Here are the top 5 AI coins
The cryptocurrency industry is known for its explosive trends where a group of projects take off, significantly outperforming the rest of the market.
There have been some of these already in 2023, but one that stands out seems to be a trend related to projects that have worked on solutions based on artificial intelligence.
A closer look at AI-related crypto projects reveals that quite a few of them have fared far better than the rest of the industry, multiplying their value by a significant factor.
The following takes a closer look at the reasons why this happened, what provoked it, and what are some of the most famous crypto projects associated with it.
Let’s dive in.
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What is artificial intelligence (AI)?
Firstly, artificial intelligence is not a new phenomenon in the world of technology. It is also important to note that there is no consensus on the definition of AI, which makes it challenging to find a single-sided use case.
Many consider AI a particularly critical piece of technology with transformative properties and the potential to change our society.
In Layman’s terms, artificial intelligence is the simulation of human intelligence processes using computer systems or other types of machines. There are several applications, including expert systems, machine vision, machine learning, speech recognition, natural language processing, and so on.
Typically, the way AI systems tend to work at the current level is by ingesting massive amounts of labeled training information, analyzing that data for patterns and certain correlations, and then using those patterns to make certain predictions and conclusions.
This is also how one of the more popular AI applications works – namely ChatGPT – the OpenAI chatbot that recently took the world by storm.
The ChatGPT mania
Entering ChatGPT. While many companies are working on their own AI-related products, a few months ago OpenAI’s ChatGPT exploded in popularity, especially within the cryptocurrency industry.
Everyone was talking about ChatGPT. Besides, everyone was talking to ChatGPT. So what is it?
OpenAI trained a chatbot model that is designed to interact with the user in a conversational manner. The dialog format itself makes it possible and quite easy for ChatGPT to answer various follow-up questions. It even admits its mistakes, challenges premises that are wrong, and rejects requests deemed inappropriate (a point of contention for many).
But why not ask it about itself?
That’s when things started to heat up.
Tech giants spend big
Crypto trends are often catalyzed by external events. In this particular case, it was ChatGPT and other AI-based models that gained momentum among bigger names. One of them was the technology mogul Microsoft.
On January 23, 2023, Bloomberg reported that Microsoft invested a whopping $10 billion in OpenAI – maker of ChatGPT. It’s worth noting that at the time, Microsoft was already a backer of OpenAI, having invested $1 billion back in 2019.
OpenAI also revealed that it uses Microsoft’s cloud-based service called Azure – to train all of its models. One of the main purposes of the investment was to enable the company to continue its independent research.
The crypto trend
It is difficult to pinpoint the exact moment when the AI trend in the cryptocurrency market started, but it was somewhere around that time.
Many cryptocurrencies that had something to do with artificial intelligence began to increase in value.
As is almost always the case, this also meant that projects that were pretty shady but only had “AI” in the name started pumping as well.
And although there are many serious projects with significant support, which are actively developing in the field of crypto and AI, many were (and still are) malicious, but more on that later.
Now let’s take a look at some of the most popular AI cryptocurrencies out there.
Top 5 AI Cryptocurrencies
The Graph (GRT)
The Graph is an indexing protocol designed with the specific purpose of querying networks such as Ethereum and IPFS.
In other words, projects with complicated smart contracts (like Uniswap and even the Bored Ape Yacht Club NFT collection) store information on Ethereum’s network. This makes it very difficult to read anything other than the basic data directly from the blockchain.
Without going too far into technical details (which you can find here) The Graph solves the complexity through a decentralized protocol designed to index and enable the performance of efficient querying of network data.
Many reports claim that The Graph uses artificial intelligence to basically do what google did for the internet.
Its native cryptocurrency carries the ticker GRT and has exploded since the beginning of 2023.
SingularityNet (AGIX)
SingularityNet is more of an ecosystem rather than a narrowly focused crypto project, but it has artificial intelligence at its core.
Essentially, it is an open and decentralized platform of AI services made available through blockchain-based technology. Developers publish their services on the network, and they can then be used by anyone with internet access. Developers can also charge for their services through the use of the ecosystem’s native cryptocurrency – AGIX.
However, the core mission of the team is to create an “Artificial General Intelligence (AGI)” for a beneficial technological singularity.
It is also worth noting that the platform is based on two smart contract networks – Ethereum and Cardano.
AGIX has become one of the top performers in 2023.
Fetch.ai (FET)
FetchaiI brings forth a blockchain platform that leverages artificial intelligence in an effort to help people automate everyday tasks.
The goal for Fetch.ai is to become a completely open and permissionless network that leverages AI to create a decentralized system that uses machine learning to perform tasks on the blockchain.
It is an interchain protocol and essentially it harnesses the power of artificial intelligence to implement automated applications that are P2P without human intervention. It was launched back in February 2019 through an Initial Exchange Offering (IEO) on the Binance Launchpad.
The entire ecosystem is underpinned by the original token called FET. Positioned as digital currency, FET is the primary medium of exchange in the ecosystem. If you want to use any of the paid services provided by Fetch.ai, you must pay with FET.
Oasis Network (ROSE)
The Oasis network is a layer 1 blockchain designed to be versatile, uniquely scalable, and also privacy oriented.
Without going into too many technical details, the tech stack includes the following highlights:
- The consensus layer and the execution layer are separate. This enables multiple ParaTimes to process transactions simultaneously.
- The ParaTime layer is completely decentralized. This allows anyone to build their own ParaTime.
- The Oasis Network is built to be more efficient than parachains and sharding – that’s the claim.
The ParaTime layer is their way of naming the execution layer.
The original cryptocurrency is ROSE. Like most AI-focused projects, it also saw significant growth in early 2023.
The team released an official blog post stating that they are building “responsible AI primitives” and that they are working with “industry leaders across multiple sectors to design and implement robust primitives for responsible AI.”
Ocean Protocol (OCEAN)
Last but not least on our list is Ocean Protocol. This is a platform designed to connect data providers and data consumers on a blockchain-based marketplace.
The model relies on several innovations, including AI and the tokenization of certain data sets and data services, so that providers are able to quickly, easily and efficiently monetize their data. On the other hand, consumers have easy access to an ecosystem of useful information.
The cryptocurrency that powers the ecosystem is called OCEAN.
