Lightning Labs Announces AI Toolkit That Can Hold, Process Transactions in Bitcoin

To create this toolkit, Lightning Labs has brought together its own mechanisms to authenticate and simplify operations with AI.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 7 July 2023 15:06 IST

Lightning Labs Announces AI Toolkit That Can Hold, Process Transactions in Bitcoin

Photo Credit: Pixabay/ Michael Wuensch

The toolkit will leverage OpenAI’s ChatGPT function

Highlights

AI is making its way into the crypto sector
AI could make crypto transactions more cost effective
AI is also touted to make crypto transactions faster

The year of 2023 will probably be remembered as the year when Artificial Intelligence (AI) revamped all other technologies. Lightning Labs, that developed the Lightning Network for instant payments on Bitcoin, has now created AI tools to facilitate crypto-related activities. Basically, Lightning Labs has claimed that its new tools can channelise AI to hold cryptocurrencies as well as facilitate transactions in the digital asset. This would integrate AI mechanisms deep into the Bitcoin network — the pros and cons of which will emerge in the times to come.

Lightning Labs has announced the launch of a toolkit for developers called ‘AI4All', that will incorporate ChatGPT's generative AI text feature to interact with the Bitcoin network. This would facilitate sending, receiving, and holding the cryptocurrency, making financial transactions faster and more cost effective.

“We're excited to announce the release of a new set of developer tools to enable the Lightning and AI developer communities to build global, inclusive, and cost-effective Large Language Model (LLM) tooling which incorporates Lightning and Bitcoin. The tools that leverage OpenAI GPT function calls to enable developers to create agents that can hold a Bitcoin balance (on-chain and Lightning), send/receive Bitcoin on Lightning,” an official note from the Lightning Labs said.

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LLMs are supported by large and detailed data sets that helps them generate human-like responses to user prompts and carry on tasks.

Talking about the use cases of LLMs, the product head at Lightning Labs, Michael Levin, said, “Chat UIs are just the tip of the iceberg for LLM usage. 90 percent of use cases lie beyond this initial foray. The most useful products won't be chat UIs, but SaaS/Enterprise/API products built on LLMs to uniquely solve user problems.”

To create this toolkit, Lightning Labs also brought together its own mechanisms to authenticate and simplify operations with AI

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The company posted an official release announcement of this AI-Bitcoin toolkit on Twitter on July 6.

Announcing a new set of tools to build Lightning:zap:and #bitcoin-powered AI products for a global audience.

Using L402, a standard for API authentication with LN payments, and @langchainAI, a simplified AI app framework, we are opening up #AI4All! :robot_face::earth_americas:https://t.co/EQseanCurv
— Lightning Labs:zap:️:sweet_potato: (@lightning) July 6, 2023

As per Levin, this toolkit will enable AI agents to develop beyond the simple prompt + response AI models.

“Instead, they'll be able to accomplish tasks from broad prompts, which will require interaction between agents and markets to price decisions/actions,” Levin added in his tweet thread.

Announcing a new set of tools to build Lightning:zap:and #bitcoin-powered AI products for a global audience.

Using L402, a standard for API authentication with LN payments, and @langchainAI, a simplified AI app framework, we are opening up #AI4All! :robot_face::earth_americas:https://t.co/EQseanCurv
— Lightning Labs:zap:️:sweet_potato: (@lightning) July 6, 2023

While we await the repercussions of involving AI with Bitcoin, AI seems to be catching up with the crypto sector.

In June, Mudrex, an India and US-based crypto investment firm, has decided to use the AI chatbot trend to educate people about cryptocurrencies. This chatbot is named the ‘SatoshiGPT' as a tribute to the anonymous founder of Bitcoin, who is famous by his pseudonym — Satoshi Nakamoto

In fact, a new class of cryptocurrencies called AI crypto coins has also emerged in the market.

Like all usual cryptocurrencies, AI crypto tokens are also built on blockchain networks. Unlike other cryptocurrencies, however, these tokens are loaded with AI capabilities that promise better security, functionality, as well as the general performance.

From the Nothing Phone 2 to the Motorola Razr 40 Ultra, several new smartphones are expected to make their debut in July. We discuss all of the most exciting smartphones coming this month and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Further reading: Cryptocurrency, Artificial Intelligence, Bitcoin, Lightning Labs, AI

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More