Blockchain Technology Wire Network Designs First Blockchain For AI Agent Economy

Wire Network introduced its Universal Transaction Layer (UTL), a unique open-source blockchain developed to cater to the AI agent economy.

What Happened: Wire Network’s UTL is the first third-generation blockchain, succeeding Bitcoin BTC/USD and Ethereum ETH/USD, based on the company's official press release.

The UTL is engineered to manage scalable, cost-effective transactions, meeting the requirements of the burgeoning AI agent economy.

"AI agents will need to be able to conduct millions of transactions per second across all blockchains,” said Ken DiCross, CEO of Wire Network. “AI is ready, current blockchain infrastructure is not. This is what Wire Network was built for."

By open-sourcing the UTL, Wire Network invites developers, researchers and industry stakeholders to contribute to its development. DiCross concluded, "We are excited to announce that as of today the Wire Network protocol is open-sourced, and we invite engineers worldwide to help us continue building the blockchain of the AI agent economy."

Also Read: Bitcoin Vs. Altcoins Dominance: This ‘Unusual Cycle’ Is Getting ‘Harder And Harder To Play’

Why It Matters: The UTL offers zero gas fees, compatibility with all chains, and immediate transactions. It empowers AI agents to transact across every major blockchain in a high-speed, cost-effective way. This breakthrough paves the way for decentralized AI applications.

"We’re providing the financial rails for the AI agent economy. It’s like giving AI a global passport and universal currency," said DiCross.

All of Wire Network's Tier 1 nodes, the backbone of the blockchain network, have already been purchased, demonstrating strong market interest and faith in the new technology.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Bitcoin Mirrors September 2023 Levels, Trader Curious If This Could Be ‘Turning Point’

Photo: Shutterstock