AI (artificial intelligence) cryptos are cryptocurrency projects that focus on merging AI and blockchain technologies. The current best AI crypto projects span multiple approaches, from directly incorporating AI into blockchain validation mechanisms to enabling the AI services marketplace for dApp developers, etc.
There is no double that AI has tremendous potential and the ability to solve complex problems in novel ways. AI can also help us make better decisions by leveraging data more effectively. Integrating AI into blockchain technology has the potential to trigger smart contracts, create automated transactions, and even improve processing speeds faster.
Here are some of the most prominent AI projects. Most of them have shown price outperforms recently.
3 AI Crypto Projects to Look For In 2023 In 2023
Fetch.ai
Fetch.ai is an artificial intelligence lab building an open, permissionless, decentralized machine learning network with a crypto economy. It optimizes use cases like DeFi trading, transportation networks, travel, etc. The platform uses AI to connect devices in the internet of things (IoT) but in a decentralized manner. The merits of that, eliminate the middleman and reduces the cost for customers and service providers.
Simply put, Fetch.ai is a platform that aims to connect devices and enable the creation of markets to add value to the data.
$FET, Fetch.ai native token, is used to secure the network while being the main currency for payment on the platform. It will likely be a token for creating AI agents as well.
Sitting at a $357.3M market cap, the $FET token seems to be going back to its glory days.
Bittensor
Bittensor is an open-source protocol that powers a decentralized, blockchain-based machine-learning network. Machine learning models train collaboratively and are rewarded in $TAO according to the informational value they offer the collective. $TAO also grants external access, allowing users to extract information from the network while tuning its activities to their needs.
Ultimately, their vision is to create a pure market for artificial intelligence, an incentivized arena in which consumers and producers of this valuable commodity can interact in a trustless, open and transparent context.
The $TAO token adopts its tokenomics similar to Bitcoin but different. With a total supply of 21 Million, 7200 $TAO tokens are issued daily, divided 50/50 between miners and validators.
They adopt a four-year halving cycle, with the first halving scheduled in November 2025. Full dilution will take over 100 years, and soon, they will launch their para-chain network, Finney. Hail homage to the bitcoin legend Hal Finney.
Like Bitcoin, $TAO will not see partnerships, and they do not partner with companies. Leveraging multiple computers will have a similar ripple effect, just like the positive outcome of the interoperability of blockchains and an omnichain future.
Ocean Protocol
Ocean Protocol is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetize it through the use of ERC-20 based datatokens.
Through Ocean Protocol, publishers can monetize their data while preserving privacy and control, whereas consumers can now access datasets that were previously unavailable or difficult to find. These datasets can be discovered on the Ocean Market, where they can be purchased and later consumed or sold.
$OCEAN serves as a utility token used for data staking, governing the community treasury and buying and selling datasets.
With the growing demand for data, the combined value of digital transportation is projected to be a $100T industry. The current total crypto market cap is now less than $1B. Huge opportunity, but we are banging on a successful execution before we see a significant upside.
$OCEAN has also seen a run-up over a couple of weeks and currently possesses a market cap of ~$287M.
Closing thoughts
AI crypto has been gaining a lot of attention, bringing many benefits to users such as improved security, privacy, transparency, accessibility scalability, and cost savings. However, as it is still a new field, we need to research carefully before investing in any particular coin to make the best decision.