Original article was published on Artificial Intelligence on Medium
Hello! This is the 8th edition of our weekly overview of various cryptonetworks, contributing to the future of modern technologies. Today, the central theme of the update are AI Coins.
Artificial Intelligence and blockchain have undeniably been two of the most significant technologies that have catalyzed the pace of innovation and acquainted every industry with radical shifts. While every technology has its share of technical complexities and business implications, using them together can help in redesigning the entire human and technological paradigms from scratch. Artificial intelligence can neither serve as a panacea that can be applied to make up for every limitation of the cryptocurrency industry, nor is it going to render the brightest human minds redundant overnight. Nevertheless, it has already begun exercising a great deal of control within the industry. Its ability to facilitate everything from faster order execution to bot detection and scammer identification has helped it in transforming the cryptocurrency industry to a significant extent.
So let’s get acquainted with the cryptocurrencies in the spotlight:
— Cortex is an open-source, peer-to-peer, decentralized blockchain platform that supports Artificial Intelligence models to be uploaded and executed on the distributed network. Cortex provides an open-source AI platform to achieve AI democratization where models can be integrated easily in smart contracts and create AI-enable decentralized applications (DApps).
— Endor Protocol. According to their website, Endor Protocol (EDR) “After years at MIT, […] invented the ‘Google for predictive analytics’, providing automated accurate predictions, fast, with no data science expertise required.” This is achieved through the Endor Protocol token, offering what’s touted to be the world’s first automated, self-served, predictive platform allowing business users and hobbiest crypto-token holders alike to ask complex predictive questions and obtain high-quality results in minutes.
— Fetch.ai has created an Open Economic Framework (OEF) that serves as a decentralized search and a value exchange platform for various autonomous economic agents. This is supported by a smart ledger that can reportedly support more than 30,000 transactions per second, and which is intended to meet the demands of the next generation of connected devices. Fetch.ai has digital intelligence at its heart: it aims to deliver actionable predictions, instant trust information, enable the construction of robust collaborative models, and improve efficiencies and streamlining processes.
— Matrix AI is an open-source, distributed computing platform and operating system that melds artificial intelligence and blockchain. The project aims to enhance the speed, flexibility, security, and ‘intelligence’ of blockchains. It is purportedly able to support 50K transactions per second and uses a Hybrid PoS+PoW consensus mechanism. The consensus mechanism makes use of value-added computation through the use of the Markov Chain Monte Carlo (MCMC) computations. MATRIX Intelligent Contracts use Natural Language Programming and adaptive deep learning-based templates to auto-code. MAN tokens are mined and used to power real-world applications.
— Numeraire. In 2017, Numerai released a new API that allows people around the world to submit predictions from machine learning models to power their hedge fund. In 2018, Numeraire token was created to bring more value to the network. Every user on Numerai has an opportunity to stake NMR tokens on their predictions as a way to express the confidence they have in their model. If their predictions are good, they earn money and their NMR is returned. If their predictions are poor, their NMR is destroyed. The most important usage metric for us is whether the biggest earners of NMR are also the biggest stakers i.e. the whales are the users. And this is exactly what is happening on Numerai.
— Ocean Protocol describes itself as a decentralized data exchange protocol that lets people share and monetize data while providing control, auditability, transparency, and compliance to all actors involved. Operating from a time-tested Ethereum blockchain, there is now more incentive for data generators to share theirs because of an incentivizing model in place. There is also staking in place to “signal quality, reputation and ward against Sybil Attacks”.
— SingularityNET was developed to serve as a marketplace for AI services made accessible through the blockchain. From individual algorithms & standalone AI applications to machine learning or model training, these services would be offered to satisfy demand for AI among various communities. The long-term goals of the SingularityNET team include building an ecosystem of AI Agents that would interact with one another using resources from the OpenCog Foundation and help people to create, share, and monetize AI services at scale over a decentralized network.