Unleashing the Power of Generative AI: Gain a Crypto Advantage
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The prominence of generative AI in 2023 is undeniable, and at the forefront of this advancement is OpenAI’s ChatGPT. The remarkable contributions made by OpenAI in the field have solidified its position as a major player in this domain.
In this article, I delve deeper into the plugin ecosystem developed around ChatGPT Plus and demonstrate how users can harness its potential to enhance their analytical abilities. By exploring these plugins, individuals can elevate their skills and take their proficiency to new heights.
Generative AI in Crypto
Generative AI can be used in various ways in the field of cryptocurrency to gain insights, generate predictions, or enhance trading strategies. Here are a few ways to utilize generative AI in the crypto space:
- Market Analysis and Prediction: Generative AI models can analyze historical price data, news articles, social media sentiment, and other relevant information to identify patterns and trends in cryptocurrency markets. By training a generative model on this data, you can generate predictions and forecasts about the future performance of specific cryptocurrencies or the overall market.
- Portfolio Optimization: Generative AI can help optimize cryptocurrency portfolios by generating simulated market scenarios and evaluating the performance of different asset allocations. This can assist in identifying the ideal mix of cryptocurrencies to maximize returns while minimizing risks.
- Trading Strategies: Generative AI models can be used to develop trading strategies in the crypto market. By training a model on historical trading data, it can learn patterns and signals that indicate potential buy or sell opportunities. This information can be utilized to automate trading decisions or provide recommendations to human traders.
- Fraud Detection: Cryptocurrency transactions are susceptible to fraudulent activities. Generative AI can help detect anomalies and fraudulent patterns by analyzing transaction data, network activity, and user behavior. This can assist in enhancing security measures and mitigating risks associated with fraudulent activities in the crypto space.
- Token Generation and Smart Contracts: Generative AI models can be used to generate new cryptocurrency tokens or optimize existing token designs. Additionally, they can aid in creating smart contracts by generating code templates or verifying the integrity and security of existing smart contracts.
ChatGPT and the World of Generative AI Plugins
OpenAI made waves in November 2022 when they first introduced ChatGPT, a groundbreaking generative AI model. This remarkable language model caught the attention of tech enthusiasts and AI aficionados alike.
In February 2023, OpenAI took things a step further by launching ChatGPT Plus, a subscription plan that offered subscribers faster response times from the chatbot and priority access to new features and improvements. For a monthly fee of $20, users gained enhanced benefits and a more seamless user experience.
But OpenAI’s innovations didn’t stop there. In March 2023, they unveiled GPT-4, the latest iteration in their renowned language model series. This highly performant model, available as an option for ChatGPT Plus users, showcased OpenAI’s commitment to pushing the boundaries of generative AI.
Simultaneously, OpenAI introduced another game-changing development: ChatGPT plugins. These plugins, created by various companies, expanded the capabilities of ChatGPT by enabling it to interact with a wide range of software and services. With the introduction of plugins, users gained access to a wealth of additional resources to further enhance their ChatGPT experience.
OpenAI’s continuous advancements in the field of generative AI, from ChatGPT Plus to GPT-4 and the introduction of plugins, have transformed the landscape of AI-driven conversations. These innovations have opened up new possibilities for users, fostering deeper interactions and empowering them to leverage the potential of generative AI in ways never seen before.
Getting Started with Crypto Plugins for an Enhanced ChatGPT Experience
In just a few months, the world of ChatGPT has expanded significantly with a rapidly growing variety of plugins. These plugins offer exciting possibilities, ranging from creating and ordering customized meal plans with the Instacart plugin to accessing advanced mathematical logic with the Wolfram plugin, and much more.
For those interested in exploring the intersection of AI and the cryptoeconomy, the good news is that new crypto plugins are continuously being added. If you’re eager to enhance your crypto approaches with the power of AI, these plugins are a must-explore territory right now.
One exciting aspect to consider is that you can combine both crypto and non-crypto plugins. Currently, you can have up to three plugins active per chat stream. This opens up opportunities for more intriguing results, such as using a graph plugin to visualize data organized by a research plugin and so forth.
To get started, it’s important to note that you’ll need a ChatGPT Plus subscription, priced at $20 per month, to begin experimenting with plugins.
Once you’ve subscribed, head over to chat.openai.com and initiate a new chat session. From there, switch to the “GPT-4” option and select the “Plugins” feature, as indicated above.
At this stage, you can explore the “Plugin store” and start installing the plugins that pique your interest. To find specific plugins related to crypto or DeFi, simply use the search bar and enter relevant keywords like “crypto,” “DeFi,” and so on.
By diving into the world of plugins and leveraging the capabilities of ChatGPT Plus, you’ll unlock a wealth of opportunities to enhance your crypto-related endeavors and uncover innovative solutions that blend the power of AI with the cryptoeconomy.
Discover 3 Must-Try Crypto Plugins for ChatGPT
As you explore the plugin store, you have the freedom to choose which plugins to install and experiment with. To help you get started, I’ve curated a few relevant crypto plugins below that are worth trying out.
Please keep in mind that you can only activate up to 3 plugins per chat stream, and you need to enable them at the beginning of each chat session. If you wish to try different plugin combinations, simply open new chats, copy prompts as needed, and start fresh.
It’s important to note that some plugins may encounter bugs or may not work optimally at the moment. If you encounter any issues, try identifying and disabling the problematic plugin while exploring other options in the meantime.
- SignalPlus
Plugin summary: “Live data on crypto, NFTs, DeFi. Spot/derivatives. A must for traders.”
My thoughts: Among the available plugins, SignalPlus stands out as a comprehensive data resource for analyzing major NFT collections, although it covers more than just NFTs. It is a valuable tool for traders seeking real-time information on cryptocurrencies, derivatives, and decentralized finance.
Prompt ideas:
- Can you compare the number of unique holders for the Cool Cats and Doodles collections at present?
- Which collection had higher trading volume in the last 24 hours, Mutant Ape Yacht Club or DeGods?
- CheckTheChain
Plugin summary: “Look for anything on the blockchain and get instant analysis.”
My thoughts: Developed by Ross Campbell, a lawyer and smart contract programmer, CheckTheChain is an exceptional plugin for obtaining in-depth insights into blockchain data. It can answer complex questions that traditional search engines cannot handle. For example, you can easily find the transaction ID of the first transaction sent to the current owner of a specific ENS.
Prompt ideas:
- How many transactions has the vitalik.eth address executed so far?
- Could you provide a summary of the transaction history for the ben.eth address?
- DefiLlama
Plugin summary: “The DefiLlama ChatGPT plugin retrieves current and historical data on blockchains, DeFi applications, and bridges.”
My thoughts: Created by 0xKofi for DefiLlama, this plugin empowers you to supercharge your DeFi analytics game. It allows you to delve into various DeFi protocol statistics, from historical Total Value Locked (TVL) changes to recent Layer 2 bridging flows. For an added visual dimension, combine it with the “Show Me Diagrams” plugin to chart out the answers you seek.
Prompt ideas:
- Can you provide an overview of on-chain growth across DeFi in the past 24 hours?
- Which DeFi protocols are currently generating the highest revenue?
By exploring these crypto plugins with ChatGPT, you’ll gain valuable insights and enhance your understanding of the crypto space. Enjoy experimenting and uncovering new possibilities!
Beyond ChatGPT Plugins… Utilizing AI for Enhanced Crypto Trading
I’m going to introduce KyberAI, a remarkable tool developed by Kyber Network, a prominent name in the DeFi space. Unlike dubious AI-driven coins, KyberAI is a free intelligence tool designed to empower traders with actionable insights.
In a nutshell, KyberAI is a machine learning-powered intelligence tool that equips traders with a wealth of insights to facilitate informed trading decisions. It stands out as one of the most impressive analytics tools in the crypto sphere.
KyberAI offers valuable insights on over 4,000 tokens across seven chains. One noteworthy feature is the KyberScore, which provides real-time intelligence on whether a token is exhibiting bullish or bearish tendencies. The KyberScore for each token refreshes every four hours.
The tool allows you to delve into in-depth on-chain activities related to specific tokens, including trade volumes, netflow to centralized exchanges, and whale wallet netflow. Additionally, it provides technical analysis for both USD and BTC pairs, automatically calculating support and resistance levels.
To illustrate KyberAI in action, consider the example of Pendle. As observed, KyberAI accurately identified a bullish trend for Pendle when its price was around 0.64, effectively predicting the subsequent positive price movement. Furthermore, the tool indicated positive whale wallet inflow for Pendle over the past few days.
By combining the KyberScore with various indicators provided by KyberAI, you can uncover valuable trade confluences.
What powers KyberAI’s technology?
The core technological innovation behind KyberAI is the “KyberScore,” which predicts the bullish or bearish nature of a token within the next 24 hours. Using a machine learning model, it blend on-chain and off-chain indicators, including netflow to exchanges, whale wallets, transfer volume, price history, and technical indicators. By assigning weights to each indicator, KyberAI create a dynamic score that refreshes every four hours. Extensive backtesting and detailed documentation ensure the effectiveness of our model. You can find more information about it here.
In addition, KyberAI developed data pipelines from scratch for over 4,000 tokens across seven blockchains. These pipelines provide valuable on-chain insights such as netflow to whales and centralized exchanges, token distribution among holders, trading volume, and transfer count. KyberAI monitor these insights hourly and present them in a user-friendly manner. However, for certain data points like historical price data, KyberAI rely on third-party tools like CoinGecko and Coinmarketcap.
Who is KyberAI designed for?
KyberAI caters to two types of traders: those in the discovery phase seeking new opportunities and those who require detailed analysis of their existing assets to make informed decisions. Kyber has carefully selected the most beneficial insights, including the unique KyberScore, to assist these traders.
Simplicity is a key strength of KyberAI. It distills a vast amount of on- and off-chain data into easily understandable and actionable insights. The design philosophy revolves around user-friendliness, presenting comprehensive on-chain insights, technical analysis, historical price charts, support resistance levels, and more within a single accessible interface.
Examples of real-world case studies where KyberAI
Creating a one-size-fits-all user guide for KyberAI is challenging, as it depends on each trader’s unique strategy.
For instance, Prakhar Head of Product at KyberNetwork recently posted a real-world example on Twitter featuring XRP. The KyberScore for XRP indicated a bullish trend. Despite fluctuations in the following hours, several indicators, such as increasing buyer volumes and XRP’s strength against Bitcoin, confirmed the upward trend. Leveraging KyberAI’s XRP/BTC chart, which depicted consistent gains for XRP against Bitcoin, making a successful trade. These insights exemplify how KyberAI can aid traders.
How should traders avoid misusing KyberAI?
While the KyberScore serves as a valuable starting point, KeberAI recommend using it in conjunction with other insights provided by KyberAI to support trading decisions. For example, when considering an investment, one might assess the KyberScore alongside trading volumes, the number of buys, netflow to centralized exchanges, and price charts. Depending on the analysis, different combinations of indicators may be chosen. By combining multiple pieces of information, traders can achieve a comprehensive view and develop robust trading strategies.
What does KyberAI’s future roadmap look like?
The long-term vision for KyberAI revolves around providing an array of insights that empower traders to make better decisions. Currently, KyberAI focus is on trading and how traders can leverage these insights to increase profitability.
In the future, KyberAI aim to incorporate risk management insights into KyberAI. For instance, it could provide information on whether a trader has invested excessively in meme coins or has an over-concentration on a specific blockchain or token category, highlighting the importance of diversification. Additionally, KyberAI may offer insights on token distribution among holders, emphasizing cases of significant concentration. These are the types of insights KyberAI ultimately aspire to provide to their users.
How does AI contribute to Kyber Network’s goals?
The initial vision for Kyber Network was to assist KyberSwap users throughout their trading journey by offering valuable insights for better decision-making. This vision materialized in the form of KyberAI.
Initially, KyberSwap focused on facilitating actions such as limit orders and liquidity provision. However, it was challenging for traders to make informed decisions, such as which tokens to buy or sell and at what price points. This is where KyberAI stepped in—a tool powered by AI to provide enhanced insights, enabling traders to make more informed decisions.
The idea for KyberAI originated from an existing feature on KyberSwap called Discovery, which employed a technology set called TrueSight. Discovery acted as a proof-of-concept, demonstrating the potential of AI in offering trading insights. Building on this foundation, the development of KyberAI took eight months, during which KyberAI built an infrastructure from scratch, collected data from seven different blockchains, synthesized it, and presented it through a user-friendly interface.
Now, KyberAI offers a range of insights, including a unique scoring system driven by machine learning. Despite the challenges faced, the journey has been fulfilling, given the value it brings to traders. The convergence of AI and crypto has significant implications, particularly in the realms of trading and risk management. Platforms like KyberAI leverage the power of AI to provide predictive analytics that enhance trading strategies. KyberAI combines on-chain and off-chain data with machine learning algorithms to deliver comprehensive insights. This intersection leads to the development of advanced DApps, such as KyberSwap, which incorporate AI-driven insights into their models.
Also I would like to bring broader play of LLM (Large Language Models) in investment space.
JPMorgan Chase’s IndexGPT: Revolutionizing Investment Selection with AI
JPMorgan Chase, a leading financial institution, is making waves in the industry by developing a groundbreaking software service called IndexGPT. Leveraging the power of artificial intelligence (AI), this ChatGPT-like technology aims to disrupt the traditional investment selection process. With the company recently filing a trademark application for IndexGPT, it’s clear that JPMorgan Chase is serious about leveraging AI to enhance customer experience and offer tailored investment solutions.
The Rise of ChatGPT and Its Impact: OpenAI’s ChatGPT technology took the world by storm, showcasing the potential of AI in generating human-like responses. Its success triggered an AI arms race among tech giants and chipmakers, setting the stage for the next wave of innovation. The finance industry has recognized the vast possibilities of ChatGPT, with banks like Goldman Sachs and Morgan Stanley experimenting with internal use cases. JPMorgan Chase, however, may become the first financial institution to directly offer a GPT-like product to its customers.
Introducing IndexGPT: AI-Powered Investment Selection: JPMorgan Chase’s trademark filing sheds light on IndexGPT’s purpose. This innovative software service will utilize cloud computing and AI to analyze and select securities tailored to customer needs. By harnessing the power of Generative Pre-trained Transformer (GPT) models, specifically the flavor popularized by ChatGPT, JPMorgan Chase aims to empower customers with advanced AI-driven investment insights.
Implications for the Financial Industry: The filing of the IndexGPT trademark suggests that JPMorgan Chase is nearing the launch of this revolutionary product. Trademarks are not obtained casually, indicating the company’s serious intent. While it typically takes time for approvals, JPMorgan Chase must introduce IndexGPT within three years to secure the trademark. This development has the potential to reshape the role of financial advisors, as AI-powered investment selection may provide customers with tailored recommendations and personalized insights.
Addressing Middlemen Fears: The introduction of advanced AI technologies like IndexGPT raises concerns among financial advisors about potential job displacement. However, history has shown that wealth management firms offering roboadvisor services have not hindered the success of human advisors. In fact, these technologies have complemented their expertise and helped them gather more assets. It remains to be seen how IndexGPT will influence the advisory landscape, but it’s important to recognize that technology can enhance and augment human capabilities rather than replace them.
JPMorgan Chase’s Commitment to AI: During the company’s annual investor conference, JPMorgan Chase executives highlighted their dedication to AI integration across operations. With a team of 1,500 data scientists and machine-learning engineers, the bank is actively exploring various use cases for GPT technology. Lori Beer, JPMorgan Chase’s global tech chief, emphasized the power and potential of AI tools like GPT, underscoring their commitment to delivering value through innovative solutions.
JPMorgan Chase’s development of IndexGPT represents a significant leap forward in the intersection of AI and finance. By leveraging the disruptive power of AI in investment selection, JPMorgan Chase aims to enhance customer experience and offer tailored solutions. While the impact on financial advisors remains to be seen, it’s clear that the industry is embracing AI-driven advancements. As IndexGPT moves closer to reality, it has the potential to reshape investment practices and unlock new possibilities in the world of finance.
In Conclusion, Expanding Possibilities in Crypto With Generative AI
The world of ChatGPT plugins is still in its early stages, but the potential it holds is already immense. While the crypto examples provided earlier were kept straightforward, you have the freedom to dive deeper and explore more advanced prompts and plugin combinations. It’s important to note that you may encounter some trial and error as you figure out which phrasings and plugins work best for your specific purposes. However, once you become familiar with effective flows that suit your needs, your skills in crypto analytics will undoubtedly level up.
The possibilities within the ChatGPT plugin ecosystem are wide open, and as you navigate through this new frontier, don’t hesitate to experiment and push boundaries. Embrace the learning process, adapt your approach, and uncover innovative ways to leverage the plugins to their fullest potential. As the plugin ecosystem continues to evolve, you’ll find yourself at the forefront of cutting-edge crypto analytics, armed with powerful AI-driven insights and a refined understanding of the market.
Also, the fusion of AI and crypto enables advanced blockchain analytics platforms to deliver secure and informed trading experiences. KyberAI represents one such platform, empowering traders with actionable intelligence derived from the convergence of AI and blockchain analytics.
JPMorgan Chase’s IndexGPT, takes play of AI in investment space to the next-level, with an AI-powered software service for selecting investments, aiming to revolutionize the investment selection process using AI-driven insights. The company’s commitment to AI integration reflects their dedication to exploring innovative solutions for enhancing customer experience.
So, embark on this exciting journey, embrace the opportunities presented by ChatGPT plugins, KyberAI and watch as your crypto analytics skills soar to new heights.
Recommended Reading: CryptoGPT: Blockchain for Monetizing Your Data With AI
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