Top Artificial Intelligence (AI) Cryptocurrencies You Should Watch Out For
The year has only just begun, but there’s no doubt that 2023 will be the year of AI. Ever since the launch of ChatGPT a few weeks back, artificial intelligence has shot into the limelight and captured the attention of nearly every industry and professional.
The blockchain and crypto industries are not too far behind, with several projects in the sector already working on harnessing the potential of AI-based technology in some form or driving innovation in this area. And because we love all things innovation, especially when they tie in with crypto, we’re here to explore the impact of artificial intelligence in the crypto market.
If you’re a crypto enthusiast curious about AI, you’ve come to the right place! We plan to explore the potential of top crypto projects working on AI tech and driving innovation in this space powered by decentralization. But before we go further, let’s start with a basic introduction to AI.
Introduction to Artificial Intelligence (AI)
Artificial intelligence, or AI, leverages computing systems and power to simulate human activity, such as thinking, reasoning, and analyzing. While the term AI has been around for a few decades now (think: Terminator for context), it’s only in recent years, with the advancement of computing power capabilities and the new subset of machine learning (ML), that we can say it has taken off in a mainstream manner.
AI and ML, often used together, involve letting computers adapt to new data for constant learning and improvisation to hone their AI capabilities without requiring direct human intervention or assistance. The concept has recently taken a giant leap forward with the increased focus on another subset - deep learning, an immersive technique that lets AI-based systems automate learning from analyzing vast amounts of unstructured data. Deep learning empowers computing systems to analyze text, images, and videos as they further sharpen their AI skills.
Why Has AI Captured Everyone’s Attention?
Everyone’s talking about artificial intelligence’s potential to transform our lives and work. Is it really that big of a deal, and if so, what makes it that way?
Efficiency Through Automation
Artificial intelligence technology’s most significant advantage is that it can automate several tasks, saving considerable time and effort for businesses and professionals. The automation that AI enables can perform repetitive tasks and reduce the potential for human error.
Improving Productivity for Greater Cost Savings and Innovation
The automation that AI enables can perform repetitive tasks and reduce the potential for human error. In this way, it can make work more productive, freeing time for professionals to work on more complex tasks and letting AI tools handle simple yet time-consuming activities.
In this way, it can make work more productive, freeing time for professionals to work on more complex tasks and letting AI tools handle simple yet time-consuming activities. From creating content to automating business processes, AI has the potential to implement significant cost savings while giving businesses a boost in their digital transformation journeys.
AI can improve decision-making immensely by analyzing big data quickly and efficiently. In this manner, it simplifies several tasks that could otherwise take significant man-hours in the past.
Assisting Developers and Consumers
For the consumer, AI-powered automation can mean more customized and intuitive experiences, faster processing and analysis of their data, and more. For developers, AI tools have helped test their code faster, detect bugs, and solve problems. In the blockchain industry, too, AI has been making waves - helping perform smart contract audits, helping creators build dApps with little to no coding experience, and more.
AI and Blockchain: The Potential
Blockchain technology can potentially foster AI development and innovation significantly, and these two emerging technologies of the world can naturally complement each other. The decentralized and immutable nature of the blockchain lends AI tech a highly scalable, secure, and robust infrastructure to boost innovation in this space.
Higher Computing Power at Lower Costs
Unlike a centralized server that traditional computing needs, a blockchain network offers a distributed network of computing nodes that can provide significantly higher computing power but at a fraction of the cost. In addition, the decentralized nature of the blockchain ensures no single point of failure in the AI technology deployed - a blockchain cannot be hacked or taken down unless a majority of its nodes are compromised. The newer generation blockchains with advanced consensus vastly reduce the likelihood of such 51% attacks, offering higher levels of resilience that centralized servers cannot provide.
Inherent Trust and Transparency
In addition, blockchain offers transparency and builds greater trust in all kinds of decentralized applications (dApps) that run on it. This is especially important in new-age technology like AI, which handles important data. All data handled by a blockchain-based AI project is stored in an encrypted and distributed manner on the underlying network, which cannot be hacked, misused, or tampered without alerting network participants.
More Scalable Infrastructure for Real-world Applications
Finally, the decentralized nature of a blockchain network ensures that AI solutions built and deployed can scale far more efficiently than in a conventional centralized model. Scalability is cheaper, faster, and inherently more secure in a blockchain-based dApp operation, requiring the addition of extra nodes that vastly improve security and capability.
Top AI-based Crypto Coins
While blockchain technology is far younger and has been around for fewer years than AI, several industry projects are already developing artificial intelligence-based solutions on the blockchain. As a crypto investor, if you are looking to get into the AI trend, here are some of the most promising AI-based crypto projects and tokens you could add to your portfolio:
ChainGPT offers various services and applications within the blockchain analytics field, including AI trading, smart contract development, AI auditing, and risk management. The project, launched on Seedify, aims to elevate the capabilities of crypto and blockchain technology through the integration of AI. It offers a pre-trained language model designed to generate human-like text related to crypto and blockchain technology.
ChainGPT’s advanced language model utilizes machine learning and transformer networks to generate natural language text related to crypto and blockchain technology. It has been trained on a large dataset of text specific to this domain, enabling it to understand and respond specifically to industry-related questions and queries.
ChainGPT employs deep learning techniques, particularly transformer networks, to generate human-like text. These transformer networks have been trained on a substantial amount of crypto and blockchain-related text data, allowing ChainGPT to comprehend and provide relevant responses to natural language queries about the subject.
CGPT, the utility token of the ChainGPT ecosystem, grants token holders access to the AI model, API, and decentralized autonomous organization (DAO) voting. Users can leverage the token to access services such as AI-generated news, AI smart contract generator and controller tools, AI NFT generator, and more. It can also be used for staking and farming activities on the ChainGPT network.
Fetch.ai is an interchain protocol that can support decentralized, peer-to-peer applications with automation and AI capabilities that can run on the blockchain or off-chain. The network was developed using Cosmos-SDK and CosmWasm for smart contract functionality.
The Fetch.ai network can function as a Layer-1 network for Ethereum dApps and also support blockchain interoperability by operating as a bridge to other blockchain networks and their dApps. It offers a decentralized and robust infrastructure to develop and run dApps that leverage artificial intelligence and automation capabilities.
The network consists of agents that autonomously communicate with each other with no need for human intervention. The autonomous interaction among network agents removes the need for intermediaries, saves time, effort, and cost, and makes the AI application resilient to manipulation.
FET, an ERC-20 token issued on the Ethereum blockchain, is the Fetch.ai network’s native crypto asset. It works as the primary medium of exchange within the ecosystem and is used to pay for services provided.
Developed in coordination with IBM, VAIOT offers a variety of blockchain-based AI assistants for mainstream use. Businesses and consumers can use VAIOT’s assistants and Intelligent Contracts powered by AI to automate services and transactions quickly, securely, and cost-effectively.
The company already offers several use cases for its blockchain-based AI technology, including legal assistants that can generate new legal contracts conversationally and analyze existing legal contracts. VAIOT also provides an AI crypto protection broker and aggregator service that customizes recommendations and offers to consumers from a business’s portfolio of products and services. An AI merchant is a sales assistant for firms to engage better with their consumers.
VAIOT developed its Proof of Concept in partnership with IBM, using the famed IBM Watson technology. The partnership enabled the project to accelerate development and swiftly offer market-ready solutions to its audience.
The VAIOT token, VAI, and other AI Tokens of the project are regulated as Virtual Financial Assets under Maltese law. The company’s token offering has undergone several rounds of audits. It pays for services, incentivizes users and nodes, and functions as collateral for VAIOT’s price-stabilizing system VVAS.
One of the leading decentralized AI projects in the world, SingularityNET hosts a decentralized AI marketplace on the blockchain. The project aims to leverage blockchain technology to enable fair distribution of power, value, and technology globally in artificial intelligence.
Singularity believes in developing AI and AGI (Artificial General Intelligence), driven towards achieving more human-level intelligence in an open-source format. It provides infrastructure for driving the development of AI systems that are more compassionate, just, and sustainable.
The SingularityNET AI Marketplace lets businesses and users access a wide range of AI algorithms created by its community of service providers, which can then be integrated into their applications. The AI Publisher lets anyone create, edit, and manage their AI services and launch their offerings via the marketplace. The project leverages a deep self-organizing network of AI agents running on the platform to provide services, communicate and negotiate with each other, and run the AI processes.
AGIX, the native token of the SingularityNET ecosystem, can be used for staking to enhance security and fulfill blockchain transactions on the platform. Token holders can also earn rewards for contributing to securing the SingulaityNET platform via staking.
Ocean Protocol (OCEAN)
Ocean Protocol aims to drive the data economy in the web3 world, offering a suite of tools to publish and consume data services targeted at data scientists and AI practitioners. The Ocean Marketplace allows users to buy and sell data in an interoperable format of ERC-721 non-fungible tokens (NFTs) and ERC-20 datatokens in a decentralized manner.
It gives data scientists and professionals working in the AI space access to data in a tamperproof, immutable, decentralized, and cryptographically secure manner on the blockchain. In addition, they also gain access to data and AI training secured by crypto and opportunities for generating income through the sale and curation of data on the Ocean Protocol.
Advanced users can also leverage the open-source code from the Ocean Protocol to fork their own data marketplace or create components that work inside the Ocean ecosystem. Finally, the platform offers an element of DeFi where datatokens and data NFTs can be held in crypto wallets, traded on exchanges, used in DAOs, and more.
OCEAN is the utility token of the Ocean Protocol and is used to buy and sell data. It can also be staked on data for curation, earning holders rewards from the protocol.
Numéraire (NMR) is an ERC-20 token on the Ethereum network that powers an AI-powered hedge fund Numerai. The Numeral Tournament leverages crowdsourcing and machine learning on financial data to predict the stock market.
The San Francisco-based hedge fund lets users stake NMR on their machine-learning models to earn rewards based on performance. The firm claims to be the first hedge fund in the world to launch its own cryptocurrency.
The company leverages the power of AI and ML technologies to predict the moves in the global stock market and crowdsources predictions to incentivize users who help manage its capital. All the information provided by users who compete in the Numeral Tournament to feature on the leaderboard is combined to create a single Meta Model that manages the hedge fund.
The Numerai ecosystem also includes Numerai Signals, where users can submit their stock market signals and earn rewards. NMR is used for staking on predictions and is distributed as a reward to users who provide winning signals. The staking process attaches an element of risk to eliminate fraudulent activity among participants.
Conclusion: Is AI Crypto a Good Investment?
As blockchain and web3 applications continue to gain mainstream adoption, the intersection of AI with crypto and blockchain is becoming increasingly relevant. Blockchain technology offers scalability and security, making it an ideal platform for AI solutions.
With the rise of interest in merging these two emerging technologies, the value of AI-based crypto projects in the industry is expected to increase. KuCoin offers several options if you are interested in trading AI tokens. However, it is important to conduct your own research before making any investment decisions.
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