Coinbase Lets Users Create Autonomous AI Bots with Based Agent Tool
Date: 2024-10-30 Author: Henry Casey Categories: BUSINESS
Cryptocurrency exchange Coinbase has released a tool called Based Agent that allows users to create customized AI agents in minutes to perform tasks on the blockchain. Coinbase developer Lincoln Moore explained in a video on Platform X that these bots can be customized for a variety of operations such as trading, token swaps, staking, and interacting with smart contracts.
Coinbase Cryptocurrency AI Bots
The Based Agent tool provides users with a template that helps them create AI-powered bots. These bots can perform transactions using smart contracts, execute trades, and even register unique names on the blockchain. To create a bot, you will need a crypto wallet, as well as an account on the X platform, which you can use if you wish.
To get started with Based Agent, users need to copy the template on the Replit platform. After that, they must obtain API keys from the Coinbase and OpenAI developer program. Once entered into the template, users can launch and customize the bot's features to suit their needs. An important aspect of Based Agent is its autonomous mode, which allows the bot to independently perform transactions on the blockchain without additional user intervention. Lincoln Moore also noted that the tool allows you to create bots for the X platform via API, which expands the possibilities of using AI across platforms.
AI support from Coinbase CEO
The release of Based Agent coincided with the news that Coinbase CEO Brian Armstrong offered a crypto wallet to the AI-powered chatbot Truth Terminal. In August, Coinbase conducted the first transaction between two AI bots, where a large language model (LLM) successfully bought tokens from another AI.
While AI bots do not have access to traditional bank accounts, they can manage cryptocurrency wallets, allowing them to conduct transactions with people, businesses, and other AI entities. Armstrong emphasized that such transactions are instantaneous, global, and fee-free.
However, Armstrong acknowledges that AI agents still have limitations. Current AI systems still have difficulty performing tasks autonomously due to technical barriers and resource constraints. For example, an AI cannot book a plane ticket without access to a payment method. Armstrong sees a future where AI agents overcome these barriers, allowing them to significantly expand their capabilities. He believes that such AI transactions can change the industry, especially in e-commerce, by making the purchasing process more convenient and automated.
Some experts also predict that AI bots will dominate blockchain transactions in the near future. James Ross, founder of Mode Network, estimates that AI could account for more than 80% of all blockchain transactions as early as next year.
