Mysten Labs’ CEO Shares Insights on AI vs Encryption Industry

On April 18th, Evan Cheng, co-founder and CEO of Mysten Labs, stated that this shift is due to the ability of artificial intelligence products and applications to cater to a wider audience, while the encryption industry continues to focus on itself. Cheng said, “Driven by the proven value of AI technology to consumers, venture capitalists in multiple fields are increasingly turning their attention to AI investments.” He compared the explosive growth of AI to the explosive growth of cryptocurrencies since 2017: “ChatGPT has emerged, (developers) We are building products and applications for consumers and developers – a wide range of large-scale use cases are immediately possible, while in the field of encryption, the industry has been developing products for cryptographers （Decrypt）

MystenLabs co creation: Artificial intelligence products can cater to a wider audience, while the encryption industry always focuses on itself

Introduction

On April 18th, Mysten Labs’ CEO Evan Cheng commented on the current state of the technology industry. He highlighted the increasing investment in artificial intelligence (AI) products and applications compared to the encryption industry, which he claimed is more focused on itself.

Growing Popularity of AI

Cheng attributed the shift towards AI to its ability to cater to a wider audience, driven by the proven value it brings to consumers. As a result, venture capitalists in multiple fields are increasingly turning their attention towards investing in AI technology. Cheng likened the explosive growth of AI to that of cryptocurrencies, which has seen a surge since 2017.

Use Cases of AI Products and Applications

Cheng discussed the extensive uses of AI technology, ranging from chatbots to machine learning algorithms. Developers are building products and applications for both consumers and developers, resulting in a wide range of large-scale use cases that are immediately possible.

Encryption Industry’s Focus

In contrast, Cheng commented that the encryption industry has been developing products meant solely for cryptographers. This lack of consumer-focused products has resulted in a lack of immediate use cases that can drive growth.

Benefits of AI Investment

Cheng highlighted the potential for investment in AI technology to increase profitability and create a competitive advantage in many industries. With the diverse array of use cases and increasing investment, the AI industry is poised for exponential growth in the coming years.

Conclusion

Evan Cheng’s insights into the current state of the technology industry highlight the immense potential of AI products and applications. As venture capitalists continue to invest in this technology, it is likely that we will continue to see rapid growth and integration of AI across multiple industries.

FAQs

1. What is Mysten Labs?
Mysten Labs is a technology company that specializes in blockchain and AI solutions.
2. What is the encryption industry?
The encryption industry focuses on the development of encryption algorithms and protocols to secure data.
3. How can AI technology be used in various industries?
AI technology can be used for a multitude of purposes, including chatbots, predictive analytics, and fraud detection, to name a few.