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Artificial intelligence, particularly in the form of large language models like ChatGPT and other AI variants, has been gaining significant traction in recent times. This surge in popularity has led to substantial investments in AI projects, with AI startups amassing over $40 billion in 2022 and an additional $5 billion in Q1 2023, according to CB Insights. While these developments have spurred a notion of rivalry between AI and the field of blockchain and cryptocurrency, this perception overlooks the synergies between these technologies.
As the crypto world continues to grapple with issues such as distrust, past collapses, accusations of fraud, and lack of transparency, AI has the potential to alleviate some of these problems. AI can enhance the transparency, understanding, and ease of utilization of crypto in a practical and effective manner. Despite this potential, it should be noted that AI is not a silver bullet for all crypto issues.
A Multitude of Areas Where AI Can Enhance 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 communications between crypto assets, counterparties, and traditional financial institutions. However, smart contract implementation often faces hurdles like the absence of common standards, the inability to swiftly modify blockchain records, and the need for meticulous specificity.
Here, AI shows promise in assisting firms to review, revise, and analyze smart contracts, streamlining their implementation within the business. Additionally, AI can contribute to demo testing 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 significant criticism from regulators and investors alike. Attempts at rectification, such as proof of reserves, have stumbled due to inconsistent execution methodologies.
AI can play a key role in this context as well. Advanced AI forms, including large language models and neural networks, can be leveraged to improve these processes. By focusing on data collection, validation, and reporting, AI applications can enhance transparency and contribute to fraud reduction efforts in the crypto sector. Mastercard’s launch of the Crypto Credential exemplifies the increasing emphasis on transparency and fraud detection as traditional financial institutions delve deeper into crypto.
AI’s rising prominence has also highlighted the need for a “killer” application in the realm of blockchain and crypto assets. The proliferation of chatbots and bot-enhanced processes in businesses increases the probability of bots interacting, transacting, and making payments for services or products. This scenario presents an ideal opportunity for blockchain-based payments via tokenized assets.
Pairing AI bots and applications with smart contracts can lead to continuous data processing and transactions, even outside working hours. Such a setup can serve as a testing ground for bot-to-bot payments and confirmations, potentially propelling the evolution of the cryptocurrency landscape.
In conclusion, the increased interest and investment in AI have the potential to uncover indispensable use cases for cryptocurrencies. By aiding transparency, refining smart contracts, and facilitating bot payments, AI could act as a catalyst for cryptocurrency’s advancement.
AI Cryptocurrencies to Watch: yPredict and AiDoge
yPredict is among the leading AI-powered cryptocurrencies that are worth observing. The platform is structured to assist cryptocurrency traders in making informed trading decisions via its robust AI ecosystem. The incorporation of AI-backed signals, for instance, equips traders with fundamental pricing data, including entry and exit prices for a specific coin. After these insightful pointers, traders can then follow up with the recommended trades on a cryptocurrency exchange.
Notably, yPredict goes beyond just providing trade signals. It also incorporates sentiment analysis, which helps users identify trending coins. Furthermore, the platform offers automatic technical analysis generated by AI, enhancing traders’ experiences. Such features provide technical traders with crucial shortcuts, such as highlighting the indicators to watch closely. The yPredict dashboard also identifies potential chart patterns automatically, adding more depth to the available trading information.
As announced on their official Twitter account, yPredict’s initial model has been launched and is available for free use, albeit for a limited period. Besides, yPredict stands out by allowing quantitative traders and analysts to market their predictive models. Subscribers can then access top crypto trading opportunities in real time.
yPredict’s ecosystem is powered by YRED, its proprietary AI coin. All transactions within the platform are conducted using YRED, rendering it a utility coin. YRED covers expenses related to acquiring predictive tools such as trade signals and market sentiment analysis. The platform also recently hosted a presale campaign for YRED, during which $2.3 million was raised. Each YRED token was priced at $0.09 for early investors. The price is expected to rise to $0.01 after the current stage of sale is completed, and YRED will be listed on exchanges at a price of $0.12.
You can find out more about how to buy 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 users rewards based on the number of upvotes or downvotes they receive from other users.
Despite the anonymity of AiDoge’s development team, a common occurrence in meme token projects like Dogecoin and Shiba Inu, the project has generated significant initial interest. Moreover, a significant proportion of the funds has been locked for ten years, indicating the team’s long-term commitment to the project. AiDoge has been audited by Certik, a well-respected blockchain security firm, further attesting to its credibility. The AiDoge presale was successful, raising $14.9 million.
The presale made available 50% of the maximum supply, amounting to 500 billion tokens, with no vesting period and a hard cap of $14.9 million. Investors can claim their tokens starting June 19th by visiting the official website, connecting their wallets, and clicking on ‘Claim’ to secure their tokens.
You can find more information about AI crypto projects on Jacob Crypto Bury’s YouTube channel or join his Discord channel with 14,000 members for more crypto-related discussions.
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