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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.

Currency Market

Building Your Nest Egg Brick By Brick: Are Micro-Investments Here to Stay?

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No matter what our goals are, sometimes just getting started can be the most difficult part of building our savings up. When it comes to investing, many of us are wary of parting with our money to generate more financial security in the future. But what if you can build significant savings without even noticing?

That’s the aim of the micro-investing apps that have come to dominate online stores across Android and iOS. Today, more fintech startups are working on delivering refined solutions that encourage minuscule investments at a more frequent rate. 

Micro-Investing apps will look to make saving more accessible to young people – many of whom in the UK have little-to-no money tucked away for a rainy day. 

However, the prevalence of money-saving technology and the disruptive chaos of the COVID-19 pandemic appears to have prompted a widespread increase in households saving more of their disposable income:

With micro-investing platforms playing a role in bringing UK household savings back up to five-year highs, is it fair to say that little-by-little investing is here to stay? Let’s take a look at how micro-investment platforms could revolutionise how we manage our finances:

What is Micro-Investing

Micro-investing, or sparse change investing, is a relatively new development in fintech. It effectively enables users to put away small amounts of money towards their long, or short, term goals. The idea…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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