Home Coins Bitcoin (BTC) Capital One Files Patent for Cryptocurrency Market AI Prediction System

Capital One Files Patent for Cryptocurrency Market AI Prediction System


Bitcoin.com Wallet Users Can Now Purchase More Than 10K Worth

Major U.S. financial services company Capital One has filed a new patent application for a cryptocurrency analysis and trading system that will attempt to predict crypto market trends and generate trading decisions using artificial intelligence (AI).

Capital One’s Cryptocurrency AI System

The United States Patent and Trademark Office (USPTO) published a patent application on Aug. 13 for a cryptocurrency system filed by financial services company 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 corporation had $304.2 billion in deposits and $421.3 billion in total assets as of June 30. A Fortune 500 company, Capital One trades on the New York Stock Exchange (NYSE) under the symbol COF.

Capital One explained that cryptocurrencies trade 24/7 so traders need to monitor information from many sources all day. Numerous factors could affect trade decisions, including regulatory and exchange news, stock market news, rumors, and opinions on social media such as on Twitter, Reddit, Youtube, and Telegram. There are also events that could affect the market, such as initial coin offerings (ICOs), forks, airdrops, hacks, rebranding, and company future plans. Capital One asserted that “it would be impossible for human traders to track all of the above-mentioned cryptocurrency-related data and respond to that data in real time.” It would also be impossible to verify the credibility of the information in real time, the company added, noting:

Accordingly, there is a need for a centralized platform that analyzes speculation, news, and other cryptocurrency-related information as well as provides a recommendation and/or implements the provided recommendation.

The patent application describes a system with “a credibility analysis engine configured to determine the credibility of the cryptocurrency-related information,” with weighting assigned. It also describes an AI engine “configured to predict a cryptocurrency market trend based on … all received information and corresponding weighting.” In addition, it can be configured to generate and execute personalized trades automatically based on predicted crypto market trends.

Capital One Files Patent for Cryptocurrency Market AI Prediction System
An illustration of Capital One’s crypto system for analyzing cryptocurrency-related information. Source: USPTO

The eight modules shown in the illustration — cryptocurrencies market, social media, event, cryptocurrencies company, user, regulation, fiat currency, and traditional data modules — may receive different types of crypto-related information, the filing notes.

1595889402 943 Americans to Buy Bitcoin With Their Second Stimulus Checks After1597173073 593 Billion Dollar Public Company Microstrategy Moves 250 Million Into BTC

Cryptocurrency-related information includes “speculation, rumors, opinions, and other information posted on social media,” the patent application details. For example, the information may be “an influencer’s opinions, recommendations, predictions, etc.” The system may evaluate the information and give corresponding weightings based on the popularity of the social medial post as well as the poster using data such as “views, likes, dislikes, comments, shares, retweets, and reposts.”

After analyzing, the system will “generate market predictions based on initial hypotheses and weights,” and can execute personalized trading decisions. The full patent which details the entire system can be found here.

What do you think Capital One will do with this crypto prediction and trading system? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, USPTO, Capital One

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,581FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.18
GBP
1.29
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.76
AUD
0.73

Most Popular

Cardano long-term Price Analysis: 21 September

Most of the industry’s altcoins are struggling to make-do in the present market. With all the bullish market momentum fizzling out in early-September,...

European central bank execs explain why CBDCs don’t need blockchain

Global central bank digital currencies, or CBDCs, do not require the use of blockchain technology, according to executives at major European central banks.Thomas Moser,...

Monero, Synthetix, Crypto.com Coin Price Analysis: 21 September

Monero has been on a healthy uptrend for a while, but that might change in the short-term after it flashed a bearish signal...
bitcoin
Bitcoin (BTC) $ 10,431.56
ethereum
Ethereum (ETH) $ 338.30
ripple
XRP (XRP) $ 0.233038
tether
Tether (USDT) $ 0.999068
bitcoin-cash
Bitcoin Cash (BCH) $ 211.26
bitcoin-cash-sv
Bitcoin SV (BSV) $ 144.65
litecoin
Litecoin (LTC) $ 42.92
eos
EOS (EOS) $ 2.52
binancecoin
Binance Coin (BNB) $ 22.94
okb
OKB (OKB) $ 5.84
tezos
Tezos (XTZ) $ 1.96
leo-token
LEO Token (LEO) $ 1.21
cardano
Cardano (ADA) $ 0.078893
monero
Monero (XMR) $ 87.08
stellar
Stellar (XLM) $ 0.070315
chainlink
Chainlink (LINK) $ 8.79
huobi-token
Huobi Token (HT) $ 4.52
tron
TRON (TRX) $ 0.025009
usd-coin
USD Coin (USDC) $ 0.998978
dash
Dash (DASH) $ 65.67
neo
NEO (NEO) $ 20.08
iota
IOTA (MIOTA) $ 0.239675
nem
NEM (XEM) $ 0.105803
zcash
Zcash (ZEC) $ 53.17
maker
Maker (MKR) $ 444.46
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 4.69
vechain
VeChain (VET) $ 0.012485
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.49
kucoin-shares
KuCoin Shares (KCS) $ 1.04
waves
Waves (WAVES) $ 2.17