In recent years, the rise of cryptocurrencies and artificial intelligence (AI) has given birth to a fascinating technological hybrid – AI crypto projects. These innovative platforms combine the transparency of blockchain with the predictive power of AI to create robust and tokenized ecosystems. In this article, we will delve into three prominent examples – Akash Network, Numeraire, and yPredict – to understand the mechanics and potential of merging these cutting-edge technologies. While there are still obstacles to widespread adoption, these initiatives offer a glimpse into the exciting solutions and efficiencies that can be achieved through the integration of crypto and AI.
Akash Network, a decentralized cloud computing marketplace, recently unveiled GPU support as part of its sixth mainnet upgrade. This upgrade allows providers worldwide to offer graphics processing units, thereby democratizing access to the GPUs essential for AI development. Unlike major cloud providers such as AWS and Azure, which reserve top capacity for elite clients, Akash Network aims to provide permissionless and decentralized access to computing power, including GPUs.
The announcement on September 1, 2023, introduced NVIDIA GPU offerings, with a focus on in-demand models like A100s and H100s during the initial testing phase. Additionally, support for AMD and other chipmakers is in the pipeline. The upgrade has sparked significant interest, with over 1300 people signing up to participate in Akash’s August GPU testnet.
Akash Network believes that consumer-grade GPUs often go overlooked despite their ability to run various AI models effectively. The introduction of GPU support in its upgrade is perfectly timed, given the skyrocketing demand for limited GPU resources driven by the rapid rise of AI. Akash’s goal to democratize access to computing power, including GPUs, could significantly increase accessibility to the benefits of AI across diverse industries.
Numeraire takes a unique approach to AI and cryptocurrencies by enabling users to trade equities on the Ethereum blockchain using artificial intelligence and predictions from data scientists. The hedge fund project focuses on two main applications: Signals and the tournament.
With Signals, users can upload their stock market trading strategies and earn rewards in NMR, Numeraire’s native token, based on their performance. On the other hand, the tournament is a weekly competition where participants submit algorithms that predict market movements. Winners are rewarded with newly minted NMR tokens, while losing predictions result in burnt stakes. Scoring and payouts occur every four weeks.
The predictions from Numeraire’s network feed into the fund’s “meta-model,” which algorithmically trades equities. This allows any user on the platform to leverage the aggregated insights generated by data scientists. Numeraire, founded in 2015, has raised an impressive $21.5 million to date without conducting an initial coin offering (ICO). Instead, one million NMR tokens were issued to over 12,000 data scientists for their past contributions.
While Numeraire aims to pioneer a new paradigm in finance by incentivizing predictions with crypto tokens, some skeptics question the long-term viability of prediction-based trading. Nevertheless, Numeraire continues to expand its network of data scientists, reinforcing its commitment to this novel token model.
The cryptocurrency market’s wild price swings have long been a challenge for traders. yPredict, an AI crypto startup, seeks to transform this quest into a scientific endeavor through the use of AI-powered analytics. With over $3.8 million raised in its successful presale, the company is focusing on developing machine learning tools that can identify subtle signals amidst the noise of crypto volatility.
yPredict’s platform combines traditional time series models, such as the ARIMA statistical model from the 1970s, with more modern AI techniques like Long Short-Term Memory neural networks. By blending these approaches, yPredict claims to offer users highly accurate price predictions and pattern recognition for major cryptocurrencies like Bitcoin and Ethereum.
Furthermore, yPredict plans to launch a marketplace that connects quantitative analysts (quants) and traders through a subscription model. This marketplace aims to provide retail investors with access to advanced analytics, which could potentially offer valuable insights in an industry characterized by volatility and speculation.
As yPredict expands its prediction models and data science team throughout 2023, it strives to launch a beta version of its marketplace and integrated trading terminal by the end of the year. Undoubtedly, leveraging technology to unlock insights in the ever-evolving crypto market presents an enticing value proposition. If yPredict’s tools fulfill their intended purpose, they could empower retail investors with newfound levels of knowledge and understanding in the crypto-verse.
The convergence of cryptocurrencies and artificial intelligence has given rise to a remarkable breed of tech marvels: AI crypto projects. Through the examples of Akash Network, Numeraire, and yPredict, we have explored the possibilities and mechanics behind these ventures. Although there are challenges to overcome, these initiatives provide a tantalizing glimpse into the potential solutions and efficiencies that can be realized through the fusion of crypto and AI. As the worlds of blockchain and artificial intelligence continue to intertwine, the possibilities for innovation and transformative impact are boundless.