Cryptocurrency exchange Binance has released its latest report prepared by its research department.
Talking about the concept of artificial intelligence and its representatives in the cryptocurrency space, the report mentioned a large number of altcoins, some of which are not listed on Binance.
Here are the details of the report prepared by Binance researchers and the altcoins mentioned.
Entrance
The combination of artificial intelligence (AI) and blockchain technology has paved the way for exciting prospects in the cryptocurrency world. The report examines the benefits, challenges and key uses of integrating AI with digital assets across a range of industries.
While this area is still in its early stages, the report highlights the potential of AI to improve efficiency, analytics, risk management and user experience. However, challenges such as limited adoption, data privacy concerns and technical complexities need to be addressed for widespread implementation.
Ecosystem Overview:
The report highlights two main components of the AI-crypto ecosystem: smart ledgers and AI-powered services. Smart ledgers use AI to automate transactions and record them on the blockchain, while AI-powered services use AI in their backends to deliver various utilities to users. These components come together to create a synergetic relationship between artificial intelligence and blockchain technology.
Smartbook altcoins mentioned in the Binance report:
- Render Token (RNDR)
- Injective (INJ)
- SingularityNET (AGIX)
- Fetch.ai (FET)
- iExec RLC (RLC)
- dCargo (DKA)***
- Cortex (CTXC)
- Phoenix (PHB)
- DeepBrain Chain (DBC)***
- Raven Protocol (RAVEN)
- Plato (LAT)***
- VeChain (VET)
The AI-powered service altcoins mentioned in the Binance report:
- The Graph (GRT)
- Ocean Protocol (OCEAN)
- OriginTrail (TRAC)***
- Covalent (CQT)***
- Numeraire (NMR)
- Phala Network (PHA)
- IQ
- Verasity (VRA)***
- Measurable Data Token (MDT)
- Streamer (DATA)
- Oraichain (ORAI)***
- Hera Finance (HERA)***
- Big Data Protocol (BDP)***
- Botto (BOTTO)***
- VAIOT (VAI)
- PixiaAI (PIXIA)***
- Artificial Liquid Intelligence (ALI)***
- Vectorspace AI (VXV)***
- GNY (GNY)***
***Altcoins not listed on Binance.
Benefits and Challenges of Artificial Intelligence in Crypto:
Artificial intelligence brings numerous benefits to the cryptocurrency space. It increases efficiency by automating tasks and decision-making, improves analytics and insights by analyzing large volumes of data, and strengthens risk management processes by identifying potential risks and red flags.
However, challenges remain, such as limited adaptation, the need to transition from "proof of concept" to usable products, data privacy concerns, and technical challenges requiring expertise in both artificial intelligence and blockchain.
DeFi Usage Scenarios:
In the decentralized finance (DeFi) industry, artificial intelligence has found application in smart contract controls and smart trade automation. AI-powered smart contract controls help identify potential security vulnerabilities, while smart trade automation streamlines trade processes and improves user experiences.
The report highlights the importance of manual audits by security experts, as AI models alone cannot provide comprehensive analysis.
NFT Use Scenarios: In the field of non-fungible tokens (NFTs), artificial intelligence enabled generative art creation and development of smart NFTs (iNFTs). Generative art creates unique artworks based on input parameters using artificial intelligence algorithms and offers infinite scalability while maintaining a consistent style. Binance's Bicasso, an artificial intelligence NFT generator, allows users to create NFTs by entering text or images, generating original and unique pieces with similar styles or elements from the dataset.
Conclusion
The integration of artificial intelligence and blockchain technology offers a multitude of possibilities and potential use cases. While the adoption of AI in crypto projects is still relatively low, the continued advancement of both technologies holds promise for future innovation and adoption. As the field evolves, AI and blockchain will likely play an important role in reshaping the way we interact with technology and addressing challenges in new ways.
*Not investment advice.