Coinbase, a leading cryptocurrency exchange, has introduced new artificial intelligence (AI) tools that simplify the creation of AI agents for developers.
This move is in line with the growing activity and demand for AI agents within the cryptocurrency industry.
On October 26th, Coinbase developer Lincoln Ma announced the release of “Based Agent.” This is an AI tool designed to streamline the process of building AI agents. Coinbase CEO Brian Armstrong highlighted the efficiency of the tool, which allows you to set up an AI agent in less than three minutes.
“You can create an AI agent with a cryptocurrency wallet (and optional X account) in under three minutes,” he said.
The tool allows developers to create AI agents with integrated crypto wallets and full on-chain functionality on Coinbase’s Layer 2 (L2) network, Base. These AI agents can perform various on-chain tasks such as trading, swapping, and staking.
Additionally, Ma emphasized Coinbase’s vision of making AI agent development available to all users. The tool is developed with Coinbase’s Software Development Kit (SDK) and also incorporates OpenAI and Replit technologies. First, users will need application programming interface (API) keys from Coinbase and OpenAI, as well as a forked Replit template.
Read more: How will artificial intelligence (AI) transform cryptocurrencies?
The base agent serves as a customizable template that developers can adapt to their own requirements. Customizations include linking to smart contracts, executing trades, performing swaps, managing staking activity, registering a base name, and more.
On the other hand, the functionality of the Based Agent is not limited to the Base network. According to Murr, the tool also supports multiple blockchain ecosystems, including Ethereum, Polygon, and Arbitrum. Additionally, developers have the option of incorporating X-bot functionality into their agents.
On the security front, Murr assured users that the Based Agent employs Multi-Party Computation (MPC) wallet technology. This securely splits the private key between Coinbase and the developer, increasing the security of your wallet.
Coinbase’s move is not surprising given that AI agents are gaining a lot of attention in the crypto space thanks to the emergence of Terminal of Truths, an AI agent for crypto billionaires. This trend has sparked a wave of new AI agents that are transforming on-chain activities.
Read more: How can I invest in artificial intelligence (AI) cryptocurrencies?
Coinbase Ventures recently published a blog post outlining its vision for the synergy between AI and cryptocurrencies. According to Coinbase, blockchain can enhance AI development by increasing accessibility and transparency in emerging technology environments. This collaboration could lead to an “agent web” where blockchain-enabled AI agents drive economic growth and activity within the digital economy.
Coinbase Ventures says, “Cryptocurrency’s efficiency, borderless nature, and convergence of programmability and AI will improve the way humans and machines interact with the digital economy, including allowing users to have sovereignty over their personal data.” It has the potential to transform the world.”
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