• The use of artificial intelligence (AI) in the crypto industry is still in its early stages, but it is showing potential for growth.
• There are many AI projects emerging in the crypto community, such as Blocktrace, SingularityNET, and Fetch.ai.
• These projects aim to create an efficient and autonomous digital economy by leveraging AI and machine learning algorithms.
The Rise of Artificial Intelligence in Crypto
The rise of artificial intelligence (AI) is finding use cases within the cryptocurrency industry. According to a report from Fortune Business Insights, the blockchain AI market is projected to grow from $220.5 million in 2020 to $973.6 million in 2027 at a compound annual growth rate of 23.6%. Despite some prominent tech moguls calling on companies to suspend large-scale AI development temporarily, the crypto industry has seen many AI projects emerge.
Examples of Crypto AI Projects
Blocktrace – Blocktrace is a service provider specializing in blockchain forensics and analysis bolstered by AI technology. It has developed an AI chatbot called Robby the Robot that interacts with data on the Bitcoin blockchain to simplify tracking transactions and facilitate identifying trends and anomalies.
SingularityNET – This decentralized platform uses blockchain technology to provide a platform for developers to share and monetize their algorithms using tokens called FETs (Fetch Tokens). Developers can access machine-learning-based utilities on this network to train autonomous digital twins and deploy collective intelligence on it.
Fetch.ai – Launched via initial exchange offering (IEO) on Binance, Fetch.ai enables users to build and deploy their own digital twins on its network using FET tokens which can be used for various tasks including data analysis, prediction markets, and supply chain management.
Benefits of Using Artificial Intelligence
Using these projects powered by artificial intelligence allows users to benefit from:
• Automated processes – Machines can process information faster than humans allowing them automate processes quicker than manual labor could ever do so accurately; • Accurate predictions – Machines can analyze vast amounts of data quickly providing more accurate predictions than humans could make alone; • Increased efficiency – Machines can complete tasks with little energy expenditure leading to increased efficiency compared with manual labor; • Improved decision making – By analyzing data patterns machines can help business owners make better decisions based off real time data insights;
Conclusion
The use of artificial intelligence in cryptocurrency shows great promise as it provides numerous advantages such as automated processes, accurate predictions, increased efficiency, and improved decision making abilities that will drive innovation within this space forward into the future.