Enter the world of AI cryptocurrency and explore new horizons that could propel the igaming industry into the next dimension. Join us as we take a closer look at AI cryptocurrencies and their impact on the gambling industry.
When it comes to exciting technological developments, AI and cryptocurrency advancements take the cake. The industry is in for some more big changes and upgrades as these two technologies combine for even more online payment option alternatives.
It’s a new dawn, and it all starts with AI cryptocurrencies, which might enhance the online casino experience a few more notches.
Before we go into more detail, let’s start with the basics of AI technology and cryptocurrency.
Cryptocurrencies are digital currencies that you can trade or spend. With the use of decentralised blockchains, these currencies are not stored in traditional institutions, removing the control of third parties. It’s highly secure, allowing anonymous gameplay and faster transactions. They’re also known for being highly volatile.
Artificial Intelligence (AI) is a type of computer science that is becoming more prominent in online casinos. Based on the data provided, AI can make decisions similar to those of humans. The technology is becoming more sophisticated and is proving its value in various industries, including the online gaming industry.
AI cryptocurrency is a token powered by AI blockchain platforms. To benefit from the platforms and the integrated artificial intelligence, you will be required to spend tokens first.
AI cryptocurrencies are still new, but there are several big projects underway that will be available for use online.
Here are some of the most popular AI crypto projects currently underway and what they have to offer. (Please note: All trade prices were correct at the time of writing.)
This is the very first blockchain with the ability to run at web speed with no capacity restrictions. It is built by DFINITY Foundations, and the main goal is to recreate the web with smart contract development at scale and change the entire way you interact with services online. It has a market cap of £4.9 billion and currently trades at £10.79.
Injective is an AI crypto project that is specifically created to provide tools for building decentralised finance (DeFi) apps. It features margin trading, derivatives and forex futures trading via blockchain. The native currency, INJ, is used to validate transactions via the network and cast votes on the direction of the project in future. It has a market cap of £2.6 billion and trades at £31.98.
The Graph operates a lot like Google in indexing and querying data, but instead of getting data from websites, it will get the data from blockchains. While indexing blockchain data is difficult, the aim is to change this by organising the data into smaller graphs. The native Ethereum-based cryptocurrency GRT has a market cap of £1.5 billion and trades at £0.16.
Render allows artists to render computer graphics from crypto miners that will rent out their graphics processing units. It’s been available since 2017 and has a market cap of £1.4 billion. RNDR is the native currency of this project, which you can use to access the miners’ GPU power. It runs on a proof of work mechanism and trades at £3.96.
Theta is a blockchain specifically created for video streaming with the objective to decentralise video streaming. It operates a peer-to-peer video delivery network and has a market cap of £1.1 billion. Like other metaverse business plans, the idea is to reduce costs and eliminate intermediaries by transferring power from companies to users. Theta’s vision is to make videos cheaper for users while simultaneously increasing content creators' revenue.
The Oasis Network considers itself the first privacy-enabled blockchain platform for a responsible data economy and open finance. It has a market cap of £757 million and is trading at £0.11. It’s a proof-of-stake blockchain network created to enable privacy-preserving open finance, which is different from other blockchains that lack in terms of privacy.
Like traditional cryptocurrencies such as Bitcoin or Ethereum, AI cryptocurrencies are available for purchase via crypto exchanges.
With the transaction successfully completed, you will have the coins readily available. The next step is to store the coins, which can be done via a crypto wallet. Most of the exchanges will have a free crypto wallet with which you can securely store all your private and public keys. Alternatively, you can choose to store funds via an offline cold wallet.
If security is your main priority, you may want to look into cold wallets. They have been proven more secure than online (hot) wallets, and the main reason is that they are not as easy to target.
On the other hand, storing the funds offline via a cold wallet also means more diligence from your side. As there’s no support available to help you access your keys or your account should you lose your login details.
The development of AI cryptocurrencies could potentially alter the current state of the gambling industry, pushing towards more crypto-based gaming platforms and an even bigger number of players switching to crypto.
AI cryptocurrency has many benefits, including providing a more personalised gaming experience. AI algorithms always analyse your behaviour, betting patterns, and preferences, which makes it easier for the operators to provide a tailored gaming experience.
In addition, there are the benefits of sophisticated risk management options, transparency, and fairness, alongside faster, more secure transactions with lower fees.
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