SingularityDAO’s AI-powered ‘DynaSets’ outperform the crypto market

2022/02/15 Innoverview Read

SingularityDAO, born out of renowned AI researcher Ben Goertzel’s SingularityNET, has announced that its AI-powered baskets of cryptocurrencies known as DynaSets have outperformed the crypto market.

While making some recovery in the past couple of weeks, the crypto market has suffered a horrid couple of months. Bitcoin crashed around 50 percent between November 2021 and the end of January 2022. As of writing, the largest cryptocurrency remains around 37 percent down while many “altcoins” have still lost over 50 percent of their value.

DynaSets combine AI algorithms with professional hedge fund traders in a bid to maximise profits and minimise losses in a notoriously volatile market (although the same could be said for the “stonk” market in recent weeks…)

Marcello Mari, CEO of SingularityDAO, said:

“I’m impressed by the preliminary results from the beta version of our DynaSets.

Over the next month, we’ll be further empowering our traders with more tools including the ability to short the market and execute trades with leverage.

We’ll also be launching real machine learning tools that have never been used in the crypto market before.”

Since the beta launch of DynaSets on 20 December 2021:

  • Bitcoin DynaSet shows 10.3% better performance over just “hodling” Bitcoin

  • Ethereum DynaSet shows 12.59% better performance over hodling Ethereum

“As we move closer to our 1.0 product offering, we will further improve on the performance we demonstrated with our beta. That is, deliver further and further automation with a constant focus on crypto asset protection and AI safety,” commented Chris Poulin, CTO.

The combination of SingularityDAO’s AI algorithms and professional traders were reportedly able to identify potential triggers for the crypto decline including the Fed’s hawkish policy shift, electricity price rise, and political instability of the world’s second-largest producer of bitcoin, Kazakhstan.

As of writing, two DynaSets have been launched for the two largest cryptocurrencies: Bitcoin and Ethereum.

In 2020, full-stack AI solution SingularityNET announced that it was collaborating with Cardano due to Ethereum’s issues.

Earlier this month, Goertzel announced HyperCycle—a lightweight layer 2 architecture designed to enable inexpensive, high-speed, large-scale on-chain execution of microservices and specifically designed to optimise AI-related processes.

HyperCycle leverages TODA/IP ledgerless protocol, SingularityNET’s Proof of Reputation, and Cardano’s EUTxO model and Hydra sidechain framework.

Cardano seems a prime candidate for one of the next DynaSets that SingularityDAO launches.

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