How AI became widely used in everyday life, while blockchain stayed limited to smaller\u00a0circles.<\/p>\n
Photo by Growtika<\/a> on\u00a0Unsplash<\/a><\/p>\n At the end of 2022, after the public release of ChatGPT by OpenAI as part of a research experiment, the AI hype soared as never before, and people started using it initially out of curiosity to see how it works and what it can\u00a0do.<\/p>\n Meanwhile, at the start of 2023, Anthropic and Google released Claude and Bard, and OpenAI released its latest model, GPT-4. This sparked competition between the global giants to win the AI race, leading to exponential advancements in the AI ecosystem like never\u00a0before.<\/p>\n The surprising fact is that Blockchain also lived at the same hype level as AI a few years\u00a0back.<\/p>\n In 2017, years after the launch of the Bitcoin network in 2009 and the Ethereum network in 2015, the Initial Coin Offering (ICO) gained momentum after the ERC-20 standard in the Ethereum network was formalized, which meant people no longer needed to create a complete blockchain network from scratch to launch their token. This made it easier for the public to use\u00a0ICOs.<\/p>\n If it has its own blockchain \u2192 it\u2019s a cryptocurrency.<\/em><\/strong><\/p>\n If it runs on another blockchain \u2192 it\u2019s a\u00a0token.<\/em><\/strong><\/p>\n So projects like Filecoin, Tezos, and EOS used ICOs to receive cryptocurrency from people in exchange for tokens of their projects, which was similar to buying company shares. This sparked hype in the business environment, and as a result, blockchain-based startups received millions in funding. Meanwhile, the prices of cryptocurrencies like Ethereum and Bitcoin skyrocketed.<\/p>\n Similar to 2017, in 2021, the introduction of NFTs and Decentralized Finance (DeFi) created a second major hype in Blockchain. People started buying NFTs for hefty amounts, and even celebrities joined in, which fueled the\u00a0hype.<\/p>\n At present, Bitcoin has already crossed the $100,000 mark and is still going\u00a0up.<\/p>\n Now, here\u2019s the real question:<\/strong> if AI and Blockchain both rode waves of massive hype, why did their stories diverge so sharply? One went on to become part of daily conversations, apps, and workplaces, while the other struggled to move beyond niche circles and speculative markets. What exactly pushed them onto such different paths, despite starting with the same level of global excitement? The answer lies in a few key aspects that ultimately shaped their destinies. Let\u2019s break them\u00a0down.<\/p>\n Photo by NASA<\/a> on\u00a0Unsplash<\/a><\/p>\n Blockchain\u2019s public reach is quite an interesting phenomenon. People are aware of cryptocurrencies, but if asked about Blockchain, they often respond with \u201cWhat is that?\u201d Most of them know the product but not the underlying architecture or even its name. This severely limited Blockchain to finance and investment alone. And even though people from all over the world invest in cryptocurrencies, many others avoid it because it involve financial risk and requires knowledge of the crypto market. This further limited public\u00a0usage.<\/p>\n Meanwhile, when ChatGPT was introduced, people of all age groups and professions started using it, and it impressed everyone with its human-like responses and problem-solving capabilities. It literally gained the saying, \u201cFirst impression is the best impression,\u201d<\/em> from the public. People began using it for simple tasks like content writing, homework, and coding, and some even used it as a therapist or a best friend. This level of public reach and adoption for everyday tasks is clearly miles ahead of Blockchain.<\/p>\n Blockchain technology is a relatively broad subject built on a completely new architecture, which proposes a decentralized and transparent network as opposed to the centralized, hierarchy-managed network architecture that has been the global standard for ages. Implementing this architecture requires a new set of tech stacks, which in turn makes the implementation process harder. Additionally, working with or even using a Blockchain-related application requires basic knowledge of decentralization and Blockchain architecture. As a result, common people found it very complex to use, and most blockchain-related apps ended up being business-focused rather than intended for common\u00a0usage.<\/p>\n Meanwhile, AI tools like ChatGPT were accessible directly through a website or extensions, just 2\u20133 clicks away. This meant they could be used by anyone with a device and an internet connection. Moreover, there was no requirement for technical knowledge or prerequisites to use\u00a0them.<\/p>\n The main objective behind the creation of Blockchain was to build a network that is 100% secure, transparent, and trusted. This narrowed its use cases to scenarios where data plays a major role and requires a high level of security in the network. In real-world applications, the finance sector and supply chain management closely align with Blockchain\u2019s objectives, and thus, Blockchain integration has been widely experimented with in these areas. However, when considering other sectors like entertainment, Blockchain\u2019s capabilities offer little benefit. As a result, Blockchain cannot serve as a solution for most use\u00a0cases.<\/p>\n When creating AI tools and models, the objective is to assist or help humans with their tasks. Naturally, this makes them suitable for almost any type of task. This has broadened the scope for businesses, leading them to use AI tools in areas such as development processes, customer support, guiding users through applications, and more. AI tools can be leveraged to provide value in most real-time use cases and across a wide range of businesses.<\/p>\n Every tech has its part where it gets misused, just like AI today. Even though Blockchain was created to benefit the world, some of its traits have been severely misused, and its flaws exploited, which can be far more dangerous than AI\u00a0misuse.<\/p>\n The first problem is Proof of Work (PoW), which is used for mining Bitcoin. After the cryptocurrency trend and Bitcoin\u2019s price hike, people started mining Bitcoins using PoW, which requires guessing a hash value correctly through brute force\u200a\u2014\u200aa process that demands enormous computational power. At one point, the crazy power consumption for Bitcoin mining alone matched the electricity usage of an entire city for days. This resulted in serious environmental concerns, leaving a black mark on Blockchain.<\/p>\n Secondly, the anonymity of public blockchain is severely misused by criminals as cryptocurrency transactions cannot be tracked, and thus it is widely used in illegal transactions. This is where it proved to be more dangerous than AI\u00a0misuse.<\/p>\n Alongside this, several scams have occurred in the name of ICOs, and most NFT prices dropped by 90\u201395% after 2022, highlighting the high risk involved in investing in cryptocurrencies.<\/p>\n Blockchain still holds strong potential for future use cases where there is zero tolerance for compromise in security and integrity, while also ensuring transparency among the parties within the network. Achieving this will require careful, long-term planning and thoughtful implementation. A lot of tech companies are still working on Blockchain projects to create an impact in real-world use cases. If successful, Blockchain can become an integral part of applications that involve large networks of people where complete trust and integrity are essential. Until then, its adoption is likely to remain limited in popularity.<\/p>\n AI and Blockchain: How One Succeeded in Going Mainstream While the Other Stalled<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":" How AI became widely used in everyday life, while blockchain stayed limited to smaller\u00a0circles. Photo by Growtika on\u00a0Unsplash Hype of\u00a0AI At the end of 2022, after the public release of ChatGPT by OpenAI as part of a research experiment, the AI hype soared as never before, and people started using it initially out of curiosity […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-93478","post","type-post","status-publish","format-standard","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/93478"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=93478"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/93478\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=93478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=93478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=93478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Hype of\u00a0AI<\/h3>\n
Hype of Blockchain<\/h3>\n
Key aspects that changed the fate of AI and Blockchain<\/h3>\n
1. Public Reach and\u00a0Adoption<\/h3>\n
2. Ease of Use vs Complexity<\/h3>\n
3. Business Integration and Use\u00a0Cases<\/h3>\n
4. The Dark Side of Blockchain<\/h3>\n
Conclusion<\/h3>\n