The problem Cyrptage solves

The integration of blockchain technology and AI in this project addresses several critical challenges facing decentralized finance. Smart contracts, deployed on the Thirdweb blockchain network and written in Solidity, ensure transparency in lending practices by providing immutable transaction records, fostering trust among users. This integration also enhances security and autonomy by allowing users to securely connect their wallets to the platform, granting them complete control over their assets and reducing the risk of centralized control or manipulation. Moreover, by leveraging ThirdWeb's React framework, the platform offers a seamless user experience, making it easier for individuals to interact with blockchain functionalities and encouraging broader participation in decentralized finance. Additionally, the AI-powered chatbot, utilizing Google's PALM LLM model, solves the problem of data aggregation and staying updated in the rapidly evolving landscape of decentralized finance. By automatically web scraping and training itself, the chatbot provides real-time information and support to users, enhancing their decision-making process and overall experience. Overall, this integration addresses the challenges of transparency, security, accessibility, and data management, advancing the adoption and efficacy of decentralized finance.

Challenges we ran into

Implementing a project that integrates blockchain technology and AI for decentralized finance presents several significant challenges. Firstly, the technical complexity involved in developing and deploying smart contracts written in Solidity on a blockchain network, while also integrating AI algorithms, demands expertise in both domains. Secondly, ensuring scalability to accommodate increasing user activity without compromising performance is crucial. Moreover, maintaining security in smart contracts and AI components is challenging due to potential vulnerabilities and the risk of data breaches or malicious attacks. Regulatory compliance is another hurdle, as decentralized finance operates in a regulatory gray area, requiring careful navigation to ensure adherence to relevant laws. Additionally, encouraging user adoption necessitates overcoming barriers such as unfamiliarity with blockchain technology and concerns about privacy and security. Data privacy concerns arise with AI algorithms requiring access to user data, demanding robust measures to safeguard privacy and maintain trust. Finally, interoperability challenges may emerge when integrating multiple blockchain networks and AI systems, requiring solutions to ensure seamless communication and collaboration between different technologies. Addressing these challenges requires meticulous planning, interdisciplinary collaboration, and a commitment to ongoing development and refinement.