Nvidia Exec Sees No Value in Crypto to the Society

The Chief Technology Officer of Nvidia technology company, Michael Kagan has expressed doubts about the value of crypto to society.

Kagan stated in an interview that cryptocurrencies do not bring anything meaningful to society. Additionally, he compared the practical applications of crypto mining to the Artificial Intelligence (AI) tool, ChatGPT. In his opinion, he said the processing power of ChatGPT is of greater relevance than mining crypto.

Kagan’s claim comes despite the company’s Graphics Processing Units (GPUs) selling massively in the crypto mining sector. Nvidia’s GPUs have been in high demand among crypto miners because they are extremely efficient at performing the complex calculations needed to mine cryptocurrencies like Bitcoin and Ethereum. 

However, the company has never welcomed the crypto community with open arms. Nvidia even released a new lineup of gaming-focused GPUs at the beginning of 2021 with the intention of making it more challenging for cryptocurrency miners to use them for mining.

Kagan justified the decision by establishing that the deployment of computing power to mine crypto has minimal utility. On the other hand, he said ChatGPT’s first version was trained on a supercomputer comprised of approximately 10,000 Nvidia graphics cards.

AI in Blockchain

In the blockchain industry, AI is being used in a variety of ways, with the potential to improve efficiency, security, scalability, and data analysis. For example, AI can be used to automate smart contracts, making them more efficient and secure. Smart contracts are self-executing contracts in which the terms of the buyer-seller agreement are directly written into lines of code.

Additionally, AI can be used to analyze large amounts of data on the blockchain, helping organizations to better understand customer behavior, market trends, and other important factors that can inform business decisions.

Interestingly, Cathie Wood, the CEO of Ark Invest is also a strong believer in the use of AI in blockchain technology. Cathie asserted that the introduction of ChatGPT, an AI solution has revolutionized the approach to knowledge work in the industry.

Meanwhile, the European Commission and European Investment Fund (EIF) also launched a new investment scheme for artificial intelligence (AI) and blockchain in Europe in 2019.