Coinbase developer Lincoln Ma announced the launch of a new tool called “Based Agent” in an October 26th X post. Ma said the tool will allow users to quickly build artificial intelligence (AI) agents using their own cryptocurrency wallets. 3 minutes. Once an agent is created, it can be deployed to handle on-chain tasks such as trading and staking.
AI agents are essentially bots designed to perform specific tasks.
In a video attached to the post, Ma said:
“Our goal here is to make it as easy as possible to start building your own AI agents.”
Technically, Based Agent is an autonomous on-chain agent framework. However, to simplify things, this tool essentially serves as a template for users to create their own AI agents that give them access to different types of smart contract functionality and can be integrated with any smart contract.
Based Agent has several different modes, one of which is a fully autonomous version that allows users to create an AI agent that can “spin up and do whatever you want with a variety of on-chain interactions.” Murr explained.
Once an AI agent is created, it will be able to perform tasks such as trading, swapping, staking, and registering its own base name. Murr added that Based Agent comes with an X application programming interface (API) that allows users to turn an AI agent into an X bot.
According to Murr, the Based Agent was built using the Coinbase software development kit (SDK) with help from ChatGPT creator OpenAI and software creation platform Replit.
To start creating an AI agent, users need an API key from Coinbase's developer program, a “key from OpenAI,” and a fork of the Replit template. Mr Ma added:
“It couldn't be easier to start adding the functionality you need to these agents.”
The launch of Based Agent comes less than a month after the crypto exchange witnessed its first transaction between AI agents. At the time, Coinbase CEO Brian Armstrong said that AI agents could not perform their tasks unsupervised due to technological limitations.
Earlier this week, Armstrong offered to help Truth Terminal, the hugely popular AI agent on X, set up its own cryptocurrency wallet. AI agents cannot own bank accounts, but they can own cryptocurrency wallets.
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