Top AI Crypto Coins: Explained
It’s hard to imagine today’s world without artificial intelligence (AI) and cryptocurrencies. It’s, therefore, no surprise that the two technologies have merged to form AI cryptocurrencies.
In this guide, we take a look at what AI crypto coins are, how they work, and provide a list of the top five AI cryptocurrencies you can find in the market today.
Introduction to Crypto AI Coins: What Are They and How Do They Work?
Before we discuss AI crypto coins, let’s first explain what artificial intelligence is.
Artificial intelligence, commonly referred to as AI, describes the simulation of human intelligence tasks by machines such as computers. These computers are programmed with robust datasets that help them to mimic, think and act like human beings.
AI is founded on the idea that human intelligence can be presented, to a certain extent, in a way that a machine can effortlessly copy and execute simple or complex tasks. As a continuously evolving technology, the AI field has already had successes, for example, with the likes of ChatGPT - an AI chatbot designed to follow instructions from people and provide precise responses. Moreover, more tech companies are continuously venturing into the AI space.
The convergence of AI and crypto was expected as AI has the potential to enhance the blockchain space, which has led to the development of AI crypto coins.
AI crypto coins are cryptocurrencies that have been developed to power blockchain platforms that have integrated artificial intelligence. Token holders use them to access these platforms to benefit from their AI-powered products or services.
So, how exactly do they work?
How Do AI Crypto Coins Work?
AI cryptocurrencies are issued by blockchain ventures that have integrated artificial intelligence into their applications. AI coins act as the gateway to these AI-driven platforms, enabling you to purchase and use the products or services provided by the platform.
For example, users of the SingularityNET marketplace for AI services can use the platform’s natively cryptocurrency, AGIX, to pay for the services provided.
Today’s leading AI cryptocurrencies don’t actually use artificial intelligence in their design. Instead, they are typically utility tokens that provide holders with access to the world of AI applications running on blockchain protocols.
Below is a list of the top AI crypto coins that you can potentially invest in.
Top 5 AI Crypto Coins
Like all other cryptocurrencies, AI crypto coins can be bought, stored, and swapped in leading crypto wallets, such as Trust Wallet.
Trust Wallet is the most secure and trusted crypto wallet that allows you to buy, sell, receive, and store 4.5+ million assets, including NFTs. You can also interact with decentralized applications (DApps) across 70+ blockchains, providing a one-stop shop for all things web3.
As a Trust Wallet user, you can trade various AI crypto coins, including the five largest by market capitalization: The Graph (GRT), SingularityNET (AGIX), Oasis Network (ROSE), Fetch.ai (FET), and Render Token (RNDR).
Let’s take a look at each cryptocurrency below.
The Graph (GRT)
Originally co-founded by Yaniv Tal, Brandon Ramirez, and Jannis Pohlmann, The Graph is an open-source protocol used for querying and indexing data in a similar manner that Google does but without the need for third parties.
The Graph has its own native token - GRT. GRT is an ERC-20 token with a current market capitalization of $1.1 billion and no maximum supply. As an Ethereum-based token, you can easily buy, sell, and swap your GRT token on Trust Wallet.
The Graph platform is used to query data for blockchain networks such as Ethereum and IPFS and powers multiple applications in the decentralized finance (DeFi) and wider web3 ecosystem. Developers can create and publish open APIs known as subgraphs that various applications can query utilizing the Graph QL language to get blockchain data.
Currently, The Graph only supports data indexing from Ethereum, IPFS, and POA. More networks are expected to be added soon.
SingularityNET (AGIX)
SingularityNET is a blockchain-based platform that enables people to build, share, and monetize AI services on its AI marketplace. In 2017, SingularityNET was also able to raise $36 million in just 60 seconds via an initial coin offering (ICO).
SingularityNET has its own utility token - known as AGIX - that you can use to browse and purchase multiple AI services. AGIX currently has a market cap of $400+ million and a maximum supply of 2 billion, according to data on CoinMarketCap at the time of writing. Additionally, AGIX holders can vote on the kind of changes they want on SingularityNET.
Oasis Network (ROSE)
Oasis Network is a layer-1 blockchain that gives high importance to scalability and privacy. As a network, Oasis can segregate smart contract execution from its consensus mechanism process, thus allowing developers to create heavily privacy-focused applications.
In addition, it features a secure architecture that offers low fees and high throughput, all while powering and scaling various web3 functions such as Data DAOs, Data tokenization, DeFi, GameFi, Metaverse, and NFTs, among others.
The Oasis Network has its own native token known as ROSE that’s used in governance, staking, and transaction fees. ROSE has a current market cap of over $300 million and a circulating supply of over 5 billion, which is half of its maximum supply of 10 billion.
Fetch.ai (FET)
Fetch.ai is an open-source, permissionless, decentralized platform that allows people to build better AI autonomous ecosystems. These ecosystems utilize AI to perform various tasks.
Users on Fetch.ai can use FET, Fetch.ai’s native token, to pay for transactions and create or deploy their own smart contracts on the network. Similar to GRT, FET has no maximum supply. It has a current market cap of over $200 million and a circulating supply of over 818 million at the time of writing.
Render Token (RNDR)
Render is a disruptive GPU network built on top of the Ethereum blockchain. Render Token links artists and studios who want GPU computing power with mining partners interested in renting their GPU abilities.
Render Token has its own native token, dubbed RNDR, which had its initial public token sale in 2017. As an ERC-20 token that has a maximum supply of 530,962,615, artists on Render are able to use the RNDR token to exchange GPU computing power.
The Intersection of AI and Cryptocurrency
Both AI and cryptocurrency are at the helm of technological innovation. Combining machines that can “think” with smart, programmable money could usher in a new way payments are made in the digital age.
A payment could be made, which was initiated by an AI and automatically executed by a smart contract based on predetermined factors that the AI was provided by a human. For example, a parent could tell its AI assistant to send pocket money to their kids for a specific amount at a specific time each month. The payments would then automatically reach the kid’s digital wallets without the need for human intervention.
While this scenario still seems further off on the horizon, crypto investors could position themselves for the potential growth of AI crypto coins as a sub-sector of the crypto markets.