Arthur Hayes says AI will revolutionise DAOs, sees exponential boost for Ethereum

July 28, 2023 11:47 PM AEST | By Invezz

Arthur Hayes says AI will revolutionise DAOs, sees exponential boost for Ethereum — Image source: Invezz

Growth of AI DAOs and benefits to Ethereum

According to the entrepreneur, its decentralised exchanges (DEXs) that could eventually become the platforms where new AI-powered DAOs trade. AI DAOs, he opines, will be free from state control as they won’t be forced into picking and adhering to coercions of a particular jurisdiction. Rather, they’ll live on the blockchain and operate via smart contracts on networks like Ethereum.

“My opinion is that AIs will organise themselves using a Decentralised Autonomous Organisation (DAO) structure. DAOs are reliant on public blockchains — not the state — to operate. The DAO structure will allow AIs and humans to collaborate and serve as the organisational structure that allows the AI + human economy to grow and flourish.”

Hayes is of the opinion that with no way to exert control or pressure on AIs, the state becomes powerless in enforcing legal norms on the AI DAOs. Only smart smart contracts on public blockchains will be able to work with such companies, meaning they will be able to fundraise and trade any tokens on DEXs. His conclusion:

“DEXs will trend toward becoming natural monopolies, as they will be the first truly global trading venues where any being with an internet connection can meet and transact.”

In his previous blog post, Hayes predicted that AI could catalyse exponential gains for Bitcoin price, forecasting potential growth to $750k for BTC. According to him, Bitcoin will become the currency of AI. He now says that the other network likely to benefit massively from the AI revolution will be Ethereum, thanks to an exponential growth in DAOs.

On the issue competitors and so-called “Ethereum killers”, Hayes noted:

“While investors might make money trading the latest hyped Ethereum clone, none of them will ever eclipse Ethereum in terms of adoption and usefulness.”

The post Arthur Hayes says AI will revolutionise DAOs, sees exponential boost for Ethereum appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.