Here’s how the crypto industry is using artificial intelligence
The use of artificial intelligence (AI) in crypto, though still in its infant stages, is showing prospects for growth. 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 Tesla CEO Elon Musk and other prominent tech moguls penning an open letter calling on AI companies to suspend large-scale AI development temporarily, the crypto industry is ripe with AI projects. Here are some examples of crypto AI projects that have recently emerged in the community:
Blocktrace is a service provider specializing in blockchain forensics and analysis bolstered by AI technology. Its AI chatbot is designed to simplify the process of tracking blockchain transactions. Based in Austin, Blocktrace aims to leverage artificial intelligence to expedite the blockchain analysis process, and facilitate the identification of trends and anomalies.
The company developed an AI chatbot called Robby the Robot, named after the iconic character from the science-fiction film Forbidden Planet, to interact with data on the Bitcoin blockchain.
SingularityNET is a decentralized AI marketplace that uses blockchain technology to provide a platform for AI developers to share and monetize their algorithms. It enables the creation of AI-powered decentralized applications (DApps) that can be used in various industries, including finance, healthcare and transportation.
Launched via initial exchange offering (IEO) on Binance, Fetch.ai is a decentralized platform that uses AI and machine learning algorithms to create autonomous economic agents. Using Fetch.ai (FET) tokens, users can build and deploy their own digital twins on the network.
By paying with tokens, developers can access machine-learning-based utilities to train autonomous digital twins and deploy collective intelligence on the network. It helps users perform various tasks, such as data analysis, prediction markets and supply chain management. It aims to create an efficient and autonomous digital economy.
Artificial Liquid Intelligence
Artificial Liquid Intelligence is a decentralized platform employing AI and blockchain technology to establish a data marketplace. It allows data owners to monetize their data while retaining authority over privacy and security. The AI protocol functions with the aid of the Artificial Liquid Intelligence (ALI) utility token.
The decentralized cloud computing platform, iExec, uses AI and blockchain technology to provide a secure platform for running DApps that require high computing power. It enables developers to monetize their computing resources and provides an alternative to traditional cloud computing services.
Related: The government should fear AI, not crypto: Galaxy Digital CEO
The mentioned projects exhibit a variety of crypto-based applications that utilize AI parameters, although they are still in their early phases. These applications range from decentralized marketplaces, data exchanges, self-governing economic agents and cloud computing platforms.
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