Quick Updates

ZachXBT Gains Support — I've always admired ZachXBT, an "on-chain detective" who employs various tools to uncover questionable figures in the crypto world. MachiBigBrother claims he has been unjustly targeted, resulting in reputational harm, and he is now pursuing legal action. In response, ZachXBT has garnered approximately $1 million in donations from the crypto community to aid in his defense. Quite remarkable!

Hong Kong's Web3 Expansion — I have a fondness for Hong Kong, having lived there for several years, and it's heartening to see positive developments. The HK Cyberport has successfully attracted over 150 Web3 companies and has a budget of around $6.3 million to foster Web3 growth. With the US becoming increasingly adverse to decentralization, I hope this trend in Hong Kong encourages China to reconsider their restrictions, potentially unlocking a significant market for the industry.

Ethscriptions Join the Scene — On June 17th, Ethscriptions were launched on Ethereum, with over 30,000 created within the first 18 hours. But what exactly are they? Essentially, they represent a novel method for recording and sharing unique data on Ethereum, which could lead to more affordable NFTs. However, if these become widely popular, we might see an uptick in Ethereum’s gas prices, but the evolution towards a more decentralized and cost-effective model is always welcome.

Wyre Shuts Down — Wyre, a crypto payment solutions provider, has announced its closure after a decade in the industry. This development has been anticipated for some time, but it’s still disheartening to witness the exit of such a significant player. Fortunately, you have until July 14th to withdraw any assets you may hold with Wyre.

Will AI Ultimately Undermine Itself? Can Blockchain Provide Assistance?

AI is shaping up to be a dream come true for capitalists. It allows for a substantial amount of work to be completed more quickly, at a lower cost, and at a comparable quality to some of the less expensive service providers (at least in terms of content creation).

However, I have been concerned about AI for a while. Currently, it serves mainly as a tool for collating and reworking existing content. As more brands and creators turn to AI for content production, the volume of original content may dwindle. Are we heading toward a reality where every piece of content is just another rehashed and diluted version of existing material?

You could argue that this is already happening with much of the content online, but AI will only exacerbate this issue by doing it at scale. This concern has been on my mind, and it reminded me of my conversation with Josh from Blocksee. Josh mentioned a critical point regarding the future of these two technologies: AI requires a vast, verified dataset to draw from, and blockchain provides a substantial, verified repository of information.

These two technologies are inherently complementary. When utilized together, they could profoundly impact numerous industries. I’m eager to hear your thoughts on this. Feel free to reach out to me on Twitter (@Decreviews / @HeyPJB).

The essential question is how will these technologies collaborate? Personally, I believe that blockchain can establish the necessary verification component, fostering trust and traceability for AI-generated content. Let’s be honest, when someone can generate hundreds or thousands of fake reviews, opinions, social shares, or misleading news articles in mere minutes, we’re bound to encounter significant challenges.

AI can certainly assist in scaling content creation, but more importantly, it can enhance the user experience (UX) within the blockchain realm. I’ve previously discussed the usability issues in this space that hinder widespread adoption. Therefore, I was thrilled to learn that Alchemy is introducing this very functionality through ChatGPT integration.

For those unfamiliar, Alchemy is a platform for Web3 development, and its new integration aims to simplify the process of querying on-chain data. For instance, you could ask, "What are the most recent block and the transactions within it?" and the new plugin would provide the necessary information.

This advancement is monumental for usability and should encourage more developers to create innovative tools and projects.

In my view, this is the future of AI. Relying solely on AI for content creation leads to diminishing returns and resembles the content mills of the past. However, a partnership where blockchain offers verifiable information and AI enhances user experience is the collaboration we need.

Featured Projects

Here are a couple of exciting projects that deserve your attention.

Fire Wallet Extension — Concerned about connecting to a service that might deplete your wallet? Fear not! I’ve been using Fire, a user-friendly tool that alerts you with a warning (or a green light) about what the smart contract you’re connecting to will actually do.

Nansen — Nansen is a well-known analytics tool that provides an abundance of information for those in the crypto space. Although it is pricier than some alternatives, the value it offers is worth the investment. I’m considering getting a new account to discover interesting trends for these newsletters. What do you think?

Dialect — Dialect is a messaging platform tailored for Web3. While it’s still in development and currently building its waitlist for launch, joining could give you a chance to mint a unique “new kind” of NFT. Whatever that entails.

What Are Your Thoughts?

As I research and curate information for this newsletter, I often encounter a lot of superficial content. To be honest, much of it is quite lacking in depth—merely basic information that serves no one but the brands being discussed. I’ve shared my thoughts on social media and would love to hear your opinions on this issue.

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