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Cryptogambling / Revolutionizing the Crypto Industry: How Artificial Intelligence is Changing the Game

Revolutionizing the Crypto Industry: How Artificial Intelligence is Changing the Game

Publish Date: 10/04/2023

As much as artificial intelligence is not so much of a new thing anymore, how artificial intelligence affects different industry and its use cases still makes news.

Last year saw a ground breaking entry of an artificial intelligence, ChatGPT, artificial intelligence chatbots and much more; but that was just a icing on the cake as there have been numerous development of these intelligence serving different purposes especially in the cryptocurrency industry.

A significant transformation is being experienced in cryptocurrency trading and management. In this piece, we’ll examine how AI is affecting the cryptocurrency industry and why that matters.

From the development of intelligent trading bots that automate transactions to the application of machine learning algorithms to forecast market moves, AI is transforming the way we think about cryptocurrencies.

What is Artificial Intelligence?

In simple form, artificial intelligence is a field that combines computer science and robust datasets for problem solving. According to Investopedia, it is a kind of intelligence, created to stimulate human intelligence in machines and programmed to think like humans.

Use Cases of AI in Crypto Industry

Although being in its infancy, the advent of artificial intelligence has found applications in the cryptocurrency industry through numerous projects.

The blockchain AI industry isΒ anticipated to increase from $220.5 million in 2020 to $973.6 million in 2027 at a compound yearly growth rate of 23.6%, according to a report from Fortune Business Insights. The use of artificial intelligence (AI) in cryptocurrency is showing signs of development.

In spite of recent news to halt the large scale development of Artificial intellligence (AI) by Tesla CEO Elon Musk, the crypto industry is ripe with AI projects.

Here are some notable AI developments examples in the crypto industry.

AI Coin

These are known to be artificial intelligence coins or tokens. they are a type of currency that incorporates the technology into their operation.

These technology inclined currency, provides a specialised testing ground for new AI and ML models, apps in a decentralised environment.

Unlike conventional currencies, AI Coin use machine learning algorithms and natural language processing to analyze market trends, anticipate future events, and carry out automated trades.

Investors view them as a more flexible and responsive investment alternative because of their capacity to learn from and respond to market developments.

Blocktrace

Blocktrace is a company that offers services for blockchain forensics and analysis supported by AI. Its AI chatbot is made to make tracking blockchain transactions easier.

Blocktrace, an Austin-based company, wants to use artificial intelligence to speed up the blockchain analysis process and make it easier to spot trends and abnormalities.

In order to communicate with data on the Bitcoin blockchain, the company created an artificial intelligence chatbot dubbed Robby the Robot, named after the famous character from the science-fiction movie Forbidden Planet.

SingularityNET

SingularityNET is a decentralised artificial intelligence (AI) that leverages the marketplace that uses blockchain technology to its fullest potential to give users unrestricted access to algorithms and applications.

It allows the creation of AI-powered decentralised applications that can be used in various industries including finance, healthcare and transportation.

The achieves this feat through its Artificial General Intelligence (AGI). AGI, is the what AI will be in the future is that it can be used to any situation. It is an enhanced version of the current, limited AI, which can only address a specific issue.

Fetch.ai

Fetch.ai is decentralised platform that employs AI technology to help users automate everyday tasks such as booking a parking space or a flight.

Users spend FET to consume services within the platform.

Launches via initial exchange offering (ICO) on Binance, the application uses FET token, users can build and deploy their own digital twin on the network.

Developers can use machine learning-based tools to install collective intelligence on the network and train autonomous digital twins by paying with tokens.

It supports users in carrying out a variety of tasks, including supply chain management, prediction markets, and data analysis. It seeks to establish a productive and independent digital economy.

iExec

This is a decentralised cloud computing platform. iExec, uses utilizes blockchain and AI to create a secure environment for DApps that need a lot of processing power.

This cloud computing is an alternative to conventional cloud computing services and allows developers to monetise their computing resources.

This is made possible by the development of a virtual cloud architecture made up of a global network of service providers. iExec covers a variety of fields, businesses, and applications, including financial services, 3D graphics, cryptography, and EDGE computing.

What you should know

AI development in the crypto industry is a fast rising one, growing in leap bounds. currently, these artificial intelligence are also been used by traders and investors to make more informed decision as well as improve efficiency in blockchain transactions.

These AI try to gather and analyse data from new sources, social media and market patterns.

the application of artificial intelligence (AI) in crypto means that in future, people are likely to make more responsible gambles that may pay off.

Conclusion

The crypto sector has benefited from AI in a number of ways, including increased security, better trading methods, and more precise prediction models.

Crypto organizations can now analyze massive volumes of data, spot patterns, and come to informed conclusions that were previously impossible by employing AI-powered technologies.

The possibility for biased algorithms and the impact on privacy are two issues with the ethical application of AI in the cryptocurrency sector. Therefore, while the convergence of AI and crypto is still in its infancy, it has the potential to revolutionize the sector and open the door for ground-breaking new technologies.

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Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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