The AI-blockchain is a fast burgeoning space that continues to see a whirlwind of activities in the past week. In a speech, presidential hopeful Kamala Harris gets the crypto community abuzz over her pro-crypto stance, and crypto exchange Crypto.com prominently makes a foray into the AI and blockchain domain with a new SDK launch. Payments giant PayPal continues to take blockchain and Web3 a step into the mainstream by allowing business accounts to directly transact cryptocurrencies, in a bid to meet growing demand and ease on-and-off ramp issues.
1. PayPal Allows Business Accounts to Directly Transact Crypto
PayPal has expanded its cryptocurrency services to include U.S. business accounts, enabling them to buy, hold, and sell cryptocurrencies directly within their PayPal accounts.
This move aligns with the growing demand from businesses for the same crypto capabilities previously available only to individual consumers. Additionally, PayPal now allows U.S. merchants to transfer cryptocurrencies to external wallets and send or receive supported tokens from blockchain addresses, further enhancing the utility and flexibility of crypto transactions for businesses.
This expansion builds upon PayPal's previous initiatives in the crypto space, including allowing PayPal and Venmo users to trade crypto, launching its own stablecoin (PYUSD), and facilitating no-fee international transfers using PYUSD via its Xoom platform. PYUSD is also available on the Solana network, which is known to be a low-cost alternative to Ethereum.
2. Vice President Kamala Harris Acknowledges AI and Blockchain as the Future
In a recent speech at the Economic Club of Pittsburgh, Vice President and 2024 presidential candidate Kamala Harris made notable remarks about the U.S. recommitting to leadership in emerging technologies such as artificial intelligence (AI), blockchain, and quantum computing.
This statement, part of her broader economic plan, has sparked both praise and skepticism on her Web3, blockchain, and crypto views within the crypto community.
What you need to know about what VP Kamala Harris said:
- Pro-blockchain and AI stance: Harris emphasised fostering advancements in AI and blockchain, aligning these technologies with the future of economic growth and innovation in blockchain technology
- Mixed reactions: While some see this as a step forward, particularly in light of her nod to digital assets, others view it as politically motivated rhetoric. Prominent crypto figures expressed cautious optimism, calling it 'progress', though many remain skeptical due to the ongoing regulatory crackdowns on the crypto industry during her tenure as Vice President.
- Political context: Some critics question the sincerity of her pro-crypto stance, pointing to the Biden-Harris administration's previous regulatory actions against major crypto firms. These include Operation Chokepoint 2.0 and the targeting of companies like Coinbase and Binance, which has led many to question her true commitment to blockchain innovation.
3. Moo Deng Captures Hearts (and Fast Fingers) in Latest Memecoin Fad
The memecoin frenzy has seen its canine, feline, and amphibian phases. It would hardly be a surprise that now, the memecoin community has shifted its attention to a baby hippo that has its own crypto coin built on Solana.
Moo Deng, the adorable pygmy hippo whose name translates to 'bouncy pork', has become the latest internet sensation to be immortalised in the world of cryptocurrency. Moo Deng Coin, launched less than three weeks ago, has witnessed an astonishing surge of 1,400%.
Adding to the frenzy, one anonymous trader, suspected to be an insider, has reportedly turned an $800 investment into a staggering $3.5 million. This incredible feat has only fueled the FOMO (fear of missing out) surrounding Moo Deng Coin.
Moo Deng's undeniable cuteness is the primary driving force behind the coin's popularity. However, the recent interest rate cuts by the Federal Reserve have also played a role in boosting the broader crypto market, including memecoins like Moo Deng Coin.
While the meteoric rise of Moo Deng Coin is captivating, it's crucial to remember that such memecoin fads are extremely volatile and often short-lived. They are driven primarily by hype and speculation rather than any intrinsic value. As the old adage goes, 'what goes up must come down'. Investors should approach memecoins with caution and a healthy dose of skepticism.
4. Crypto.com Launches Into the AI Sphere
Crypto.com has emerged as the next major crypto exchange to move into the artificial intelligence (AI) and blockchain integration. It just launched a new AI-powered Software Development Kit (SDK) in beta, designed to empower Web3 developers to build applications and AI functions directly on the Crypto.com platform, catering to both technical and non-technical users.
The implications of this development are substantial. With crypto exchanges joining blockchain infrastructures in embracing AI and blockchain tag-team, we can anticipate a wave of new applications and services that could significantly cut down the fuss in financial transactions. According to Crypto.com, the ‘AI agent’ can "maintain wallets and handle tasks such as: ‘Create a new wallet address for me,’ ‘Send 100 PYUSD to Alice’s address,’ ‘Swap 1000 USDC for ETH,’ and much more.”
aelf, a high-performance layer 1 AI blockchain platform, is also pushing the boundaries of what's possible in the AI-blockchain integration.
Simplifying Smart Contract Creation
aelf harnesses the power of Natural Language Processing (NLP) to lower barriers to entry for smart contract creation. This means that both technical and non-technical users can generate smart contracts using intuitive natural human language inputs, eliminating the need for complex coding knowledge for developers and users.
AI-Powered Chatbot Integration
Furthermore, aelf has partnered with ChainGPT, a leading AI chatbot provider, to seamlessly integrate AI chatbots into its ecosystem. This will enhance user experience across various digital channels like Telegram, Discord, and the aelf website. These chatbots will offer real-time support, answer queries, and guide users through the platform, making blockchain technology more approachable and user-friendly.
*Disclaimer: The information provided on this blog does not constitute investment advice, financial advice, trading advice, or any other form of professional advice. Aelf makes no guarantees or warranties about the accuracy, completeness, or timeliness of the information on this blog. You should not make any investment decisions based solely on the information provided on this blog. You should always consult with a qualified financial or legal advisor before making any investment decisions.
About aelf
aelf, an AI-enhanced Layer 1 blockchain network, leverages the robust C# programming language for efficiency and scalability across its sophisticated multi-layered architecture. Founded in 2017 with its global hub in Singapore, aelf is a pioneer in the industry, leading Asia in evolving blockchain with state-of-the-art AI integration to ensure an efficient, low-cost, and highly secure platform that is both developer and end-user friendly. Aligned with its progressive vision, aelf is committed to fostering innovation within its ecosystem and advancing Web3 and AI technology adoption.
For more information about aelf, please refer to our Whitepaper V2.0.
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