Not long ago, Artificial Intelligence (AI) was the stuff of futuristic fantasy. You may not be aware, but AI is all around us these days. It is utilized for any number of reasons from shortening your commute in Google Maps; to acting as a personal assistant such as Siri and Alexa; to suggesting connections to you on FaceBook through facial recognition, just to name a few applications of this wonderful technology. But what, you might ask, does AI have to do with Cryptocurrency?
AI is a key technology being utilized by Coin, a US-based FinTech startup, in their recently launched Coin Exchange, a decentralized exchange that features:
Cross-chain P2P decentralized cryptocurrency exchange
– (Supports direct user-to-user transactions across different blockchains without requiring 3rd-party or human intermediaries)
– Non-custodial atomic swap technology (atomic swaps are the most secure method of trading digital assets)
– artificial intelligence (AI) technology (an integrated AI assistant that uses intelligence to help users save time and money)
– integrated cryptocurrency wallet (Securely store BTC, ETH, ERC20 compatible tokens, etc., all in one location)
As part of the Coin Exchange, there is also a browser extension that supports popular web browsers like Google Chrome and Safari. Once installed, the browser extension extends its features by using AI technology. The AI is used to execute transactions with greater speed and to provide the user with insights that save time and money.
It works similarly to Grammarly’s grammar recognition. Coin Exchange’s AI Assistant recognizes blockchain-related keywords from any webpage the user surfs on. Working in the background it provides educational information, pricing data, or assistance in executing financial transactions directly from a webpage and any input field.
Users can either choose to be guided through the process of sending, receiving and exchanging transactions, or they can simply use the input field and type a text command such as ‘Send $100 Bitcoin to @johnsmith’. Prior to this innovation, this transaction would require a strenuous process to execute. One would have to navigate to a company or banking website; add recipient wire details, transact using a Trusted Financial intermediary like a bank; complete the appropriate forms, pay the requisite fees, etc. Not to mention, wait a few days for verification if the recipient lived in another country. With this technology, one can simply and quickly send, receive or exchange currency, anonymously, with little to no fees, in a matter of seconds, directly from user to user, even if the other party is halfway around the world.
‘By leveraging emerging technology, we are placing the power back into the hands of the people, and empowering consumers to manage their wealth with an innovative digital assets experience that is simple, secure, and personalized’ says Damon Nam, founder and CEO at Coin.
An important and big step in the world of modern currencies, with consumers and users constantly questioning and worrying about privacy and freedom of cryptos.
