Artificial intelligence (AI) is reshaping the world in exciting ways, driving significant innovations and offering new business models across many sectors. The blockchain and crypto space is one of the sectors that AI has crept into recently. This is already having some impact, and the impact is expected to get bigger in the coming years. Today, AI is among the latest trends in the blockchain and crypto industry alongside other applications such as play-to-earn (P2E) and the metaverse. This is where artificial intelligence crypto projects come in.
Particularly, AI is changing how people engage with blockchain while also creating new opportunities for blockchain and crypto users. As AI-related blockchain platforms gradually grow, they are expanding the blockchain landscape. And one of the products of the combination of AI and blockchain are AI cryptocurrencies. Therefore, if you are a cryptoasset investor, you need to pay attention to the increasing convergence of AI and blockchain technology.
In this article, we discuss the top 5 Artificial Intelligence crypto projects and cryptocurrencies, providing a brief overview of each of them. But first, we give an overview of AI cryptocurrencies and highlight the major use cases of AI in the blockchain and crypto industry.
Overview of AI Cryptocurrencies
AI is a branch of computer science and engineering. It is the study of intelligent computers that can do activities that previously required human intellect, such as voice recognition, decision-making, and language translation.
Al analyzes a large amount of data using algorithms and statistical models before making predictions or making decisions. It may take several forms, including rule-based systems, machine learning (ML), and deep learning.
From the foregoing, AI-related cryptocurrencies are digital assets that use AI technology to improve their features and capabilities. These technologies are used to increase security, speed up transactions, and give market insights and forecasts. AI is incorporated into cryptocurrencies through machine learning (ML) algorithms, which allow these digital assets to learn from historical market patterns and forecast future results.
Such currencies might be used to provide a dedicated platform for Al and ML researchers and developers to build and test new models, applications, and algorithms in a decentralized and open environment.
AI integration with cryptocurrencies offers several benefits, making this category of assets widely adopted by crypto investors. At the time of writing, the market capitalization of AI-related coins is approximately $4.8 billion.
Related: What is Cryptocurrency?
AI Crypto Projects: Some Use Cases for AI in the Blockchain & Crypto Space
Blockchain is a distributed ledger technology (DLT) that enables the storage, transfer, and exchange of anything of value, including digital identities, money, stocks, intellectual property etc., in a secure manner without a central authority or middle man through the use of cryptography. So essentially, blockchain secures data in a decentralized and transparent manner. This primary function of blockchain has created an entire industry, which includes the fast-growing global crypto industry, comprising coins and tokens. Where does AI come in?
Automating processes and decision-making is the primary benefit of AI. With AI combining with blockchain, the expected trends include Decentralized AI, AI-powered blockchain networks, AI-based smart contracts, and AI-based digital twins in the metaverse. This combination has resulted in the emergence of artificial intelligence crypto projects or cryptocurrencies. The major cases of AI in the blockchain & crypto space are as follows:
- Content verification: AI can be combined with blockchain technology to combat misinformation by gauging the credibility of contents, including news contents. Blackbird.AI, for example, uses AI to identify network polarization or bot activity, and classify content based on these and other industry credibility indicators, thus preventing misinformation.
- Decentralized Autonomous Organizations (DAOs): DAOS can make decisions with the use of AI. Since DAOs do not have any centralized authority or operating system, AI will improve decision making in DAO networks.
- Health data management: AI can be used to improve how patient data is managed, from access to transfer, for more efficient healthcare. For example, with BurstIQ’s LifeGraph platform, healthcare professionals can provide secure and transparent storage solutions for patient’s health records and wellness.
- Identity verification and authentication: Face recognition and biometrics on blockchain platforms can be completed using AI. For example, CertiK provides tools powered by AI and formal verification to secure blockchain, smart contract, and Web3 applications.
- Predictive finance: Analyzing financial data accurately and predicting future market trends, and even completing cryptocurrency transactions are critical functions AI can perform efficiently and speedily. A good example is Token Metrics, a tool that uses AI to analyze cryptocurrency trends for personal investment purposes.
- Secure data sharing: While blockchain can make sharing and access to dada more secure, transparent, and private, AI can be used to train on large amounts of data that makes human interference minimal or unnecessary. AI BlockChain, for example, applies AI agents on its digital asset cloud platform to detect changes and ensure security.
- Supply Chain Management: To manage supply chain more efficiently, AI can be used to optimize supply chain processes and predict future demand. For example, Bext360, combined with blockchain, applies AI to improve supply-chain efficiency and transparency in the coffee, mineral, seafood, and timber industries.
Top Artificial Intelligence Crypto Projects or Cryptocurrencies
Several AI-related coins exist in the crypto market today, offering investors multiple options. This article will discuss only a few of them and in no particular order.
This is one of the most adopted artificial intelligence crypto projects or cryptocurrencies. SingularityNET is an AI-based blockchain platform focused on establishing a decentralized AI economy. The platform provides a framework for developing and sharing AI applications, as well as the ability for users to create and monetize AI services. Rather than focusing on a specific AI-related application, the project’s purpose is to build a marketplace where anybody can produce, distribute, and profit from AI services.
AGIX is the SingularityNET ecosystem’s native currency for community governance, distribution, and monetization of AI services. AGIX has an all-time high of $1.86 and an all-time low of $0.007, according to Coinmarketcap data. At the time of writing, AGIX has a market cap of $441 million and a circulating supply of 1,205,320,857 tokens. Notably, its total supply is 1,260,839,662 while AGIX’s maximum supply is 2,000,000,000.
Fetch.ai is a decentralized network that utilizes AI to build a “smart ledger” for autonomous machine-to-machine communication. Supply-chain management and predictive maintenance are only two applications that may benefit from the network’s efficient data exchange and secure transactions.
FET is the native token and the primary medium of exchange for Fetch.ai. At the time of writing, FET has a market cap of $311 and a circulating supply of 818,912,300 FET. But its total supply is pegged at 1,152,997,575. In September 2021, FET saw an all-time high of $1.19.
3. The Graph
The Graph is a decentralized data indexing and querying system that provides a standardized and efficient method of accessing and organizing blockchain data. It allows developers to instantly access and query data from several blockchains, similar to how search engines gather and display data from the web.
The Graph aggregates information from many blockchains so that developers can easily acquire the necessary data to build their DApps. It is designed not just to offer information, but also to allow querying on the Ethereum network.
The Graph Network Token (GRT) is the network’s native token. At the time of writing, the circulating supply of GRT is 8,836,677,829 with a total supply of 10,604,492,811, as shown on Coinmarketcap. The asset has a market capitalization of $1.2 billion, at press time. Notably, GRT reached its all-time high value of $2.88 in February 2021.
4. iExec RLC
The mission of iExec RLC is to bridge the gap between resource suppliers and consumers. This AI crypto project also leverages the capabilities of blockchain and secure computing to provide a productive environment for developers, suppliers, and requesters. Blockchain offers a market network in the iExec RLC environment where users earn incentives through computing power, applications, and datasets.
iExec RLC enables Dapps to effortlessly access servers, data sets, and computational resources over the network. Moreover, iExec RLC promotes a Virtual Cloud Infrastructure that enables on-demand high-performance computing services.
The iExec coin, RLC, is an ERC-20 token that acts as the primary medium of exchange for the platform. All transactions on iExec’s decentralized cloud markets are paid in RLC tokens, and workers must stake RLC tokens as security deposits to be eligible to do computing jobs.
In terms of tokenomics, the total capped quantity of RLC tokens is 86,999,785, with 69% of these tokens sold via a public crowdsale as part of iExec’s Initial Coin Offering (ICO). Notably, RLC has an all-time high and low of $16.26 and $0.15 respectively. The token has a market cap of $118.28 million at press time.
Ocean Protocol (OCEAN) is a cryptocurrency and blockchain project that intends to enable a decentralized data exchange for AI applications. It enables data owners to sell and monetize their data while protecting their privacy and data rights. The platform also enables developers to construct AI apps and services that make use of network data. Furthermore, it enables the creation of new data markets and data-driven business models.
Its native token, OCEAN, is used for network payment and incentivizes members to submit data, perform AI services, and check network transactions. It bears mentioning that the all-time high and low prices of OCEAN are $1.94 and $0.013 respectively. The cryptocurrency has a total supply of 613,099,141 and a maximum supply of 1,410,000,000 OCEAN. At the time of writing, OCEAN’s market capitalization stands at $228 million.
As the global economy continues to adopt AI and blockchain technology, we anticipate that more AI coins will emerge in the market. Individuals and institutions wishing to invest in the AI and Big Data crypto market should endeavor to do their own thorough research. This is particularly because artificial intelligence crypto projects and cryptocurrencies are still at their nascent stage. Also, AI could be used as a buzzword in an attempt to sell weak or outrightly scam projects in the blockchain and crypto space.
Credit: Ndianabasi Tom A crypto journalist and content writer who has been talking about cryptocurrency and blockchain technology since 2018, Ndianabasi is a Writer at Crypto Asset Buyer (CAB).