As the realms of artificial intelligence (AI) and blockchain technology continue to evolve, the cryptocurrency space has witnessed the emergence of several AI-related cryptocurrencies.
However, amidst the promises and potential, it is crucial to navigate the landscape with caution, considering the inherent risks and the presence of fraudulent actors.
In this article, we explore four notable AI-related cryptocurrencies that have merged with blockchain, shedding light on their functionalities and the possibilities they hold.
While the collaboration between AI and blockchain remains in its early stages, these cryptocurrencies offer glimpses into the potential convergence of these cutting-edge technologies.
The 2 fundamental principles.
Before analyzing some of the AI-related cryptocurrencies, we should first clarify two fundamental principles.
- One is that the cryptocurrency space by its very nature attracts not only enlightened minds, but also many fraudsters. There are bound to be fraudsters who want to sell seaweed for silk ribbons.
In fact, to be realistic, we can expect an exponential increase in suspicious applications whose only business plan will be to nibble money from the gullible and disappear.
- The second is that this is an entirely new space. AI may be here to stay and grow, but any investment in it is risky.
Let alone if it is combined with yet another promising but immature technology like blockchain.
So far we have yet to see any real use cases. Of course, this in no way means that they are not going to appear and amaze us.
It is still too early to predict the evolution of the collaboration between Web 3.0 applications and artificial intelligence. Let alone which of them will become great.
Also, we should keep in mind the different nature of AI and blockchain technologies.
The Web 3.0 space is decentralized, with no hierarchy. In contrast, AI is based on authority.
The main role of AI is not to invent new things or create new ideas, but to extract data from existing experience and make it more accessible.
To make it more accessible and more affordable, for everyone.
The cryptocurrencies
The cryptocurrencies in the AI space with the largest capitalization are:
SingularityNET (AGIX)
SingularityNET is a blockchain network that allows anyone to create, share and exploit AI services. It has an internal marketplace where users can search and pay for AI services with its native currency, AGIX.
Developers can earn money by providing AI solutions and models. Similarly, other developers can buy such services that will benefit them in their own applications.
Fetch.ai (FET)
Fetch.ai is an artificial intelligence and machine learning platform that leverages blockchain technology. It deals with business process automation, such as data processing. For example, it is involved in building infrastructure for “smart, autonomous services” in supply chain, travel and other sectors. The FET currency is used to pay for transactions on the network.
Ocean Protocol (Ocean)
Ocean Protocol is a platform based on the Ethereum network that allows businesses and individuals to exchange and exploit processed data. It serves researchers and startups without requiring the data to be separated from its owners.
Numeraire (NMR)
Numeraire is an independent artificial intelligence network that operates as a hedge fund. Using artificial intelligence and machine learning, it makes equity investments. Numerai is used as the payment currency for its services.
Bottom Line
The convergence of AI and blockchain in the cryptocurrency space brings both excitement and uncertainty. While AI-related cryptocurrencies like SingularityNET, Fetch.ai, Ocean Protocol, and Numeraire showcase the potential for leveraging AI services and data exchange on the blockchain, it is important to approach this emerging field with caution.
As the industry grapples with fraudulent actors and the unpredictable nature of these technologies, investors and enthusiasts must carefully navigate the risks and opportunities presented by the intersection of AI and blockchain.
The future holds great promise, but it remains to be seen which projects will truly emerge as leaders in this evolving landscape.
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