In a new report, Binance Research has covered the potential use cases of artificial intelligence (AI) for cryptocurrencies. In the report, AI-focused altcoin projects were listed under two different categories. 14 of the selected projects are not yet traded on Binance.
Binance publishes its cryptocurrency and artificial intelligence report
Binance Research explores potential use cases of AI technology in the blockchain industry. The following items were listed on the benefits and challenges of AI:
- Improved efficiency: AI can increase efficiency and productivity by helping automate tasks and decision-making processes.
- Better analytics and insights. AI can help big data analytics by acting as an additional control to improve accuracy. Analyzing huge amounts of data is often time consuming; AI also helps streamline the process.
- Advanced risk management processes. From completing smart contract audits to automating risk monitoring processes, AI can help identify red flags and improve risk management.
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On the other hand, the challenges posed by artificial intelligence included privacy and security aspects:
- Limited adoption: AI-focused crypto DApps have received some attention. But only among a small group of savvy users. Understandably, this is a relatively young field. But driving more real use cases for further adoption will be vital.
- Proof-of-concept versus utility: While many projects are actively developing in this area and trying to integrate AI, most are still in the proof-of-concept stage. Available products are key to driving adoption and growth in this space.
- Focus on data privacy: Given that AI relies heavily on data, privacy is critical, especially when it comes to how data is used and secured. The importance of data protection, usage and security policies cannot be overstated.
- Technical challenges: Integrating AI and Blockchain technology can be technically challenging and requires project teams to have expertise in both areas. Developing common standards and continuing research in these areas will help drive innovation.
DeFi and NFT use cases
According to the Binance Research report, the intersection between artificial intelligence and cryptocurrencies offers use cases in areas such as DeFi and NFT.
In the DeFi field, AI improves the smart contract auditing process and supports trade automation. Smart contract audits identify security vulnerabilities and help experts conduct more detailed investigations. In trade automation, it offers a smarter and user-friendly experience with more advanced tools and features.
In the field of NFT, it offers innovations such as generative art creation and interactive NFTs. In generative art, AI can create unique works using parameters and rules. As in Binance’s Bicasso example, users can create unique images using AI with text or image input.
These use cases demonstrate that AI plays an important role in the cryptocurrencies ecosystem and opens up new possibilities in areas such as DeFi and NFT.
Artificial intelligence and crypto ecosystem
At this point, the report listed AI projects in two different categories. The altcoins under the Smar Ledger (smart ledger) category are as follows:
- VeChain (VET)
- SingularityNET (AGIX)
- Fetch.ai (FET)
- Phoenix (PHB)
- Cortex (CTXC)
- Render Token (RNDR)
- iExec RLC (RLC)
- Injective (INJ)
- Raven Protocol (RAVEN)
- DeepBrain Chain (DBC)
- dCargo (DKA)
- Plato (LAT)
The altcoins that the report lists under the artificial intelligence services category:
- 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)
These 14 altcoins not listed on Binance managed to rank
Meanwhile, Binance Research has featured several projects in the report that are not currently traded on Binance. At this point, the prominent AI projects on the list are as follows:
- OriginTrail (TRAC)
- Covalent (CQT)
- Verasity (VRA)
- Oraichain (ORAI)
- Hera Finance (HERA)
- Big Data Protocol (BDP)
- BOTTO (BOTTO)
- PixiaAI (PIXIA)
- Artificial Liquid Intelligence (ALI)
- Vectorspace AI (VXV)
- GNY (GNY)
- DeepBrain Chain (DBC)
- Plato (LAT)
- dCargo (DKA)