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How Conversational AI is Transforming The Cryptocurrency Industry

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AI

The influence of blockchain and its technology means that it is now present in many different industries. Many investors and industry specialists believe that the cryptocurrency industry that is supported by blockchain is an offshoot of blockchain technology. Hence claiming the real value lies in blockchain technology itself.

Blockchain technology is a powerful standalone technology but it can only be taken to certain heights in the crypto industry due to the limitations of cryptocurrencies themselves. Some of the crypto limitations are technology-related, but others are a result of an antiquated way of working that has been present and prevalent for many years in the financial sector. However, interestingly, new technology such as AI can change this, catapulting it into a new direction.

Many industries claim that AI technology will be the next best thing to change and revolutionise it. Without a doubt, AI and blockchain have undeniably been two significant technologies to improve the pace of innovation, radically shifting industries into new ways of working and helping boost the economy overall. 

New technologies, as we know, come with their fair share of technical complexities along with business implications. However, when used together, they can redesign the human and technological interaction paradigm. Let’s take a look at five ways conversational AI is currently transforming the cryptocurrency industry. 

Energy consumption

A large amount of unrealistic amount of time, money and energy goes into executing crypto mining to perfection as it is incredibly challenging. Thankfully, AI has proved its efficiency in being able to optimise energy consumption for a range of different industries and so there is a high chance that AI would be able to achieve very similar results when implemented into crypto mining. 

Currently, crypto mining forces investors to splash out a significant sum of money for mining hardware. However, the introduction of AI will help lower investments in hardware, creating an advantage for investors as smart machine learning will be able to take over the mining process. To do so, some pieces of hardware will need to be converted to neural nets, increasing the functionality of the system.

Privacy

Marrying AI with crypto will increase security, ensuring that ownership of personal data isn’t compromised for investors making the industry much more attractive. It will ensure no breaches in privacy will be discovered. At present, to concur privacy issues, encryption solutions have been put into place. However, AI promises a stronger and better way of working and can be used in the same ways banks use AI for credit card fraud.

Scalability 

Cryptocurrencies operate on blockchains. Blockchain technologies are continually growing at 1 MB every 10 minutes, having reached 100GB already. Bitcoin founder, Satoshi Nakamoto, has spoken about deleting unnecessary data on completed transactions on a chain, naming the process ‘blockchain pruning’. 

Size of the blockchain market

(Graph showing the size of the blockchain market. Image Source: Statista)

AI technology can help form a new decentralised learning system. This will help increase the overall efficiency of the blockchain pruning system by providing it with new data-sharing techniques. AI can ensure that scalability goals for crypto are achieved to their full potential. 

Efficiency

Faster transactions will be achieved through the adoption of AI and the use of enhanced machine learning. Doing so will improve and increase efficiency while simultaneously lowering energy consumption as mentioned above. This type of technology could also be used in blockchain supporting smartphones, becoming an increased feature.

Security

Hacking into the blockchain network is thought to be impossible. However, there are some layers to the process that lack security. AI technology has helped machine learning progress to new heights over the past few years, making it a solid tool for blockchain to use to secure applications. Taking into consideration that the blockchain system is a fixed structure, enhanced security of the blockchain would also enable crypto coins to find their way into any crypto-list in the world, transforming the industry and its flexibility of use.

There is a range of different areas AI can help improve current systems and improve the industry overall. However, it’s important to understand that there are some limitations it simply can not overcome. At the same time, unlike AI technology,  the human mind is capable of thinking outside of the box. Although AI is a great technology for the industry to use, it will not be the only technology to be implemented to help better it. The nature of AI technology and its vast ability to be able to facilitate everything faster makes it increasingly attractive with the hope that it can one day transform the crypto industry in a significant way.

Bitcoin

CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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CoinFlip

Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans for the future.

Partnership with Monarch Wallet

On May 5th, CoinFlip…

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Altcoins

Lotto Nation is Revolutionizing the Traditional Lottery Industry

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Lotto Nation

As the global economy continues to deal with the economic fallout due to the ongoing pandemic, companies are coming to terms with the fact that normalcy may not return for quite a while.  Many economists are wondering how the business landscape will look a year or more from now.  It’s certainly possible that many businesses, such as retailers and restaurants, may be unable to survive the current downturn.  But while some businesses will falter, others will emerge stronger than ever.

Traditionally, when economies go through a severe downturn, companies adapt.  Those that maintain the status quo usually have great difficulty while those that adapt prosper and conquer.  One possible example of this is Lotto Nation.  Thanks to the entrepreneurial skills of Nils Thomson, the Founder and CEO of Lotto Nation, the company is attempting to completely modernize the traditional lottery industry.

Current Lottery Model is Severely Outdated

It’s safe to say that nearly every human that has ever walked the earth has fantasized about winning the massive jackpot that would completely change their life.  These dreams have turned the global lottery industry into a $302 billion market that is expected to reach $380 billion by 2025.  Despite this predicted growth, the industry suffers from a variety of problems that are preventing it from really exploding.

Perhaps the biggest problem is that traditional lotteries are centralized.  Because of this, there is essentially no oversight on what a lottery provider…

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Protecting Your Privacy From Mass Surveillance: A Look At The Blockchain Cellular Networks Ensuring Security

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Surveillance

Gone are the days of cannons and gunpowder in warfare; guns, bombs, and cold wars have been replaced with cyberwars and an inherent need to reinforce cybersecurity and mass surveillance. This has caused concerns over privacy and has resulted in many players in the mobile devices and networks field to explore ways to strengthen the privacy and security of their products for consumers.

The extent to which mass surveillance violates your privacy varies between those who take action and those who bury their heads in the sand. Let’s take a look at what can be done and where you can find the solution to your privacy concerns.

Statista

(Graph showing mobile phone internet penetration worldwide from 2014-2019. In 2020, the number of smartphone users worldwide is projected to reach 2.87 billion. Image Source: Statista)

Demand for mobile communication technology continues to grow rapidly around the world. (find stat or graph) The number of wireless subscriptions worldwide was already at 7.7 billion and GSM, LTE and HSPA technologies accounted for nearly all of them. In fact, in the fourth quarter of 2018, the number of LTE subscriptions was around 4 billion.

Coinciding in time is the growth of…

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