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After the release of ChatGPT and its exponential popularity, no one is questioning the potential of Artificial Intelligence (AI). While the progress of AI has been notable in many sectors, the current success of ChatGPT only underlined the speed at which this sector is improving .
This has led many to believe that AI can be the next big thing in the cryptocurrency sector as well. The combination of these two complex technologies promises huge potential in several fields, with many projects already trying to blend these two technologies together. Which projects are that and what are they trying to achieve?
While the sector of AI blockchain projects, tokens or coins is not the biggest, it does contain a couple dozen cryptocurrencies that are worth looking at, at least partially. According to CryptoSlate, the current market capitalization of all the AI coins is somewhere.27 around billion, with about 60 projects accounted for.
This, however, differs greatly from platform to platform as different projects are or are not thought of as AI coins. For instance, Coinmarketcap states that the AI and Big Data tokens are worth over $2.25 billion, with more than 122 projects in this category. On the other hand, CoinGecko only classifies 20 crypto projects worth $700 million to be AI.
Which of these are the most promising or interesting projects to watch? Let’s look at them together now in the following brief summary of some of them.
Fetch.ai is one of the biggest and most prominent crypto and AI projects in the world. It is a lab that is building an open, permissionless and decentralized machine learning network within the whole crypto ecosystem. It will help with optimization of DeFi trading services , transportation networks or smart energy grids. Its goal is thus to help with improvement and optimization of any complex digital system that requires large-scale datasets.
The utility token of this project, FET, is designed in such a way that it finds, creates, deploys and trains digital twins. It is a crucial cog in the whole system. Additionally, the users of the platform can use FET tokens to deploy their own digital twins on the network.
Another AI cryptocurrency project that will not surprise anyone. SingularityNET is a blockchain-powered AI marketplace that enables developers to participate in a decentralized data economy. It was created and is currently being developed by one of the most knowledgeable teams in artificial intelligence. behind SingularityNET is the same as the one that developed the world’s first AI humanoid robot – Sophia.
SingularityNET allows its users to monetise AI using different AI algorithms. On the other hand, businesses that decide to use this platform will benefit from reduction of their costs.
The third project that we want to mention is Ocean Protocol (OCEAN) . Ocean Protocol is aiming to become a decentralized platform for data sharing and exchange. This AI cryptocurrency is creating a blockchain-based ecosystem that allows individuals and businesses to unlock the value of their data. It allows them to also monetize the data through the use of ERC-20 tokens .
The main advantage of Ocean Protocol is that it would unlock access to data that people would not previously be able to access. People who own these datasets could monetize on this opportunity, while those, who are interested in the datasets, would have easier access to them than in the past.
Numeraire (NRM) is an AI crypto project that is powering a San Francisco-based hedge fund, Numerai. It relies on token holders rather than traders or market professionals to make predictions about the stock market.
The AI technology behind this protocol looks each week at the suggestions or predictions of the holders of NMR tokens. It then analyses them and makes real-world trades on the most interesting bets overall. If the users who staked their NMR and suggested their prediction got it right, they receive the newly minted NRM tokens. However, if they get it wrong, their staked NMR tokens get burned.
Another interesting project in this field is DeepBrain Chain (DBC). This project is creating an AI computing platform that would be leveraging blockchain technology while accommodating the needs of IoT and smart devices.
As of now it is considered to be one of the most promising AI crypto projects mainly for game developers and graphic designers. However the bigger goal of DeepBrain Chain is to help with building an infinitely scalable, distributed high-performance computing network. This should lead to cost reduction and efficiency improvement of AI computing as such.
Our sixth AI crypto project that we have decided to briefly mention is Velas, a Solana blockchain soft fork. Velas is incorporating AI into the validation mechanism of the transactions that are occurring on the blockchain, which is its unique selling point as of now.
It uses AIDPoS (Artificial Intuition Delegated Proof of Stake), which enables it to have as many as 30,000 transactions per second (TPS). As it stands, this makes it one of the fastest blockchains out there. Its native token, VLX, can be used for instance for staking through AIDPoS validation system, which allows the stakers to earn passive income on their investments while helping the protocol to be more secure, faster and robust.
A rather new project that has already gained some attention in the field of AI is Cortex. This platform built on Ethereum is bringing the functionality of AI to smart contracts. Its users will be able to purchase models to incorporate them into the given smart contracts.
Cortex allows developers to build their own AI algorithms which they can sell through Cortex. In exchange they receive the CTXC tokens, which means that the more developers join the network, the higher the value of the CTXC token, the more incentivised are the new developers to join and so on. This would also mean that there is a potential for AI models and dApps on this platform to increase in numbers quite substantially.
To the eighth place we have Matrix AI Network, one of the oldest crypto AI projects in the sphere, as it was founded in 2016. Currently, Matrix AI Network is in the third phase, Matrix 3.0, where it is blending neuroscience with AI and blockchain. Some compare this to the works of Elon Musk and NeuraLink, but there are obvious differences between the two.
The previous two phases were concerned with the creation of an AI-optimized blockchain platform as well as blockchain-based AI economy based on data and AI models. This should help with the development of a self-evolving AI platform that would be able to have its own safe data management, transparent data sharing or access to the growing pool of on-chain AI data.
Project with probably the most exotic name, iExecRLC , is a leading provider of blockchain based decentralized computing. It leverages cloud computing resources, which it provides to its users, which can come from different fields such as healthcare, Fintech and rendering or big data AI as such.
The whole network is based around iExec Workers, who are motivated to connect their machines to the overall network, since they are receiving RLC tokens in exchange for contributing their resources to the network.
Lastly, we will look at a rather smaller project under the name of Blackbird.ai . This crypto AI project is aiming to find a solution to an ever-growing threat of false information and data manipulation. At the current stage it is mostly going to Help governments and prominent companies to identify fake news and flag them to stop them spreading on the internet.
Blackbird.ai is analyzing contents all across different platforms and social media. It is then trying to distinguish the fake news and biased conspiracy theories and distinguish them from the real news.
This combination of AI and blockchain definitely has a lot of potential for the future. However, as with any other promising sector, it needs to prove its worth, as it currently only delivers nothing but promises (at least in most cases). Nevertheless, Combining two growing technology revolutions, blockchain and artificial intelligence, is poised to succeed.
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