X-widget's AIIN to provide information all about virtual assets

Blockchain company X-widget said Thursday it is developing a virtual asset information-providing solution called Artificial Intelligence Index (AIIN) by combining artificial intelligence and big data technologies. The service is set to launch in early 2023.

The new service will use X-widget’s independent blockchain platform to provide virtual asset-related indexes, a prediction on virtual asset prices, a collective virtual asset management service, and an investment community network service, according to the blockchain company. The service will be provided as a decentralized application (D-app) which operates autonomously, supports smart contracts and runs on blockchain.

As part of its virtual asset index provision, AIIN will compile data from ten major assets, including Bitcoin and Ethereum, concerning its withdrawal and deposit, distribution volume, number of transactions, number of active wallets, and stablecoin trends, along with on-chain data of mining pools. The complied data will be presented to investors in a comprehensive graph.

Meanwhile, AIIN's prediction service will use deep learning technology to analyze the virtual asset indexes and predict a reference price.

Most price predictions currently used by investors are unable to accurately predict sudden changes in price stemming from unforeseen events as it only analyzes resultative data from previously completed transactions, said X-widget.

However, the company said AIIN predictions can be more precise as it analyzes the relationship between, and prior and successive information on different virtual asset indexes to predict a reference price. It also takes into account other economic indicators such as stock prices, exchange rates, interest rates when making estimates, the company said.

The managing aspect of the AIIN service coordinates with cryptocurrency exchanges both in and out of Korea to allow users to manage their assets and browse asset information. Meanwhile, the community network service allows private and group messaging between investors and influencers.

According to data provided by Korea Financial Intelligence Unit in September, the South Korean virtual asset market boasted an aggregate market value of 23 trillion won ($16.1 billion) in the first half of 2022, while 6.9 million South Koreans partook in investments.

X-widget pointed out that despite the large market size, Korea's investment eco-system has many shortcomings, including the inaccuracy of predictions and the ineffective management of information-sharing. The company also said many investors to rely solely and heavily on online communities and influencers to obtain investment information.

X-widget said they hope the new service will be able to supplement these shortcomings. AIIN is currently in the final stages of development, and will be launched early next year after going through internal trials.

“Blockchain provides high quality virtual asset transaction information that cannot be tampered with, and allows the automatic implementation of smart contracts, while AI receives information collected before the crypto exchange from blockchain and runs it through state-of-the-art deep learning technologies to provide a mega D-app service in coordination with the virtual asset market,” said X-widget Chief Executive Officer Kim Sung-uoen.

“AIIN will create an eco-system better fit to continue stable investments by providing scientific data on the change of virtual asset markets, and a communication structure to investors,” he added.