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Artificial intelligence, especially in the form of large language models such as ChatGPT and other AI variants, has been gaining popularity recently. This surge in popularity has led to substantial investment in AI projects, with AI startups amassing more than $40 billion by 2022 and another $5 billion by Q1 2023, according to CB Insights. While these developments have led to an idea of rivalry between AI and the blockchain and cryptocurrency space, this perception overlooks the synergies between these technologies.
As the crypto world continues to grapple with issues such as distrust, past collapses, allegations of fraud and lack of transparency, AI has the potential to alleviate some of these issues. AI can increase the transparency, understanding and ease of use of crypto in a practical and effective way. Despite this potential, it should be noted that AI is not a panacea for all crypto problems.
A myriad of areas where AI can improve crypto
Consider, for example, the indispensable role of smart contracts in the operation of most blockchain-based and crypto applications. These programmable tools enable automation of tasks and seamless interaction with other technologies, facilitating essential communication between crypto assets, counterparties and traditional financial institutions. However, smart contract implementation often faces hurdles such as the lack of common standards, the inability to rapidly change blockchain records, and the need for meticulous specificity.
Here, AI shows promise in helping companies review, review and analyze smart contracts, streamlining their implementation across the company. In addition, AI can contribute to demo testing of these applications, improving their effectiveness and reliability.
Another critical concern plaguing the crypto sector is the lack of real-time transparency and consistent reporting standards, issues that have drawn widespread criticism from regulators and investors alike. Attempts at rectification, such as proof of reserves, have stumbled due to inconsistent methods of execution.
AI can also play a key role here. Advanced forms of AI, including large language models and neural networks, can be used to improve these processes. By focusing on data collection, validation and reporting, AI applications can increase transparency and contribute to efforts to reduce fraud in the crypto sector. Mastercard’s launch of the Crypto Credential exemplifies the increasing emphasis on transparency and fraud detection as traditional financial institutions dive deeper into crypto.
The rising prominence of AI has also highlighted the need for a “killer” application in the blockchain and crypto asset field. The proliferation of chatbots and bot-enhanced processes in businesses increases the likelihood of bots communicating, transacting, and making payments for services or products. This scenario provides an ideal opportunity for blockchain-based payments through tokenized assets.
Linking AI bots and applications to smart contracts can lead to continuous data processing and transactions, even outside working hours. Such a setup could serve as a testing ground for bot-to-bot payments and confirmations, potentially driving the evolution of the cryptocurrency landscape.
In short, the increased interest in and investment in AI has the potential to reveal must-have use cases for cryptocurrencies. By promoting transparency, refining smart contracts and facilitating bot payments, AI could act as a catalyst for cryptocurrency progress.
AI cryptocurrencies to watch: yPredict and AiDoge
yPredict is one of the leading AI powered cryptocurrencies worth checking out. The platform is structured to help cryptocurrency traders make informed trading decisions through its robust AI ecosystem. For example, the integration of AI-assisted signals provides traders with fundamental price data, including entry and exit prices for a specific coin. After these insightful pointers, traders can follow up on recommended trades on a cryptocurrency exchange.
Notably, yPredict goes beyond just providing trading signals. It also includes sentiment analysis, which helps users identify trending coins. In addition, the platform offers automatic technical analysis generated by AI, improving traders’ experiences. Such features provide technical traders with crucial shortcuts such as marking the indicators to keep a close eye on. The yPredict dashboard also automatically identifies potential chart patterns, adding more depth to the available trading information.
As announced on their official Twitter account, the first model of yPredict has been launched and is available for free use, albeit for a limited period. Moreover, yPredict stands out for enabling quantitative traders and analysts to market their predictive models. Subscribers can then access the best crypto trading opportunities in real time.
The yPredict ecosystem is powered by YRED, its proprietary AI coin. All transactions within the platform are executed using YRED making it a utility coin. YRED covers costs associated with acquiring predictive tools such as trading signals and market sentiment analysis. The platform also recently ran a pre-sale campaign for YRED, raising $2.3 million. Each YRED token cost $0.09 for early investors. The price is expected to rise to $0.01 after the current sales phase is completed, and YRED will be listed on exchanges at a price of $0.12.
You can find more information about purchasing the yPredict token here.
AiDoge: An AI-based meme generation platform
Another interesting AI cryptocurrency project to consider is AiDoge, a unique amalgamation of AI and meme currencies. The platform allows users to create memes using AI-generated text prompts. These memes can earn user rewards based on the number of upvotes or downvotes they receive from other users.
Despite the anonymity of the AiDoge development team, a common occurrence in meme token projects such as Dogecoin and Shiba Inu, the project has generated considerable interest initially. In addition, a significant portion of the funds are tied up for ten years, reflecting the team’s long-term commitment to the project. AiDoge has been audited by Certik, a respected blockchain security firm, further confirming its credibility. The presale of AiDoge was successful, raising $14.9 million.
The pre-sale made available 50% of the maximum supply, which amounts to 500 billion tokens, with no waiting period and a hard cap of $14.9 million. Investors can claim their tokens from June 19 by visiting the official website, connecting their wallets and clicking ‘Claim’ to secure their tokens.
You can learn more about AI crypto projects on Jacob Crypto Bury’s YouTube channel or join his 14,000 member Discord channel for more crypto-related discussions.
Wall Street Memes – Next Big Crypto
- Early Access Presale now live
- Established community of stock and crypto traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated as the best crypto to buy right now in the Meme Coin sector
- Team behind OpenSea NFT Collection – Wall St Bulls
- Tweets answered by Elon Musk
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