On August 30, Coinbase witnessed its first-ever cryptocurrency transaction between artificial intelligence (AI) bots, as announced by CEO Brian Armstrong on X.
AI Bots Engaging in Crypto Transactions
Armstrong explained that a large language model (LLM) used crypto tokens to purchase AI tokens from another AI bot. These bots are designed to perform specific tasks, such as executing cryptocurrency transactions.
AI Bots and Crypto Wallets
While AI bots cannot hold traditional bank accounts, they can manage crypto wallets. This development enables AI bots to engage in transactions with humans, merchants, and other AI systems. Armstrong emphasized that these transactions are “instant, global, and free.”
Current Limitations of AI Agents
According to Armstrong, current AI agents are limited in their effectiveness. When assigned a task, they often fail to complete it even after being left alone for hours or days. He noted:
“Today, if you give an AI agent a task and come back in a few days or hours, it can’t get useful work done.”
Armstrong attributes this to the technological constraints of AI. Although companies like Devin AI are working to overcome these limitations, significant progress is still needed.
The Challenge of AI in Transactions
Armstrong also highlighted that AI agents struggle with completing transactions, which limits their ability to acquire necessary resources. For example, an AI agent cannot book a flight ticket because it lacks a credit card or payment method. This inability also prevents them from promoting content on social media through paid advertisements.
Potential Impact of Transacting AI Bots
Armstrong believes that AI agents capable of conducting transactions could revolutionize various sectors. This development could be particularly beneficial for businesses, allowing them to implement AI-enabled checkout processes in shopping carts.
Broader Developments in AI Transaction Technology
Coinbase is not alone in exploring the potential of transacting AI bots. Earlier this month, blockchain development firm Skyfire launched a payment platform designed to enable AI bots to spend money.
In addition, in June, Web3 infrastructure company Biconomy began integrating AI bots, allowing users to delegate trading activities to AI agents that can conduct on-chain transactions.
The post Coinbase conducts its first AI-to-AI crypto transaction appeared first on CryptoSlate.
