AI Cryptocurrencies: Top 10 Projects to Watch
Introduction
AI cryptocurrencies are tokens that power AI blockchain platforms, such as The Graph and SingularityNET. Users spend tokens to use the platforms and benefit from their integrated artificial intelligence.
We’ve examined the top 10 AI crypto projects by market capitalization, exploring how AI is implemented and the unique value it brings to each platform.
The Top 10 AI Crypto Projects
1. Fetch.AI (FET)
Market cap: $US4.4 billion
Fetch.ai is an AI and machine learning platform based on the blockchain. Fetch.ai aims to automate business tasks such as data processing and trading. Its native cryptocurrency, FET, is used to pay for transactions on the network. Fetch.ai recently proposed a merger with SingularityNET and Ocean Protocol, which is currently undergoing approval. The three-way merger has been dubbed the “Artificial Superintelligence Alliance” and, if approved, the tokens of all three projects will become amalgamated under the one token “ASI”.
As of June 8, 2024, FET was valued at $US1.77, down from its peak of $US3.47 from March.
2. Render (RNDR)
Market cap: $US3.5 billion
Render Network is a decentralized platform that connects artists and creators with powerful computer resources to help them create high-quality 3D graphics and animations. The platform allows people to pool unused computing power, which can then be used by creators for a fee. The platform uses its own cryptocurrency, RNDR, to reward users who contribute their computing power and to facilitate transactions within the network. With applications in fields like gaming, virtual reality, and the metaverse, Render Network is making it easier for artists to create visual content without the need for expensive hardware.
RNDR was trading at $US9.25 as of June 8, 2024, down from its recent peak of $US13.60 in March.
3. Bittensor (TAO)
Market cap: $US2.55 billion
Bittensor aims to create a neural internet by revolutionizing the development of machine learning platforms. The project is establishing a peer-to-peer marketplace for machine intelligence where AI models can combine their intelligence, essentially creating a “digital hive mind”. This innovative, decentralized method is designed to enable swift expansion and sharing of knowledge among AI systems.
As of June 8, 2024, TAO was trading at $US371, down from its recent peak of $US676 at the start of April.
4. The Graph (GRT)
Market cap: $US2.5 billion
The Graph is a protocol for indexing and querying data from blockchains in a similar way that Google indexes and queries data from websites. Indexing blockchain data can be challenging, but The Graph aims to change that by organizing data into smaller ‘subgraphs’. Its native, Ethereum-based cryptocurrency, GRT, was trading at US$0.26 as of June 8, 2024, down from its February 2021 peak of US$2.34.
5. Theta Network (THETA)
Market cap: $US1.9 billion
Theta Network is a decentralized blockchain platform that combines the Theta Blockchain and the Theta Edge Network to provide infrastructure for AI, media, and entertainment applications. The Theta Blockchain supports smart contracts and is compatible with the Ethereum Virtual Machine (EVM), while the Theta Edge Network offers distributed GPU computing power for various tasks. Theta utilizes a dual token system, with THETA as the governance token and TFUEL as the operational token. The platform is supported by a network of enterprise validators and partners from the technology and entertainment industries.
As of June 8, 2024, one THETA token was trading at $US1.94 and the project’s operational token TFUEL was at $US0.089.
6. Akash Network (AKT)
Market cap: $US970 million
Akash Network is a decentralized cloud computing platform that utilizes blockchain technology to create a marketplace for buying and selling unused computing resources. The platform aims to provide a more cost-effective and flexible alternative to traditional centralised cloud service providers. Users can deploy and manage applications on the decentralized network, with transactions facilitated by the native token, AKT. The token also serves to reward network participants and govern the platform.
AKT was worth $US4.06 as of June 8, 2024, down from its peak of $US8.08 in 2021.
7. SingularityNET (AGIX)
Market cap: $US960 million
SingularityNET is a blockchain platform that allows anyone to build, share, and monetize AI services. It has an internal marketplace where users can browse and pay for AI services in the platform’s native cryptocurrency—AGIX. Developers can make money from AI solutions and models without having to fully build out and develop apps for end users. Similarly, developers can buy AI solutions and models to use in their applications.
SingularityNET is part of the proposed three-way “Artificial Superintelligence Merger” merger with Fetch.ai and Ocean Protocol.
AGIX was worth $US0.75 as of June 8, 2024. Back in January 2018, AGIX peaked at $US1.85.
8. AIOZ Network (AIOZ)
Market cap: $US746 million
AIOZ Network is a blockchain that is built to be a comprehensive infrastructure solution for Web3 storage, decentralized AI, and content distribution. The blockchain is interoperable with both Ethereum and Cosmos-based blockchains. The goal for the project is to create a content delivery network, which is a set of geographically dispersed servers that work together to provide Internet users a seamless experience when accessing digital content.
AIOZ was priced at $US0.67 as of June 8, 2024, down from its April 2021 all-time high of $US2.17.
9. Echelon Prime (PRIME)
Market cap: $US534 million
Echelon Prime is a gaming ecosystem that integrates blockchain technology and AI to enhance the gaming experience. The platform supports game development studios and projects by providing the necessary tools and infrastructure to incorporate AI-powered features and blockchain-based token incentives into their games. One of the key games within the Echelon Prime ecosystem is “Colony”, which heavily utilizes AI agents in various aspects of gameplay, creating a unique and dynamic gaming environment.
Echelon Prime’s native token, PRIME, is used for token incentives and governance voting within the ecosystem, allowing players to have a say in the development and direction of AI-powered games like “Colony”. PRIME was worth $US14.66 as of June 8, 2024, down from its peak of $US28.08 in March.
10. Ocean Protocol (Ocean)
Market cap: $US432 million
Ocean Protocol is an Ethereum-based platform that allows businesses and individuals to exchange and monetize data and data-based services. This might involve making data available to researchers and startups without the data being relinquished by the data holders.
Ocean was trading at US$0.75 as of June 8, 2024, down from its April 2021 peak of US$1.94
Conclusion
The top 10 AI crypto projects have demonstrated innovative approaches to integrating AI and blockchain technology. While some projects have experienced significant price fluctuations, others have maintained a steady market presence. As the AI and blockchain industries continue to evolve, it will be interesting to see how these projects adapt and grow.
FAQs
Q: What is the purpose of AI cryptocurrencies?
A: AI cryptocurrencies are tokens that power AI blockchain platforms, enabling users to spend tokens to use the platforms and benefit from their integrated artificial intelligence.
Q: What is the significance of the proposed “Artificial Superintelligence Merger”?
A: The proposed merger between Fetch.ai, SingularityNET, and Ocean Protocol aims to create a more comprehensive and integrated AI ecosystem, enabling the sharing of knowledge and resources among AI systems.
Q: How do AI-powered games, like “Colony”, enhance the gaming experience?
A: AI-powered games, like “Colony”, utilize AI agents to create dynamic and immersive gaming environments, providing players with a unique and engaging experience.
Q: What is the purpose of Ocean Protocol?
A: Ocean Protocol allows businesses and individuals to exchange and monetize data and data-based services, enabling the creation of new revenue streams and innovative applications.
