NIOnet is the third component of the NIO Suite; NIO’s multi-functioning platform made for accessible and efficient crypto trading, where novices can feel as confident in the marketplace as the pros.
The suite does this by combining a reliable decentralized exchange platform — NIOdex — with integrated AI analytic insight tools; AutoNIO and NIOnet. Where AutoNIO focuses on technical and fundamental market-data analysis, NIOnet allows users to conduct complex sentiment analysis on supported trading pairs.
And all that is easily achieved with the simple click of a button.
NIOnet And Sentiment Analysis, What Is It?
If you are new to crypto trading you may never have heard of sentiment analysis, so what is it?
Sentiment analysis, in layman’s terms, is the analyzing of emotions or reactions happening in the market which may be influencing trading decisions. Usually, it refers to computational algorithms that can decipher language and text to depict whether the sentiment or ‘public reaction’ around a specific coin pairing is positive, negative or neutral.
Let’s use a simple example; say the founder of Ethereum, Vitalik Buterin, decides he wants to leave the Ethereum network to start a new blockchain. This decision of his may start an unintentional panic across the market where traders fear that the future of the coin is now ambiguous. People are speaking about the news, they’re asking questions and influential voices are making statements. All these factors can quickly create a negative sentiment about the coin and, as a result, traders may begin to sell-off ETH quickly in the belief that the coin price is going lose its current value. Herd mentality plays a big role in crypto trading, and the fear of missing out or ‘FOMO’ can mean a big percentage of traders following a panic-driven decision to sell. Inevitably if enough people follow the trend the coin price will fall, which begs the question did it fall because initial reaction to the news was a correct preemptive measure? or did traders make it fall simply by panicking?
NIOnet’s data-driven analysis aims to remove such panic and emotion from crypto trading, allowing users to make informed decisions based off of “quantifiable metrics” and not by following a herd mentality or FOMO.
Goal’s And The Future
According to its team “NIOnet’s goal is to democratize access to trading insights”. In other words, it wants everyone of any skill level or monetary level, to have the same access to analysis tools which can maximize trading efficiency using proven AI models. Traders will no longer be confined to using poorly-constructed analytics, or be expected to fork out thousands of dollars for “reliable” ones.
The Hidden Markov Model
NIOnet uses to maximum advantage, the highly-popular Hidden Markov Model to conduct an analysis of the latest trends, trading patterns, and market sentiment. It leverages the use of this via the creation of two offerings: a Social Media Sentiment AI and Google Search Volume AI.
Let’s take a closer look at these.
Google Search Volume AI
It’s quite straight-forward really; traders using NIOnet’s Google Search Volume AI will be able to search any cryptocurrency keyword, determining whether that particular coin or keyword is currently trending and/or in demand. On the flip side, it will also tell if it is currently unpopular or out of discussion.
Google provides a huge amount of search volume data and the AI tool summarizes this and breaks it down to provide traders with a simple buy/sell suggestion. This is then integrated with the AutoNIO platform which can then execute an order based off of the data once it is given user permission. AutoNIO is already active and can be downloaded directly from the website. Upon Launch of NIOnet, the two tools will integrate straight away.
Social Media Sentiment Analysis AI
The Social Media Sentiment Analysis AI is NIO’s comprehensive study of all things social media! By analyzing Terabytes of data from Twitter, LinkedIn, and Facebook, NIOnet can gauge market sentiment levels about any supported trading pair a user wants.
This will work in tandem with AutoNIO. It will work like this: when a user goes to a specific market on AutoNIO, they will be informed of the results discovered by NIOnet on whether the desired coin pairings currently possess a positive, negative or neutral sentiment. Ensuring traders are kept updated and only receiving the latest data, this feed updates every 20 minutes. Also, the feed can be adjusted to provide real-time analysis, which is suitable for those looking for instant up-to-the-minute data analysis.
As stated, the NIOnet is the third component of the NIO Suite. The tool will integrate seamlessly into the AutoNIO AI platform and the NIOdex — NIO’s own decentralized cryptocurrency exchange.
All three tools make up the NIO Suite, and this aims to provide an all-in platform where users of any ability can trade with confidence because they are trading with tools to effectively understand the market. Best of all, these tools are readily built-in and available, ensuring easy, efficient, and effective trading.
See, crypto trading is kind of like going into battle. You can go in alone and you might fare well. But why would you even want to when you could have an army with you?
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