AI Cryptocurrencies are the next big thing
Intelligent Blockchains for an Intelligent Financial system
AI, particularly OpenAI’s Chat GPT3 has taken the world by storm since the start of 2023, with many industries, from Marketing to Software Engineering starting to incorporate it in various workflows.
In Cryptocurrency and Blockchain, AI and machine learning has the potential to bring about a true paradigm shift, making blockchains more secure and more efficient. In this article we will be exploring this paradigm shift, and why machine learning should be at the core of every blockchain.
What makes blockchain an incredibly useful technology is the fact that, every wallet and every transaction is recorded on a public ledger. Every move, no matter how small, is being logged and recorded onto the blockchain. That’s how Applications such as Metamask are able to accurately determine the Gas fee for a transaction. This also creates a sea of information and therefore resource, which currently remains untapped. There are only a handful of companies that provide chain analytics, but even even that use-case itself remains quite limited. There is only so much you can accomplish by analyzing on chain-data, but not be able to take a course of action based on this analysis.
AI as a Blockchain “Ghost in the Shell”
The approach that I’m proposing in this article is to have an AI or deep neural network as an integrated part of the blockchain. In a sense, this could be looked at as an intelligent entity that contains the awareness of the blockchain. This integration would make the chain aware of itself. A self-aware system with a certain degree of agency and the correct permissions will be able to repair, heal and raise its own efficiency in a way that a traditional decentralized network is unable to.
The possibilities of a self-aware blockchain with absolute knowledge of the chain data, brings about so many advantages that it’s hard to determine the scope of such as system, but here are the most important areas where blockchains can greatly benefit from an AI integration:
Practically Bulletproof Security
The majority of blockchain exploits and many of the hacks that we have witnessed in 2022 had…