Vectorspace AI (VXV) flies under the radar to new highs as big data becomes the ‘new’ oil

Published at: Nov. 11, 2021

“I’m in it for the tech,” is a phrase commonly used in the cryptocurrency ecosystem by many who want to express a deeper motivation for being involved with blockchain technology beyond the significant gains that are known to happen in the volatile asset class. 

One project that has quietly climbed the charts without the need to jump on the decentralized finance (DeFi) or nonfungible token (NFT) trend is Vectorspace AI (VXV), a protocol building correlation matrix datasets capable of detecting hidden relationships in data and training artificial intelligence (AI) systems.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.71 on May 23, the price of VXV has skyrocketed 2,267% to a record high at $19.47 on Sept. 16 before experiencing a significant pullback alongside the rest of the crypto market.

This week, the price action for VXV is once again on the rise as its 24-hour volume spiked 380% to $9.37 million on Nov. 11, resulting in an overnight price increase of 32.42% to an intraday high at $16.18.

The sudden boost in price and trading volume comes as VXV listed on the KuCoin exchange, the sixth-largest cryptocurrency exchange by trading volume.

Vectorspace AI (VXV) Gets Listed on KuCoin! https://t.co/YjTMoOm9zi #vectorspaceai

— Vectorspace AI (VXV) (@Vectorspace_AI) November 11, 2021

Related: Digital intelligence must overcome challenges to solving crypto crimes

Flying under the radar

Aside from the above tweet announcing the KuCoin listing, the team at Vectorspace AI keeps a pretty low-key profile in terms of project announcements and marketing. Most of the project's Twitter feed features some of the latest developments and discoveries in the field of data analysis and bio-science.

Uncovering disruptive forces to stocks using natural language processingIndustries such as precious metals, regional banks, airlines, agrochemical, and utilities are set to experience disruptive innovation: https://t.co/uxtpXTwM4B #disruptiveinnovation #fintech #vectorspace

— Vectorspace AI (VXV) (@Vectorspace_AI) September 10, 2021

With a focus on “context-controlled NLP/NLU (Natural Language Processing/Understanding)” and using AI to “discover hidden relationship detection in data related to space biosciences,” Vectorspace lacks many of the bells and whistles that catch the eye of the average crypto holder.

But to anyone who has been paying attention to the rising value and importance of data in the digital age, the ability to correlate and analyze large amounts of data to discover solutions that would take a human years to manually analyze is the “holy grail” in the world of data analysis.

For example, early on in the Covid-19 pandemic, Vectorspace technology was able to analyze years of medical research and findings to recommend a shortlist of substances that could possibly be used as treatment, helping scientists narrow down their search and save valuable time.

The ability to generate on-demand NLP/NLU correlation matrix datasets is a highly sought-after feature for researchers, especially when it comes to finding a way to “get machines to trade information with one another or exchange and transact data in a way that minimizes a selected loss function.”

According to the project’s website, the current list of partners and collaborators include PubMed.gov, the United States Department of Energy, the National Library of Medicine, the European Molecular Biology Laboratory, the Lawrence Berkeley National Laboratory and CERN. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Tags
Markets
Altcoin Watch
Altcoin
Analysis
Cryptocurrencies
Data
Ai
Data Exchange
Related Posts
New staking and governance features back Ocean Protocol’s 40% rally
Data collection, aggregation and analysis have become some of the largest profit generators for companies like Facebook and Google who have designed an array of algorithms purposed with harnessing user data in order to better optimize the user interfaces of their applications and their online marketplaces. While collecting the data is the ultimate objective, the events of the past few years have also shown that securing it and ensuring that the privacy of customers and users is protected is imperative. Combining data collection with the ability to securely store it on a distributed ledger seems like a natural fit, and …
Blockchain / March 3, 2021
ELA, API3 and PROM buck the market-wide downtrend by posting a 20%+ gain
Fear and volatility remain the theme of the week as Bitcoin (BTC) continues to face stiff resistance near the $42,000 price level and stock markets were also hard hit on Jan. 18. Investor fear over this year's proposed rate hikes continue to apply bearish pressure and at the closing bell the DOW was down 530 points, or 1.4%. Despite the downturn, altcoins managed to overcome the noise and several posted double-digit gains on Tuesday. Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Elsastos (ELA), API3 (API3) and Prometheus (PROM). Elastos launches …
Bitcoin / Jan. 19, 2022
The Graph (GRT) gains momentum as Web3 becomes the buzzword among techies
The ongoing digital revolution and rise of the internet have upended the old global value structure over the past 30 years, and big data has become the new "gold" or "oil" — a fact demonstrated by the money-making capabilities of platforms like Google and Facebook. One blockchain project focused on the future of retrieving and managing data is The Graph (GRT), an indexing protocol designed for querying networks like Ethereum and IPFS through the creation of open APIs called subgraphs. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.34 on Jan. 24, GRT has …
Adoption / Feb. 16, 2022
OCEAN gains 86.4% in March ahead of Q2 launch of Ocean v4
Data security and accessibility have become important issues of the modern age as the world slowly progresses towards a Web3 future that establishes blockchain technology as the underlying infrastructure for the new internet. One project that is looking to capitalize on this growing trend by establishing tools for the new Web3 data economy is Ocean Protocol (OCEAN), a blockchain ecosystem that helps individuals and businesses unlock the value of their data and monetize it through the use of datatokens. Data from Cointelegraph Markets Pro and TradingView shows that, over the past two weeks, the price of OCEAN has rallied 86.4% …
Markets / March 21, 2022
LINK marines rejoice after Chainlink 2.0 brings a new roadmap and staking
Passive income opportunities are one of the biggest draws in the cryptocurrency ecosystem because it gives investors an easy opportunity to grow their portfolio size regardless of the day-to-day price action. The latest token to get a bump in its price after announcing the upcoming implementation of staking is Chainlink (LINK), the decentralized oracle network that provides important off-chain information needed for the proper functioning of smart contracts. Data from Cointelegraph Markets Pro and TradingView shows that since bouncing off a low of $6.67 on June 4, the price of LINK has increased 35% to hit a daily high of …
Markets / June 7, 2022