Inserting Artificial Intelligence (AI) into the Blockchain ecosystem would make it possible to use Bitcoin mining computational power for scientific innovation, says , Yangdong Deng, chief AI scientist of Blockchain startup MATRIX AI Network.
According to Deng, the current computing power being used in Bitcoin mining operations is 8.23×10²² floating point operations per second (FLOPS for short), while the total computing power in the world is 1.2×10²³ FLOPS. According to these calculations, Bitcoin mining is consuming 17 percent of total global computing power, justifying the frequent accusations that Bitcoin mining is wasteful.
MATRIX AI Network is seeking to reinvent mining algorithms by including AI into the equation through a Bayesian mining system that utilizes a Markov chain Monte Carlo algorithm (MCMC). Because these computations function similarly to traditional mining functions, they work well for Bitcoin mining. Or to put it into English, with clever programming all that processing power can be used to double-up or sort of.
As Deng argues, using AI, the computing power used to verify transactions on the Bitcoin network can be leveraged for other uses outside the world of cryptocurrencies.
One example he gave his scientific research – a brain network simulation requires approximately 1018 FLOPS, while a complete human metabolic network simulation requires 1025 FLOPS.
According to Deng, other important non-crypto use cases that require massive computing power are chemical reaction simulations, medical diagnoses and complex finance modeling.
Intel recently filed a patent for a Blockchain-based system that also works to harness the energy used in cryptocurrency mining for scientific development – in this case particularly for genetic sequencing.