, through live demos and discussions, attendees saw firsthand how AI agents are set to simplify user engagement in DeFi and redefine interactions within blockchain ecosystems. One of the most relevant aspects of this gathering was the potential of user-owned AI to make things not only more accessible but also to improve well-being and drive financial empowerment, hence a big step toward pragmatic AI applications in everyday life.
The Problem: Difficult onboarding to DeFi
At the moment, DeFi is a completely complex thing, scaring off many potential users. The onboarding process in traditional crypto comes with quite a few headaches where wallets, seed phrases, exchanges, and transaction protocols have to be navigated. Many end up confused by the jargon that creates entry barriers, such as understanding the nuances of various token swaps. Understanding these barriers will be very important, as they greatly limit user engagement and the wider adoption of blockchain technologies.
Importance of addressing the problem
Addressing the challenges associated with the onboarding of newcomers to crypto is important for the reasons below.
User Experience: When onboarding is simplified through intuitive interfaces, it can attract users who might otherwise remain on the sidelines.
Adoption Rates: The smoother the process, the more likely users will engage with DeFi and available products. Easier processes can increase overall market liquidity and encourage increased participation.
Decentralization: AI agents deployed with blockchain empower users to be in control of their money and challenge traditional finance institutions. This promotes a more decentralized financial ecosystem.
Solution: AI agents and Bitte Protocol
NEAR Protocol and Bitte Protocol are tackling these challenges by utilizing AI agents, i.e., applications intended to act as personalized assistants and at a user's service. These agents make the functionality of blockchain technology and DeFi protocols available through simple human-readable commands. This makes complex financial operations into accessible tasks.
Just imagine navigating the blockchain as easily as having a chat with your buddy. It’s a dream come true; Bitte Protocol reinvents how users perform transactions. Bitte Protocol allows users to perform tasks such as minting NFTs, swapping tokens, or deploying smart contracts simply by providing a few words. This experience is a good example of how AI can serve as a capable financial assistant in enhancing user experiences and reducing the barrier to entry.
This approach was further solidified when NEAR co-founder Illia Polosukhin, in an interview with Cointelegraph, expressed interest in building an AI agent that would empower users who are unskilled at creating DApps by allowing them to chat about the desired functionality of their DApp and, voilà, receive the necessary code to bring it to life. This democratizes application development and addresses the growing need for user-friendly applications in the decentralized space.
Addressing the challenge with implementation
When the Bitte Protocol and NEAR Protocol are brought together the developers in the space have a chance to create powerful AI agents for use in bridging various blockchain based DeFi platforms. This could mean an AI agent can streamline processes such as making a swap, creating NFT mints, or even engaging in borrowing and lending protocols, all through chat interfaces. NEAR encourages developers to contribute to the ecosystem by creating more agents that leverage existing APIs or create new ones altogether, thereby opening space for more innovative applications. This model helps improve user experiences while democratizing the flow of information and capital in DeFi.
Quick facts and takeaways
Agents as API Interfaces: AI agents perform similarly to API interfaces, translating user commands into text or voice that turns them into blockchain transactions with fewer complicated intermediary steps involved.
Leverage Existing AI Infrastructure: Most of the AI infrastructures map natural language into valid API calls in the backend, thus allowing end-users to perform almost any kind of financial transaction by stating their intent.
Bitte Wallet EVM Support: It allows ease of integration and functionality across a wide variety of blockchain environments, maximizing flexibility and reach for these AI agents.
The road ahead
AI Agents within blockchains will advance over time and make financial transactions seamless, user-friendly, and available to anyone worldwide. This vision requires collaboration among the NEAR Protocol, Bitte Protocol, and the community at large. We can’t wait to see what’s to come in the future.