AI is rapidly impacting every area of our lives, including the world of cryptocurrency. In this document, we will explore the impact of AI on cryptocurrencies, identify the current leading AI currencies, provide guidance on how to purchase and store them, and discuss their safety.
AI coins are crypto assets that use artificial intelligence to improve user experiences, scalability, and security within blockchain networks.
These new cryptocurrencies support AI-driven projects such as decentralized marketplaces, market predictions, and portfolio management. AI-powered tokens also grant governance rights to holders, making transactions easier within the ecosystem. AI can recognize illegal activities, analyze markets, find investment opportunities, and be used for other purposes.
The most prominent AI currencies are blockchain platforms like The Graph and SingularityNET. Users spend tokens to use these platforms and take advantage of their integrated artificial intelligence.
We have examined the ten largest AI crypto projects by market capitalization to explore how AI is being utilized within the sector.
The Graph is a decentralised protocol that indexes and organizes data efficiently using distributed ledger technology and GraphQL language. It eliminates intermediaries and uses subgraphs to retrieve data from the blockchain, making it similar to how Google indexes the web.
The Graph network's native token is GRT. It's used to allocate resources and is an ERC-20 crypto token that can be stored in ETH and other ERC-20 wallets.
The maximum supply of GRT tokens is 10 billion, with a circulating supply of 8.7 billion. Currently, the price of GRT is $0.1069, resulting in a market cap of $968 million.
SingularityNET is a blockchain platform that enables users to develop, share and profit from AI services. It has an internal marketplace for browsing and purchasing AI services using AGIX, the platform's cryptocurrency with a current market capitalization of ****$290.93M USD.
Developers can earn from AI solutions and models without creating complete apps for end users. They can also purchase AI solutions and models to incorporate into their apps.
Fetch.ai is an AI and machine learning platform that utilizes blockchain technology. It focuses on automating business tasks, including data processing and trading. The network's native cryptocurrency, FET, is used for transaction payments. As of writing this, FET had a market cap of $236.84M USD.
Ocean Protocol is an Ethereum blockchain-based platform that enables businesses and individuals to exchange and monetize data and data-based services. This could involve providing researchers and startups with access to data without relinquishing control of that data. As of now, OCEAN is trading at around $0.337341, which is down from its April 2021 peak, and has a market cap of $201.45M USD.
iExec is an AI blockchain platform that enables users to monetize their computing power and access on-demand cloud computing resources. RLC is the native cryptocurrency of iExec and is used to pay for services on the platform. Currently, RLC is trading at around $1.32, which is down from its all-time high of around $11.60. It’s market capitalization is around $100M.
Numerai is an AI blockchain network that operates as a hedge fund, using artificial intelligence and machine learning to make investments in stock markets worldwide. Numeraire (NMR) is the native currency of Numerai, which facilitates payments within the network. Currently, it is trading at around $13.83 and has a market cap of around $87M.
dKargo is a blockchain that uses AI to solve trust issues within the logistics sector. It accomplishes this by providing participants with credible data, thanks to the indelible nature of blockchain technology. The native token of dKargo, DKA, is currently worth around $0.03 down from an all-time high of around $0.50. It has a market cap of c. $84M.
Phala Network is an AI-augmented blockchain platform that focuses on privacy in cloud computing. It is positioned as a decentralized alternative to traditional cloud computing services like Amazon AWS or Google Cloud. The network's native currency is PHA, which is used to pay for cloud services within Phala Network. Currently, it trades at around $0.10, down from a peak of around $1.17 in May 2021. Market cap: $62M.
Covalent is a network that aggregates data from various blockchains, including Ethereum, Polygon, and Avalanche. Developers can leverage this multi-chain data to create applications that solve problems in sectors such as finance and retail. The network is powered by CQT, its native token, which is currently valued at around $0.10. At its peak in August 2021, CQT was worth around $1.73. It’s current market capitalization is around $65M.
Cortex is a blockchain platform that enables users to upload and execute artificial intelligence models. The platform aims to incorporate AI into smart contracts and decentralized apps (dApps). At the time of writing, CTXC was valued at approximately $1.60. However, back in May of 2018, it was trading above $2.00. It has a total market capitalization of $34M.
*Market cap figures accurate as of July 13, 2023
AI-based cryptocurrencies can be purchased through crypto exchanges like Crypto.com and Coinbase, similar to traditional cryptocurrencies such as Bitcoin and Ethereum.
To start trading, you need to open an account, which often involves identity verification steps, and deposit some fiat currency. Afterward, navigate to the page of the AI cryptocurrency you want to buy within the exchange, enter the desired amount, and execute the trade.
Most exchanges offer a free crypto wallet for storing your private and public keys, which are necessary for spending or trading your crypto assets. Alternatively, you can store your keys in an offline cold wallet. Cold wallets are more secure than hot wallets but offer less support if you lose your login details.
Note: Savl doesn’t currently support AI cryptocurrencies.
The safety of AI cryptocurrencies, both from hackers and from the volatility of the crypto market, depends on how they are stored and your attitude towards risk. No cryptocurrency is safe from market instability, and 2022 was the year in which the volatility of crypto was laid bare.
For hackers, crypto wallets and exchanges are likely to remain targets for criminals, leaving people's assets at the mercy of the security measures they and their exchanges employ.
Savl does not offer financial advice of any kind. Your capital is always at risk so make sure you do your research before investing in any financial instrument or asset.