Introduction
In the world of digital money, something exciting is happening. People are combining artificial intelligence (AI) with cryptocurrencies to make new kinds of digital assets called AI cryptocurrencies. These tokens use the smart abilities of AI to change how things work on the internet money system called blockchain. In this article, we’re going to look at the top 10 AI cryptocurrencies.
We’ll talk about why they’re important, how they’re doing in the market, and what they could mean for the future of money and technology. Come along with us as we explore where AI and digital money meet, and meet the people who are leading the way in this exciting new field.
Table of Contents
What are Cryptocurrencies?
Cryptocurrencies are digital money that don’t rely on banks or governments. Instead, they use something called blockchain technology, where transactions are recorded and checked by a bunch of people, not just one big authority. People like cryptocurrencies because they’re decentralized, meaning no one person or group controls them. Plus, you can earn rewards by helping to keep the network running smoothly.
What is AI?
Artificial intelligence (AI) is a technology that gives computers the ability to think and learn like humans. You’ve probably seen it in action while creating AI-generated art on Midjourney, DALL-E, etc. or vehicle conversing with chatbots like ChatGPT that talk like real people. AI is capable of doing many such tasks across various industries. It helps with enabling automation, analyzing data, and has decision-making capabilities.
What are AI Cryptocurrencies?
AI cryptocurrencies are special tokens used on blockchain platforms that have AI features. These platforms let you use AI services, like analyzing data or making predictions, right within the blockchain. The AI cryptocurrencies make transactions possible on these platforms and give people rewards for being part of the network.
Top 10 AI Cryptocurrencies
Let’s now dive right into the meat of the topic. Here is the list of the top 10 AI cryptocurrencies in the world, as of today.
1. The Graph (GRT)
Market cap: Around INR 10,000 Crore
The Graph is an innovative protocol designed for indexing and querying data from blockchains. This is similar to Google’s indexing of web data. It organizes blockchain data into smaller “subgraphs,” to simplify data retrieval. Its native cryptocurrency, GRT, fuels the transactions within the network.
2. SingularityNET (AGIX)
Market cap: Around INR 4,500 Crore
SingularityNET is a blockchain platform that facilitates the creation, sharing, and monetization of AI services. Its internal marketplace enables users to access and purchase diverse AI offerings using AGIX, the platform’s native cryptocurrency.
3. Fetch.ai (FET)
Market cap: Around INR 2,800 Crore
Fetch.ai leverages AI and machine learning to automate business processes, particularly data processing and trading. FET serves as the native cryptocurrency, facilitating transactions and incentivizing network participation.
4. Ocean Protocol (Ocean)
Market cap: Around INR 1,900 Crore
Ocean Protocol is an Ethereum-based platform empowering individuals and businesses to exchange and monetize data and data-based services securely. OCEAN, the platform’s native cryptocurrency, enables seamless transactions within the ecosystem.
5. iExec RLC (RLC)
Market cap: Around INR 1,100 Crore
iExec is a groundbreaking AI blockchain platform enabling users to monetize computing power and access on-demand cloud computing resources. RLC serves as the native cryptocurrency, facilitating transactions and resource utilization.
6. Numeraire (NMR)
Market cap: Around INR 900 Crore
Numeraire operates as an AI-powered blockchain network functioning as a hedge fund, utilizing machine learning for global stock market investments. NMR facilitates transactions and incentivizes data scientists within the network.
7. dKargo (DKA)
Market cap: Around INR 800 Crore
dKargo utilizes AI to address trust issues within the logistics sector, providing participants with reliable data leveraging blockchain technology. DKA, the native token, facilitates transactions and ensures data integrity.
8. Phala Network (PHA)
Market cap: Around INR 700 Crore
Phala Network focuses on AI-driven cloud computing with an emphasis on privacy, offering a decentralized alternative to traditional cloud services. PHA serves as the network’s native currency, enabling secure and private cloud transactions.
9. Covalent (CQT)
Market cap: Around INR 700 Crore
Covalent is a versatile network aggregating data from multiple blockchains to empower developers in various sectors such as finance and retail. CQT, the native token, facilitates seamless data access and utilization within the network.
10. Cortex (CTXC)
Market cap: Around INR 400 Crore
Cortex introduces a pioneering blockchain platform allowing users to upload and execute AI models, integrating AI into smart contracts and decentralized applications (dApps). CTXC serves as the native cryptocurrency, enabling AI model transactions and deployment.
How to Buy AI Cryptocurrencies?
You can buy AI cryptocurrencies from different cryptocurrency exchanges like Crypto.com or Coinbase. First, you’ll need to sign up for an account on one of these exchanges and verify your identity. Then, you can deposit regular money (known as fiat currency). Once your account is set up, you can find the AI cryptocurrency you want to buy, specify how much you want, and complete the purchase.
How to Store AI Cryptocurrencies?
Most cryptocurrency exchanges provide free digital wallets where you can store your AI cryptocurrencies. Alternatively, you can use offline cold wallets for extra security. Cold wallets keep your keys offline, making them harder for hackers to access. Just remember to keep track of your login details to avoid losing access to your funds.
Are AI Cryptocurrencies Safe?
The safety of AI cryptocurrencies depends on how you store them and your willingness to take risks. Like other cryptocurrencies, AI ones can be affected by changes in the market, so it’s essential to be cautious. Also, since crypto wallets and exchanges can be targeted by hackers, it’s crucial to use strong security measures. Cold wallets offer better protection, but they require careful handling to avoid online risks.
Conclusion
AI cryptocurrencies combine the power of AI and blockchain, opening up exciting possibilities for decentralized AI applications. While they offer many benefits, it’s essential to be vigilant in safeguarding your assets and navigating the ever-changing crypto landscape. By understanding the intersection of AI and cryptocurrencies, you can responsibly leverage these technologies to explore new opportunities in the digital world.
Hope this article on the top 10 AI cryptocurrencies helped you understand the concept and make a learned decision when it comes to investing in them. Whether you’re a tech enthusiast or a curious investor, exploring the world of AI cryptocurrencies can be both exciting and rewarding. So, go ahead, dive in, and discover the future of finance and technology!
Sabreena Basheer is an architect-turned-writer who's passionate about documenting anything that interests her. She's currently exploring the world of AI and Data Science as a Content Manager at Analytics Vidhya.
