Major U.S. monetary companies firm Capital One has filed a brand new patent utility for a cryptocurrency evaluation and buying and selling system that may try and predict crypto market developments and generate buying and selling selections utilizing synthetic intelligence (AI).
Capital One’s Cryptocurrency AI System
The United States Patent and Trademark Office (USPTO) revealed a patent utility on Aug. 13 for a cryptocurrency system filed by monetary companies firm Capital One Services. It is a continuation of Capital One’s system patented in June. Capital One Services is affiliated with Capital One Bank, a subsidiary of Capital One Financial Corp. The company had $304.2 billion in deposits and $421.three billion in whole property as of June 30. A Fortune 500 firm, Capital One trades on the New York Stock Exchange (NYSE) underneath the image COF.
Capital One defined that cryptocurrencies commerce 24/7 so merchants want to watch info from many sources all day. Numerous elements might have an effect on commerce selections, together with regulatory and alternate information, inventory market information, rumors, and opinions on social media reminiscent of on Twitter, Reddit, Youtube, and Telegram. There are additionally occasions that would have an effect on the market, reminiscent of preliminary coin choices (ICOs), forks, airdrops, hacks, rebranding, and firm future plans. Capital One asserted that “it could be not possible for human merchants to trace the entire above-mentioned cryptocurrency-related knowledge and reply to that knowledge in actual time.” It would even be not possible to confirm the credibility of the knowledge in actual time, the corporate added, noting:
Accordingly, there’s a want for a centralized platform that analyzes hypothesis, information, and different cryptocurrency-related info in addition to supplies a advice and/or implements the supplied advice.
The patent utility describes a system with “a credibility evaluation engine configured to find out the credibility of the cryptocurrency-related info,” with weighting assigned. It additionally describes an AI engine “configured to foretell a cryptocurrency market development primarily based on … all acquired info and corresponding weighting.” In addition, it may be configured to generate and execute customized trades mechanically primarily based on predicted crypto market developments.
An illustration of Capital One’s crypto system for analyzing cryptocurrency-related info. Source: USPTO
The eight modules proven within the illustration — cryptocurrencies market, social media, occasion, cryptocurrencies firm, consumer, regulation, fiat forex, and conventional knowledge modules — might obtain various kinds of crypto-related info, the submitting notes.
Cryptocurrency-related info consists of “hypothesis, rumors, opinions, and different info posted on social media,” the patent utility particulars. For instance, the knowledge could also be “an influencer’s opinions, suggestions, predictions, and many others.” The system might consider the knowledge and provides corresponding weightings primarily based on the recognition of the social medial put up in addition to the poster utilizing knowledge reminiscent of “views, likes, dislikes, feedback, shares, retweets, and reposts.”
After analyzing, the system will “generate market predictions primarily based on preliminary hypotheses and weights,” and might execute customized buying and selling selections. The full patent which particulars the whole system might be discovered right here.
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