More than 90% of participants in the recent survey by KuCoin use artificial intelligence to boost productivity or are interested in such a possibility, and 59% track AI advances in the crypto industry.
Together with KuCoin’s analysts, we discuss popular projects that are developing promising services at the intersection of AI and blockchain.
How blockchain contributes to AI development
AI-based projects can operate successfully without blockchain. So why do companies regularly offer new products using AI and distributed ledger technology?
The point is that blockchain offers developers of AI solutions a number of advantages:
- large computing power at relatively low costs;
- no single point of failure — AI cannot be \”shut down\” without compromising the majority of nodes;
- full transparency — any user can trace transactions and data in dapps, which is especially important for services handling sensitive information;
- scalable infrastructure — such AI products can be scaled far more efficiently than centralized ones.
AI’s contribution to the blockchain industry
Participants in the KuCoin survey highlighted the most important benefits that the crypto industry stands to gain from AI adoption:
- greater efficiency. Trading platforms can automate workflows and achieve faster, more efficient, and cheaper transactions;
- accurate forecasts. Respondents note AI’s successes in analysing large volumes of data to identify patterns and support informed decisions in a volatile market;
- enhanced security. The ability to process data quickly allows AI to identify blockchain vulnerabilities;
- a new user experience. 20% of respondents under 30 expect improvements in user experience thanks to integrating AI into the blockchain ecosystem. For them this matters as much as forecast accuracy and security.
The best AI tokens
The KuCoin analytics team has selected the three most promising projects for users who want to trade AI tokens or invest in them.
ChainGPT (CGPT)
Solutions:
- Services and applications using AI in trading, development and auditing of smart contracts;
- ChainGPT language model for generating text on blockchain and cryptocurrency topics.
The CGPT token provides access to the ChainGPT language model and API, staking and voting in the project’s DAO.
On June 13 at 16:00 (MSK), KuCoin will host a Russian-language AMA session with the ChainGPT team. Participants will learn about trends in AI-driven crypto project development and can win up to $300 in CGPT equivalent.
Fetch.ai (FET)
Solutions:
- Autonomous Economic Agents (Autonomous Economic Agent, AEA);
- infrastructure for automating trading on DEX. Earlier, ForkLog published a review of Fetch.ai’s BotSwap app, which optimizes trading on Uniswap and PancakeSwap.
The token FET for paying the work of AEA in the Fetch.ai ecosystem.
Ocean Protocol (OCEAN)
Solutions:
- tools for publishing and processing data using AI;
- the Ocean Market platform for buying and selling data as NFTs and ERC-20 tokens.
The token OCEAN for staking and paying for data on Ocean Market.
Conclusions
In KuCoin’s view, the scalability and security of blockchain make it a reliable platform for launching AI-based solutions. As interest in the interaction of these technologies grows, the value of crypto projects leveraging artificial intelligence will rise.
As Web3 services develop, AI and cryptocurrencies will complement each other, and developers will find new applications for these technologies.