The crypto industry is using artificial intelligence (AI) to pave the way for the future of cryptocurrency. Even though it is still in its infancy, AI is showing promise in areas such as fraud detection, price prediction, and portfolio optimization. In fact, by 2027, the blockchain AI market is projected to be valued at $973.6 million, growing at a compound yearly growth rate of 23.6% from $220.5 million in 2020.
Although Elon Musk, CEO of Tesla, and other well-known tech executives sent an open letter urging AI businesses to halt large-scale AI development temporarily, the crypto industry is rife with AI initiatives.
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Here are a Few Instances of Current Crypto-AI Initiatives in the Community
Its AI chatbot is made to make tracking blockchain transactions easier. Blocktrace, a blockchain analysis company based in Austin, promises to use artificial intelligence to speed up the study of blockchain data and make it easier to spot trends and abnormalities. Blocktrace is a company that offers services for blockchain forensics as well as analysis supported by AI.
To communicate with info on the Bitcoin blockchain, the company created an AI chatbot named Robby the Robot after the popular role from the science fiction movie Forbidden Planet.
The decentralized platform Fetch.ai develops autonomous economic agents through the use of AI and machine learning techniques. The Fetch.ai (FET) tokens allow users to create and deploy their digital twins on the system.
Developers can have access to machine learning-based tools to train autonomously digital twins and implement collective intelligence on the system by paying with tokens.
It facilitates the completion of numerous activities for users, including supply chain management, prediction markets, and data analysis. It seeks to establish an effective and self-sufficient digital economy.
Blockchain technology is used by SingularityNET, a public AI marketplace, to give AI developers a venue to share and make money from their algorithms.
It makes it possible to develop decentralized AI-powered apps for many different sectors, including banking, healthcare, and transportation.
Artificial Liquid Intelligence
A decentralized platform called Artificial Liquid Intelligence creates a data market using blockchain and AI. While maintaining control over privacy and security, enables data owners to monetize their data. The Artificial Liquid Intelligence usage token is used to run the AI protocol.
By integrating blockchain and AI, iExec has developed a decentralized cloud computing system that provides a secure environment for running high-processing DApps. This alternative to traditional cloud computing services also enables developers to monetize their computing resources.