Google’s AI chatbot, Google Bard, has been asked to identify promising cryptocurrencies outside of the mainstream. It has listed the following altcoins: Algorand (ALGO), Chainlink (LINK), Polkadot (DOT), Fantom (FTM), and Cosmos (ATOM).
One of the mentioned cryptocurrencies is Chainlink, which operates as a network of oracles providing real-world data for smart contracts. The platform is widely used in decentralized finance (DeFi) and non-fungible tokens (NFTs) projects. Although it is currently ranked 19th in terms of market value among cryptocurrencies, Chainlink is far from being considered outside of the mainstream, considering the existence of over 10,000 digital assets in the market. However, its native token, LINK, has seen better days, currently trading at $7.56, which represents an 85.7% drop from its all-time high of $52.70 in May 2021.
The next crypto mentioned by Google Bard is Algorand (ALGO), a high-speed and low-cost blockchain platform. Algorand utilizes a consensus protocol called Pure Proof of Stake (PPoS), which randomly selects validators based on the amount of ALGO they hold, ensuring a more secure and efficient network without complex calculations. Despite being ranked 48th by market value on CoinGecko, the current price of ALGO at $0.099 is 97.2% below its all-time high of $3.56, reached in June 2019.
In third place is Polkadot (DOT), an interoperable network of blockchains. Although it is among the top 20 cryptocurrencies in terms of market value, Polkadot is still less popular than Bitcoin and Ethereum. The main goal of the Polkadot network is to facilitate secure and efficient exchange of information and assets between different blockchains. Its native token, DOT, is also significantly below its all-time high. Currently trading at $4.04, it has dropped over 92% from its peak of $54.98 in November 2021, as reported by CoinGecko.
However, it is crucial to note that the cryptocurrency market is highly volatile. The Google Bard urges caution when investing in cryptocurrencies. It is important for potential investors to conduct thorough research and understand the risks involved. Factors to consider before investing in a cryptocurrency include the project’s objectives, the expertise of the development team, the strength of the community, the security and efficiency of the technology, and the affordability of the cryptocurrency.
In conclusion, while the Google Bard has identified Algorand, Chainlink, Polkadot, Fantom, and Cosmos as promising altcoins outside of the mainstream, investors must exercise caution due to the volatile nature of the cryptocurrency market.