Imagine a world where Artificial intelligence (AI) and cryptocurrency, another trending technology, join forces. This is not just a hypothetical but an actuality expressed through AI crypto coins. These initial projects aim to bring AI to the people and break free from the large tech companies that often develop AI models behind closed doors.
Ideally, developers can build AI models that run on blockchain substrates that uphold open-source principles, including transparency, security, and free access. This paradigm guarantees that those who stand to benefit from the best artificial intelligence cryptocurrency are not limited in their numbers but are as many as possible.
When looking at best AI crypto coins, it is easy to look at the biggest projects and projects by market cap, according to CoinMarketCap, which was updated on August 02, 2024. However, to first understand the players in AI cryptocurrencies, it is necessary to define what is involved.
Understanding AI Cryptocurrencies
AI crypto coins are tokens tied to blockchain AI projects, frequently serving as mediums of value transfer among platform users or tools for governing the project’s trajectory. These projects span various niches within blockchain AI. Some focus on establishing compute marketplaces to provide AI projects with the computational power necessary to run AI models, while others are dedicated to developing decentralized AI models.
Here is a detailed exploration of the top 5 AI coins projects by market cap, highlighting how they integrate AI and the unique value they contribute to their respective platforms.
1.NEAR Protocol (NEAR)
Among these AI tokens, NEAR Protocol can be highlighted as a layer-1 blockchain working on developing AI in relation to blockchain. The project seeks to integrate Web3 and AI to deliver a user-owned internet where people’s privacy and data control are paramount, a valuable social feature. NEAR claims to be a critical factor in decentralized AI, possibly introducing usually more accessible and open AI services while reaping the benefits of blockchain technology for security, decentralization, and transparency.
The Near protocol native token is NEAR, and it handles transaction charges and determines the platform. NEAR is trading at $4.85 as of press time, showing a significant downward movement of 5.10% in the past 24 hours and 10.75% in the last month.
2. Artificial Intelligence Alliance (FET)
FET evolved from the three-way merger between Fetch, which included AI, SingularityNET, and the Ocean Protocol. The combined company carries forward this token as FET, soon renamed ASI. This alliance amalgamates Fetch. Its autonomous agent technology, Ocean protocol data exchange and Singularity net services aim to compose a family of products to support AI development on the blockchain. At the time of writing, FET’s price was $1.12, far from the established record of $3.47 in March.
3. Render (RENDER)
Render Network provides artists and other content creators with a decentralized environment to connect with powerful computational assets to help them create good-quality 3D images and animations. This platform enables people to contribute idle CPU that in return, the creators can hire for processing. The Render One network uses its currency, RENDER, for incentives to acquire computing resources and as payment to enable transactions in the network. Some of the uses of this network include gaming, virtual reality, and the metaverse, to mention but a few, yet artists can produce visual content using the Render Network without incurring costs of hardware purchases. At press time, the price of RENDER was $5.31, which is down from the recent high of $13. 60 in March.
Top 5 AI Tokens: Dev Powering Future Growth?4. Bittensor (TAO)
Currently, Bittensor wants to build a neural internet and achieve this through disrupting the creation of machine-learning platforms. The project is creating a decentralized peer-to-peer marketplace where AI models can pool their intelligence as a ‘swarm.’ Thus, the growth and diffusion of knowledge is rapid due to the decentralized nature of the systems. At press time, TAO is hovering around $289.86 as compared to $676 at the start of April.
5. The Graph (GRT)
The Graph protocol is a groundbreaking solution that aims to streamline data retrieval on blockchains by implementing an indexing mechanism. Similar to the way Google indexes the vast expanse of the internet to provide relevant search results. This innovative protocol effectively addresses the inherent challenges associated with indexing data on the blockchain. By categorizing the data into distinguishable and extractable ‘subgraphs’, the platform optimizes the process of data retrieval and problem-solving within blockchain networks. Ethereum-based GRT token is trading at $0.1708 and has decreased from its high of $2.34 in February 2021.
Conclusion
AI crypto could be defined as the next step in integrating AI and blockchain systems, providing solutions to make AI more accessible and initiate competition with the dominating AI-centered business giants. As with the cases outlined in the initial sections, these projects apply blockchain’s transparency, security, and decentralization to develop open-source environments in which the utilization of AI’s benefits can be universal. One of the burning features of such projects is that every one offers unique utility. Among these, AI tokens are yet to establish themselves and are slated to become important in advancing both the AI and blockchain industries.
