Artificial Intelligence (AI) and Blockchain is the current craze right now. Why is AI important? Which AI Blockchain projects are there — and which of these will you need to focus on?
In this article expect a concise list of the most noteworthy AI Blockchain projects currently out there. The goal of this article is not to advertise what makes these projects great, instead its to compile a short list of which cryptocurrency projects employ AI technology.
Why Blockchain and AI technology?
In the past we have seen a hype cycle ensue around several concepts in the cryptosphere. For example, following the huge success of Dash we have seen a tremendous demand for Masternode-based cryptocurrencies as the promise of passive income was too big to ignore. Another popular feature was anonymity as we saw coins like Monero (XMR) and Verge (XVG) rise to tremendous heights as well. For the next hype cycle it is expected that AI will take charge as investors will turn their eye towards this winning combo instead.
But why is AI and Blockchain expected to do so well? Price Waterhouse Coopers wrote an excellent piece on what AI can bring to the table and is quite convinced that AI will be the next immediate trend to watch. This is something Forbes agrees on as well, as AI, blockchain and Internet of Things (IoT) are considered the three most disruptive technology breakthroughs for the coming year. It is thus expected that apart from being a “buzzword” AI will help structure, make sense, protect and enhance the enormous data streams hosted on blockchain networks. Think about intelligent smart contracts, intelligent cybersecurity defense (and attacks for that matter). Or imagine in the health domain when the number of visits to the doctor for flu can be registered safely and anonymously on the blockchain. AI can leverage this data and predict whether we are the cusp of a flu epidemic for example.
The use cases for AI are endless and with blockchain as a powerful data provider it is expected that these algorithms can be potent enhancers of life in general.
Yuval Noah Harari wrote an excellent book on this, do recommend reading it!
In my opinion we have barely witnessed the rise of these predictive algorithms. And so we are presented with an opportunity, didn’t you wish you invested in Apple or Microsoft before they became global market leaders? Well, it just might be the case we are given a second chance. Below 5 (undervalued) cryptocurrency projects that leverage the power of Artificial Intelligence. If and which to invest in I will leave up to you.
Matrix AI Network (MAN) is a hugely ambitious open-source public blockchain project originating from China. While you may have noticed that China cracks down on cryptocurrency trading it may actually be a front in order to allow their own flagship projects to rise up. MAN is such a project as it is suspected to have deep government ties and already gathered impressive partnerships — including a partnership with the Beijing Cancer Research Hospital and the Belt and Road Initiative (OBOR). Which is a multi-trillion dollar investment project and regarded as the most expensive infrastructure project in the history of mankind.
The AI of Matrix will be used to allow for intelligent smart contracts, which allows anyone to deploy a smart contract using just natural language — like English or Chinese. No coding knowledge is required. This essentially opens up 350x more people than Ethereum does. The AI will also be used to make the Matrix chain safer as it can automatically assess whether bugs or vulnerabilities are present. Furthermore, the AI will be used to provide processing power in several key areas of expertise including Medical Diagnosis, Finance and Credit, Gaming, Video Analytics, Digital Asset Tracking, Transportation, Image Recognition and Neuroscience. Matrix’s AI already beat other AI’s including but not limited to the AI solutions of Google, Intel, Facebook and Microsoft. More info read matrixai.wiki.
Peculium is Latin for “property” in the sense of having a Children’s Savings account — and this is exactly what Peculium is targeting. Their token is called Pécule (PCL) — which is also Latin and stands for “savings”. Peculium is thus a savings platform for individuals, brokers and financial institutions and presents itself as a bridge between the traditional capital market and the nascent cryptocurrency markets. Their AI leverages algorithmic trading among other things to grow users’ savings accounts. It also leverages big data to predict future market movements. They are currently in ICO phase and token sale ends in 20 days.
I quite like DateCoin as it is a usecase I haven’t heard about before. DateCoin is the world’s first cryptocurrency project which focuses on the online dating market and is already tradeable on YoBit. They target the main problem of online dating, which is catfishing. A lot of the times you don’t know whether you are dealing with a fake profile. DateCoin (DTC) uses AI combined with neural networks to enhance user identification and verification. No more fake accounts and bots.
As you may have guessed AdHive (ADH) targets the advertising industry. It acts as a matchmaking service for advertisers and influencers and works in the following way. An advertiser launches a campaign and allocates funds for this advertising campaign. AdHive can then automatically find influencers relevant to the advertising campaign. Payments can then be executed automatically with the ADH token via a smart contract. Influencers then publish the content expected by the advertising company. The AI of AdHive can recognize the ad message in speech or video content and immediately effects a payment towards the influencers, hence streamlining the entire process.
Daneel assists in providing advice for daytraders in cryptocurrency markets. It leverages the IBM Watson technology, which is widely considered one of the most efficient AI platforms on the market right now. Daneel’s AI helps provide the most important data for crypto day-trader by providing him with market infos and rates, cryptocurrency news, upcoming and/or trending ICO’s and is able to compute confidence scores and emotions — which are often rampant in the cryptocurrency market. Using a SIRI-like personalized interface people can easily utilize Daneel just by simply asking him. For example: “Hello Daneel, can you tell me how people feel about Ripple?”. Daneel then computes emotions and confidence scores of people regarding this project.
In summary
There are a lot of interesting blockchain projects out there with lots of different use cases, consider the list above to be the AI projects which caught my personal interest. Of course there are a lot more cryptocurrency projects out there, many of whom I may not know yet. Honorable mentions at least go to Golem, DeepBrainChain, AICoin, Crypto Angel, Sentigraph and SingularityNET. In the future I might compile a list of all known AI projects so far. Consider this a first tasting, feel free to share your feedback or wishes in the comments below.
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