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The technological breakthrough that underscored 2023 is, without any doubt, large-language models and generative neural networks. From Midjourney to ChatGPT, these products have become household names. It feels as if humanity is on the cusp of creating bonafide artificial intelligence (AI), which these came to be commonly called.
But what do crypto space and blockchain technology have to do with AI? These five AI crypto coins can answer how these technologies can synergize.
Key Takeaways
- Our team highlights five top artificial intelligence (AI) cryptocurrencies that fuse blockchain networks with AI in a meaningful way: AGIX, FET, OCEAN, NMR, and ALI.
- Some crypto projects propose blockchain-powered solutions for AI models: marketplaces of a decentralized nature, or secure access to private data.
- More crypto projects choose to boost their capabilities with artificial intelligence. They tap multi-agent systems, generative AI, and predictive models.
SingularityNET (AGIX)
Have you heard of technological singularity? It’s a theory that speculates there will be a point in time in the future when human civilization will be irreversibly changed by technological progress. This concept is quoted in the SingularityNET’s whitepaper. Their part in the upcoming revolution is to be “the leading protocol for networking AI and machine learning tools to form highly effective applications across vertical markets and ultimately generate coordinated artificial general intelligence”.
SingularityNET takes a problem of today’s artificial intelligence (AI) services — concentration in the hands of mega-corporations — and proposes a solution. In their vision, independent AI developers will have an opportunity to monetize their creations on the marketplace powered by the protocol. In addition to being a commercial launchpad for AIs, they also intend to build an infrastructure for different providers to operate with each other.
Artificial intelligence may have found hype in late 2022 but SingularityNET has been around since at least 2017. It launched on Ethereum but later migrated to Cardano, and its other partners include Ocean Protocol and Hanson Robotics. Since the 2017 ICO, the team’s vested balances have already been unlocked, and 86% of its native token AGIX is already in circulation. If you must hold an AI cryptocurrency, this may be your first choice.
Fetch.ai (FET)
Fetch Network is an ecosystem of autonomous machine-to-machine nodes, connected with the help of blockchain. Why is it considered to be one of the AI crypto coins, then?
The autonomy of these nodes comes from the Multi-Agent System (MAS), used in the artificial intelligence sphere. The developers claim these agents can handle search, negotiations, and settlement without any human intervention.
The native token FET is directly used in these transactions to record the deals in the Fetch.ai ledger.
What kind of use cases would require a network powered by both MAS and blockchain?
- CoLearn, a collective learning system for building shared ML models;
- Axim, a privacy-preserving data and insights service for businesses;
- Move-to-earn app catered to eco-friendly mobility MOBIX;
- Automotive trustworthy, collaborative, open, and secure data ecosystem Catena-X.
Fetch’s network activity is on the rise, with thousands of unique senders and receivers. Its AI cryptocurrency FET is listed on Binance and Crypto.com, which are some of the largest holders — it means plenty of people keep and trade FET there. Fetch.ai operates on the Cosmos blockchain and ranks 109th by market capitalization.
Ocean Protocol (OCEAN)
Ocean Protocol was able to quickly adapt to the changing technological landscape and market trends. Their original use case is secure and privacy-preserving data sharing for the data economy. For this, they have designed multiple tools, which turned out to have a new use case connected with artificial intelligence (AI).
Large language models (LLMs) train on curated data sets, and their quality plays a huge part in the performance of the model. As a result, quality data sets are a valuable resource for AI developers but unfortunately, they are not always readily available. The reasons for these limitations range from local regulations to the unwieldiness of huge data sets and the privacy of the data.
Ocean Protocol proposes a solution in the form of Compute-to-Data (C2D). It mediates between the data owners and analysts so that the private data does not leave its premises and analysts can perform computations with this data without it being disclosed. As the whitepaper explains, this flow would let companies monetize their private data without disclosing their trade secrets or let data scientists have the opportunity to use sensitive data such as health records.
C2D is accessed through the Ocean Market, and the OCEAN token is the currency of this platform. This ERC-20 token is available on Ethereum, Polygon (as mOCEAN), and Optimism. C2D is far from the only outlet to use the OCEAN token because Ocean Protocol has also introduced data farming and AI-powered crypto predictions marketplace Predictoor.
Being both used in AI-powered dApps and providing value to artificial intelligence development, OCEAN rightfully deserves a spot in the category of AI crypto coins.
Numeraire (NMR)
Blockchains can solve problems not only adjacent to artificial intelligence (AI) but inherent to them. The researchers behind Numeraire aim to solve data overfitting: a phenomenon when AI hits a spot when it works better with known data but makes more mistakes when working with new data sets. Numeraire was made for data scientists to incentivize competition of their data sets and stake NMR on their predictions.
In practice, the Numerai project invites data scientists to give stock market predictions and compare signals. The better the performance, the higher the rewards. Numerai sets out for nothing short of building “the world’s last hedge fund”. The implication is that artificial intelligence will make human-run ones obsolete.
It won’t be a surprise given the narrow use case that NMR is not registering huge network growth or activity. At the same time, Numeraire has a clearly defined use case, which is a positive fundamental trait. NMR is best used as a utility token for Numerai tournaments rather than an investment vehicle, with its value proposition in mind.
Artificial Liquid Intelligence (ALI)
Last but not least, the ALI token that powers Alethea.ai’s Noah’s Ark project. Let’s get the terms sorted out first.
- Alethea.ai is the studio building AI-powered solutions;
- iNFT, which stands for Intelligent NFT, is one of their products. It is a digital item that consists of several interlinked NFTs;
- Noah’s Ark is their Metaverse dApp that uses the iNFT protocol;
- The ALI token is a utility token of the dApp and the iNFT protocol.
Noah’s Ark’s mission is none less than “preserve and evolve the culture and collective intelligence of the human species”. Alethea AI suggests doing it with digital identities called iNFT, with different personalities and intelligence levels. Personality pods let users turn their NFTs into an iNFT to use in the dApp, and intelligence levels determine which AI services the user’s avatar can avail.
The Ethereum smart contract has decent network activity for a project of this size: over 12 thousand holders. However, upon closer inspection, you will notice that aside from the chunk concentrated in the team’s addresses, the rest is spread in DeFi. It also has a lower market capitalization to holders ratio than the rest of these AI crypto coins.
Conclusion
These five top AI crypto coins paint a future in which crypto assets and artificial intelligence work together. However, with the hype surrounding AI these days, we are bound to see more projects that use it as a buzzword rather than add value to the technology. Think twice before FOMO’ing in and spend some time understanding this breakthrough tech.
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Frequently Asked Questions
What are crypto AI coins?
This is a shorthand for the category of crypto coins that integrate artificial intelligence in one way or another. It can range from using AI to supercharge smart contracts to providing a solution for AI services.
What is the best AI crypto token?
In terms of market capitalization, SingularityNET (AGIX) has the most value among the AI tokens that we reviewed. The AI cryptocurrencies interact with these systems and machine learning algorithms in different ways, and for now, it is too early to say which ones will prove their usefulness in time.
Is AI the future of crypto?
Blockchain technology, like the rest of tech, is already in the process of being revolutionized by artificial intelligence. The only uncertainty is the degree to which the crypto world will be changed. It can transform the way smart contracts and decentralized applications work, and alter portfolio management and supply chains.
