If you’ve spent even five minutes trying to learn about what cryptocurrency is and how to use it, you may have noticed that the very concept is – well, more than a little esoteric. Up until recently, this wasn’t much of an issue; just over a year ago, Bitcoin was the magic internet money that most people on the outside saw as a talking point on anarcho-capitalist Reddit forums.
Now that cryptocurrency has entered the mainstream, however, there is a need for greater accessibility. Platforms like Shapeshift and the exchange in the Exodus wallet have attempted to make the process of crypto trading more intuitive, but there is still quite a bit of a learning curve to get over when entering the world of crypto.
New users need to learn how to buy crypto with fiat, how to operate in exchanges, how to send and receive crypto transactions… the list goes on and on. Not to mention that a simple mistake, like sending Bitcoin to an Ethereum address, could result in the permanent loss of a lot of money.
Companies hoping to reap the benefits of a more technologically-inclusive platform for trading cryptocurrency are competing to create the most secure and user-friendly trading interface. One of the latest developments on this front has been devised by TeleX AI, who has created a chatbot that will assist users in the processes necessary to trade crypto; CoinTelegraph called the bot “Siri for Crypto”.
In addition to assisting with logistical trading processes, the TeleX AI will be able to provide advice about which coins users should be choosing to put their money into in the first place. According to the TeleX AI website, its AI will be able to respond to commands like “Telex, show me the top gainers,” and answer questions like “What are the hottest ICOs?”
The Telex AI bot ‘lives’ on the Telegram messaging platform, and can be found by searching for its username, ‘telexaibot’. An easily understandable guide on how to use the bot can be found at telexai.com.
AI Tradebots Could Bring Big Profits to Individual and Institutional Traders
Although the vast majority of talk surrounding collaborations between cryptocurrencies and artificial intelligence entities is just that – talk – at this point in history, crypto investors have been keen to have access to a trading bot that could react in real time to the volatility of crypto markets twenty-four hours a day. Some technologically-savvy traders have created their own, or paid someone else to create one for them.
In a piece written for Finance Magnates in March of 2017, Marcie Terman (founding director of XBT Corp Sarl) wrote of the potential benefits that securely, solidly built trading bots could bring to ordinary investors, who often trade reactively. “AI bots…execute trades consistently without emotion at lightning speed directly onto the exchange,” she wrote. They “never lose discipline or waver from their assigned course based on the idiosyncrasies of emotion.”
AI and Crypto Have the Potential to Intersect on Many Levels
Although the worlds of artificial intelligence and cryptocurrency most often find themselves working together when it comes to crypto trading, there have been a variety of cases in which artificial intelligence and crypto have combined forces to perform a range of diverse tasks, including fighting crime.
For example, in September, a team of researchers led by PhD candidate Rebecca Portnoff at the University of California, Berkeley, developed an AI that was capable of linking Bitcoin transactions to suspicious ads on Backpage.
The AI would analyze advertisements placed on the site to search for common linguistic and grammatical structure to see if multiple advertisements could be linked to a single poster (a sign of possible sex trafficking). Then, the AI would analyze Bitcoin transactions to detect connections between the amounts listed on the ads and other factors, including times and amounts. The AI’s process saves law enforcement hundreds of hours of sifting through personal ads to detect suspicious behavior.
Additionally, the up-and-coming IOTA cryptocurrency has marketed its possible use cases as being well-integrated into the Internet of Things and the artificial intelligences that are increasingly becoming a functional part of our daily lives.
Like most innovations in the cryptosphere, many brilliant ideas and possible use cases do not yet exist in tangible form. However, in the world of crypto, everything moves at lightning speed. The Telex AI bot may be the first AI that will be available for large-scale use, but it certainly will not be the last.