Artificial intelligence (AI) is a field of computer science that allows machines to make decisions based on data, increasingly mimicking human intelligence.
Recent and popular examples include AI-generated artwork – where a program interprets user requests, written in natural language, to create digital artwork – and ChatGPT, a application capable of “writing” according to specifications submitted by the user.
In both cases, the results are close enough to what a real person might create to be mistaken for a human creation, and these applications are becoming more and more sophisticated.
The use cases for AI are actually limitless, and the technology has found its way into the cryptocurrency space.
What is an AI cryptocurrency?
AI cryptocurrencies are tokens that power AI blockchain platforms such as The Graph and SingularityNET. Users spend tokens in order to use the platforms and the benefits of their built-in artificial intelligence.
We looked at the 10 largest AI cryptocurrency projects based on their market capitalization to see how AI is being used in the industry.
1. SingularityNET (AGI)
Utility: SingularityNET allows anyone to create, share and monetize AI services at scale. This allows AI developers to collaborate and sell their solutions through a decentralized platform, making AI more accessible and democratized. Businesses and developers can easily integrate AI services into their applications, accelerating technology development.
2. Fetch.ai (FET)
Usefulness: Fetch.ai uses AI to create autonomous agents capable of performing complex tasks without human intervention. These agents can be used in various industries such as logistics, finance, and smart cities to optimize operations, reduce costs, and improve efficiency. For example, agents can manage energy distribution in a smart grid or optimize transportation routes.
3. Ocean Protocol (OCEAN)
Utility: Ocean Protocol aims to liberate data and data services by enabling them to be shared and sold securely and transparently. This encourages innovation by providing businesses and researchers with easy access to valuable data sets. Data can be used to train AI models, power scientific research, or improve data-driven services.
4. Cash (NMR)
What it does: Numeraire powers Numerai, a hedge fund that uses AI and machine learning to predict financial markets. Data scientists can submit their predictive models, and the best models are used to invest in financial markets. Contributors are rewarded in NMR, which encourages the creation of more precise and innovative models.
5. Cortex (CTXC)
Utility: Cortex allows the execution of AI models on the blockchain. Developers can upload their AI models, and users can run them through smart contracts. This opens up the possibility of integrating AI capabilities directly into decentralized applications, providing advanced features such as image recognition, data analysis, and more.
6. DeepBrain Chain (DBC)
Utility: DeepBrain Chain aims to reduce computational costs for AI applications by using a decentralized computing platform. Computing resources are provided by nodes distributed across the world, reducing costs and increasing security and computational efficiency. This allows businesses to access affordable computing power to train their AI models.
7. SingularityDAO (SDAO)
Utility: SingularityDAO uses AI to manage digital asset portfolios autonomously. The platform allows the creation of dynasets, which are collections of cryptocurrencies managed by AI algorithms to maximize returns and minimize risks. This allows investors to benefit from advanced investment strategies without having to manage their portfolios themselves.
8. Velas (VLX)
Utility: Velas combines AI and blockchain technology to create an efficient and secure ecosystem. The platform uses AI to optimize blockchain performance, particularly in terms of speed and scalability. Applications developed on Velas benefit from fast and secure transactions, which is crucial for use cases such as instant payments and complex smart contracts.
9. Matrix AI Network (MAN)
Utility: Matrix AI Network uses AI to optimize the performance of its blockchain and to automate the management of smart contracts. The platform aims to create an intelligent blockchain capable of running decentralized applications more efficiently. MAN also enables the integration of AI models to improve decision-making processes in various applications.
10. NeuroChain (NCC)
Utility: NeuroChain is an AI-enhanced blockchain designed to be faster, more secure, and more scalable than traditional blockchains. It uses AI algorithms to optimize consensus and validation of transactions. Businesses can use NeuroChain to develop robust, scalable solutions tailored to specific needs like logistics, finance, and supply chain management.
These cryptocurrencies use AI to solve various problems, improve efficiency and create new opportunities in different sectors. Continued innovation in this area promises to transform many industries and open new vistas for the future of technology and business.