Coinbase Launches “Based Agent” Tool for Quick AI Development
Coinbase, a leading cryptocurrency exchange, has introduced an AI tool called "Based Agent" to facilitate the creation of AI agents for developers. This initiative addresses the increasing demand for AI functionalities in the cryptocurrency sector.
On October 26, Lincoln Murr, a developer at Coinbase, presented the "Based Agent," which enables rapid AI agent setup in under three minutes, including crypto wallet integration. Brian Armstrong, CEO of Coinbase, emphasized the tool's efficiency.
Developers can utilize this tool to create AI agents with wallets and full on-chain functionality on Base, Coinbase’s Layer-2 network. These agents are capable of performing various blockchain operations such as trading, swapping, and staking.
Murr stated that Coinbase aims to make AI agent development accessible to all. The tool is built using Coinbase's software development kit (SDK) and incorporates technology from OpenAI and Replit. To begin, developers require API keys from Coinbase and OpenAI along with a customized Replit template. The Based Agent can be customized for specific tasks like smart contract interactions or staking management.
The tool supports multiple blockchain ecosystems beyond Coinbase’s Base network, including Ethereum, Polygon, and Arbitrum. Developers also have the option to integrate an X-bot feature for additional customization.
Regarding security, Murr confirmed that Based Agent employs Multi-Party Computation (MPC) wallet technology. This technique divides the private key between Coinbase and the developer, enhancing wallet security. This development aligns with the growing trend of AI agents in the crypto industry, particularly following the popularity of Terminal of Truths among investors.
In a recent blog post, Coinbase Ventures articulated its vision for merging AI with crypto, proposing that blockchain could enhance AI development by increasing transparency and accessibility. This combination may lead to the emergence of the "Agentic Web," where blockchain-enabled AI agents create new economic opportunities online.
Coinbase Ventures views this convergence as a means to empower users, granting them greater control over their personal data and interactions within the digital economy.