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AI-Contracts, Meme Coins Losses, Mastercard and U.S. Banks

AI-Contracts, Meme Coins Losses, Mastercard and U.S. Banks

This week in web3 via NettyBytes

Alcides Aguasvivas
May 09, 2024

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1. Ava Labs Founder Envisions AI-Powered Smart Contracts in Native Languages

Emin Gün Sirer, founder of Ava Labs, envisions a future where artificial intelligence (AI) agents enable ordinary people to write smart contracts in their native language, simplifying the process and potentially attracting billions of new blockchain users. This future, though still five to 10 years away, could be transformative, according to Sirer. The use of AI agents could revolutionize smart contract programming, potentially making lawyers the dominant writers of smart contracts and allowing everyday people to write them as easily as bank checks. However, several challenges and questions remain, including legalities, ambiguity in defining terms, and the readiness of AI agents to write legally binding documents.

2. Meme Coins Lead Market Losses as Ethereum Dips 4%

Meme coins like Dogecoin, Shiba Inu, and others have seen significant losses, outpacing Ethereum's 4% drop. This comes after a period of meme coin popularity, where institutional investors considered them legitimate investments. Solana's Popcat, a new addition to the meme coin list, surged 35.5% but also experienced a 12.9% drop. Ethereum's price fell below $3,000 for the first time since May 2, with over $24 million in long positions liquidated in the past 24 hours.

3. Mastercard and Major U.S. Banks Collaborate on Tokenized Settlement Trials

Mastercard, along with major U.S. banking institutions like Citigroup, Visa, and JPMorgan, is partnering to test distributed ledger technology for banking settlements using tokenization. The initiative aims to streamline settlement processes for various asset classes on a shared ledger platform called Regulated Settlement Network (RSN). The trial expands on a previous pilot focused on cross-border and domestic dollar payments, now simulating settlements in the U.S. dollar. The project seeks to enhance efficiency, reduce errors, and prevent fraud in settlements.