AI and Crypto; Top 6 AI Cryptocurrencies
Artificial Intelligence (AI) has been the talk of the internet since November last year when ChatGPT and other AI tools like Midjourney, Kainene, and Google Bard were released.
On the cryptocurrency and blockchain side, AI is advancing blockchain computing, decentralised finance, and cryptocurrency portfolio management.
In this article, we explain what AI means, what an AI cryptocurrency is and the top 6 AI cryptocurrencies in the market right now.
What is AI?
AI stands for Artificial Intelligence. It means developing, designing, and teaching computers to do things that usually require human intelligence, like learning information, problem-solving, and making decisions.
By doing this, computers can process a lot of data quickly and accurately and solve problems in many areas, including language, software development, filmmaking, finance, design and healthcare.
Artificial intelligence is used to make tools and programs that can learn and recognise things like speech and images and make predictions and decisions with or without human assistance.
These tools can be found in many industries and help improve productivity while solving complex problems. Examples of AI tools include chatbots like ChatGPT and image and speech recognition like Google Lens and Cloud Speech-to-Text.
The results produced by AI are often similar to what a real person like you might create, and everyday AI software is increasing in efficiency.
The uses of AI are multiple, and unsurprisingly, it has found uses in the crypto space.
What is an AI Cryptocurrency?
AI cryptocurrencies are tokens that support blockchain and decentralised finance platforms such as SingularityNET and Injective Protocol.
When you buy an AI crypto token, you get access to these platforms. You can also make money from investing or trading these tokens like you would trade regular cryptos like BTC, ETH, or ADA.
The Top 6 AI Cryptocurrencies In The Market According To Market Cap
According to their market capitalisations, 6 of the top AI crypto tokens are here.
The Graph (GRT)
The Graph is a tool like Google but for blockchain computing. It helps people find and access data on platforms like IPFS and Ethereum.
It uses AI to facilitate data sharing by creating subgraphs, which are open APIs that anyone can build and share.
An Open API is like a door that allows different computer programs or applications to communicate and share information with each other. It is publicly available to developers and can be used without restrictions or costs.
These APIs are made to be easy to use with well-explained instructions, and they help improve operations and enable innovation between different systems or services.
With The Graph, expensive, complex, and difficult-to-check proprietary indexing servers become decentralised and easier to manage.
Its native crypto token is called GRT.
SingularityNET (AGIX)
SingularityNET is a blockchain platform that allows you to create, build, and share AI products and services. Its online store sells AI tools using its native cryptocurrency, AGIX.
Developers and computer programmers can earn money by selling AI tools or buying AI tools to add to their own apps.
Fetch.ai (FET)
Fetch.ai is a tool that combines machine learning, AI, and blockchain technology to automate business tasks such as trading and data processing.
It also provides businesses with the infrastructure to create, set up, and connect smart agents for automated systems in industries such as travel and finance.
It's like a robot helper businesses can use to do their tasks faster and more efficiently.
FET is the cryptocurrency used to pay for using its services and making transactions on the network.
Ocean Protocol (OCEAN)
Ocean Protocol is a blockchain-based platform that allows individuals and businesses to exchange and make money from data and data-based services.
With this tool, people who own the data can share data with researchers and startups without giving up control over the data itself.
OCEAN is the native crypto of the Ocean Protocol, which is used to trade on the platform.
iExec RLC (RLC)
iExec is an AI blockchain platform that allows users to trade their computing power and buy or sell resources for cloud computing while maintaining their privacy and ownership rights. It's a great platform for web3 app developers and platform creators.
RLC is the native cryptocurrency of iExec and is used to pay for resources and services on the platform.
Numeraire (NMR)
Numeraire is a cryptocurrency project that works like a fund for data scientists. They host contests where data scientists use AI and machine learning to create financial market models or tools.
The best and most valuable models will earn a certain amount of NMR, Numeraire's native token.
Should You Invest in AI Crypto?
The global blockchain AI market is estimated to be worth $934.45 million by 2026.
Here are two factors to consider when deciding if you should invest in AI cryptocurrencies:
1. Early Access to Emerging Technologies and High Returns on Investment.
New technologies always offer the potential for profit. Look at NFTs, the Internet, and cryptocurrency. Investing in AI-based cryptocurrency can potentially provide significant profit as the technology evolves.
You not only have the opportunity to make money, but you are also contributing to the next wave of innovation.
Fetch.ai and Ocean Protocol are examples of AI cryptocurrencies with a strong price performance. SingularityNET also recorded a nearly 1,300% growth within a month of the beginning of 2023.
2. Adoption and Acceptance Across Industries
An increasing number of businesses and institutions have started acknowledging the potential of AI-supported cryptocurrencies, leading to their adoption and use in different industries.
For example, Fetch.ai has formed business partnerships with several industry leaders and has developed applications for multiple sectors.
To Wrap Up
Artificial intelligence and cryptocurrency are two pillars of not just web3 but also the future of innovation, money, and technology.
AI cryptocurrencies help facilitate the building of AI solutions and tools. Investing in these tokens can bring you significant profit and help push the needle of AI advancement further.
Disclaimer: This article was written by the writer to provide guidance and understanding of cryptocurrency trading. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.