For a while, people have been talking about Artificial Intelligence (AI), but things really took off when ChatGPT came onto the scene. This new chatbot from OpenAI turned out to be more advanced than any other AI product. It caught the eyes of investors, tech fans, and even folks on Wall Street.
The growing interest in AI also brought attention to AI cryptocurrencies. Many projects in the crypto world that use AI, or Machine Learning (ML), have seen big success. As AI becomes more a part of our daily lives and crypto is seen as "the future," AI crypto is getting more popular. This guide explains what AI crypto coins are and how they work, and it also highlights some of the best AI-based projects in the crypto market.
AI cryptocurrency has been a longstanding concept, denoting tokens that integrate Artificial Intelligence (AI) to enhance various aspects. These tokens leverage AI to bolster security, scalability, user experience, and more, potentially automating processes and fostering efficiency and trust within crypto ecosystems.
AI technology can be harnessed to power diverse projects and applications, including decentralized exchanges (DEXs), text and image-generating services, investment protocols, and beyond.
By holding AI crypto tokens, users gain access to AI-driven technologies and services, paving the way for innovative applications. The synergy between AI and smart contract-based products, such as metaverses, is expected to persist and evolve. As of October 2023, the AI sector within the crypto industry boasted a substantial market cap, reaching $6.3 billion.
Here’s the list of the top 5 AI Crypto Coins.
Injective
Injective stands out as a layer 1 blockchain designed to empower users to construct decentralized applications (dApps) tailored for Web3 finance.
The platform harnesses the capabilities of Artificial Intelligence (AI) and integrates a robust on-chain decentralized exchange (DEX) infrastructure, along with bridges, oracles, and a smart contract layer, offering a comprehensive toolkit for developing finance-oriented dApps.
With Injective, users gain the capability for classic token swaps, margin trading, and forex futures trading, all spanning across multiple blockchains. The platform facilitates seamless connectivity for its dApps with various blockchains, such as Ethereum, Cosmos, and Solana, thereby significantly enhancing cross-chain interoperability.
Render
Render Network operates as a decentralized chain that taps into the untapped computing potential of crypto miners who are open to renting out their graphics processing units (GPUs). The platform serves as a bridge, connecting GPU providers with creators.
Artists benefit from the platform by making use of the available GPU cycles for various tasks such as rendering and streaming digital content, encompassing visual effects, virtual assets, and AI projects.
In July 2023, Render successfully implemented the proposal titled "RNP-004: Open Compute Clients," allowing the network's computational power to be harnessed for AI and machine learning tasks.
To ensure fair compensation, Render Network utilizes RNDR tokens as incentives for GPU providers participating in the network.
Fetch.ai
At the forefront of AI-based initiatives is Fetch.ai, an open-source decentralized platform with the ambitious goal of constructing a novel digital economy. People have lots of queries in their minds about what can people create with fetch.ai?
Within this framework, Fetch.ai facilitates the development of autonomous agents that function as AI-powered tools. These agents exhibit the capability to undertake diverse, intricate tasks, ranging from advanced analytics to decision-making and predictive modeling.
The interconnected network enables seamless communication among the bots and tools. Acting as a medium of exchange within this ecosystem is the native token, FET.
Oasis Network
Oasis Network stands out as a layer 1 blockchain network with a dedicated focus on open finance and fostering a responsible data economy. It empowers users to construct open finance decentralized applications (dApps) that prioritize privacy and fairness, granting individuals control over their data and the opportunity to monetize it.
Operating on a Proof of Stake (PoS) network, Oasis boasts a distinctive architecture that segregates its consensus algorithm and smart contract execution. This design facilitates the development of privacy-centric apps at a cost-effective rate.
Since the inception of 2023, Oasis has engaged in strategic collaborations with industry leaders in AI, including Meta, to establish the foundation for "Responsible AI." This initiative aims to ensure that AI technology evolves in alignment with principles of privacy, fairness, and transparency.
The Graph
The Graph stands out as a prominent blockchain indexing and data querying protocol, employing AI technology to enhance data accessibility within decentralized networks. It can be likened to the Google of blockchains.
What sets The Graph apart is its innovative approach to data access – it streamlines the process by structuring information into subgraphs. This unique feature allows anyone to create subgraphs, facilitating the provision of indexed blockchain data to applications.
In conclusion, the intersection of Artificial Intelligence (AI) and cryptocurrency has brought a new era of innovation and efficiency to the crypto space. With the advent of ChatGPT and its advanced capabilities, attention has been drawn to the synergy between AI and blockchain technology, giving rise to AI cryptocurrencies.
AI crypto coins leverage machine learning to enhance security, scalability, and user experiences, contributing to the automation of various processes within crypto ecosystems. The guide explores the concept of AI crypto coins, highlighting their potential applications in decentralized exchanges, rendering networks, autonomous agents, open finance, and blockchain indexing.
Also Read: Understanding Crypto Investment Dynamics with IEOs and ICOs
