Artificial intelligence (AI) integration is changing the cryptocurrency landscape and exhibiting cutting-edge AI-based projects in the sector.
- While in its infancy, the application of artificial intelligence (AI) in the cryptocurrency sector looks promising.
- A compound yearly growth rate of 23.6% is expected to drive the blockchain AI market from $220.5 million in 2020 to $973.6 million in 2027.
AI-based Projects
As blockchain technology continues to disrupt established sectors, incorporating artificial intelligence (AI) is transforming the Bitcoin environment. Several AI-based projects have emerged in the Bitcoin industry, albeit many are still in their early stages. The blockchain AI market is predicted to rise from $220.5 million in 2020 to $973.6 million in 2027, indicating a compound annual growth rate of 23.6%, according to a Fortune Business Insights report. Below are a few significant AI-based initiatives currently being developed in the cryptocurrency sector.
Blocktrace
Blockchain forensics and analysis service company Blocktrace use cutting-edge AI technology in all its products. To make tracking blockchain transactions easier, the company uses Robby the Robot, an Artificial chatbot. The chatbot aims to speed up blockchain analysis and make it easier to spot trends and anomalies. Blocktrace wants to improve the precision and speed of its blockchain forensics and analysis by incorporating AI.
SingularityNET
For AI developers to commercialize and share their algorithms, there is a decentralized marketplace called SingularityNET. The development of AI-powered decentralized applications (DApps) that may be used in various industries, such as banking, healthcare, and transportation, is made possible by using blockchain technology. By establishing an open marketplace where anybody can utilize or contribute to creating AI-based products, SingularityNET intends to make AI technology accessible to everyone.
Fetch.ai
To develop autonomous economic agents, Fetch.ai is a decentralized platform that applies AI and machine learning techniques. Users can create and deploy their digital twins on the network using Fetch.ai (FET) tokens. These digital twins can carry out various activities, including supply-chain management, prediction markets, and data analysis. The platform aims to deploy AI-based economic agents to establish an independent digital economy.
Artificial Liquid Intelligence
A decentralized platform called Artificial Liquid Intelligence uses blockchain and AI to provide a market for data. The platform allows data owners to make money out of their data while maintaining security and privacy. The platform uses the Artificial Liquid Intelligence (ALI) utility token to carry out AI protocols. The platform aspires to create a data marketplace where data owners may get fair pay for their data through the integration of AI.
iExec
With the help of AI and blockchain technology, the decentralized cloud computing platform iExec offers a safe environment for DApps that demand a lot of processing power. The platform provides a substitute for conventional cloud computing services and allows developers to make money from their computing resources. The decentralized cloud computing platform’s increased scalability, security, and privacy are made possible by the AI integration of iExec.
Conclusion
Several cutting-edge initiatives with various purposes and uses have been made possible by introducing artificial intelligence to the cryptocurrency sector. These AI-based projects make the development of autonomous economic agents, decentralized marketplaces, safe cloud computing platforms, and other innovations possible. AI technology will influence the future of the cryptocurrency business in an increasingly significant way as it develops.
