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Ruth Kise 23 Aug 2023 ◦ 7 min read

AI Tokens: A Review

AI Tokens: A Review

Recently, artificial intelligence (AI) technologies have been in the spotlight. Of course, this trend could not be ignored by the cryptocurrency market.

A wave of interest in AI swept the world in June 2022 - then social networks were flooded with images generated by OpenAI's Dall-E Mini. In September, its more powerful version, called DALL-E 2, appeared in the public domain. In parallel with them, other AI image generators - Starry AI, Starry AI, Midjourney, BigSleep and Pixray - were gaining popularity.

But the real explosion occurred in November 2022 with the launch of ChatGPT, a chatbot optimized for contextual conversation using the reinforcement and feedback training method (Reinforcement Learning with Human Feedback, RLHF). According to Google Trends, user interest in ChatGPT has only been increasing since its inception.

ChatGPT can create the program code on request, including the usage of the Solidity language, which is used in applications and smart contracts of the Ethereum ecosystem. Developers are already using the bot's capabilities to find errors in the code and to test it. ChatGPT can bring the code of the development team to a single standard, which is especially true for blockchain projects, some of which involve dozens of participants.

In the crypto community, they find different ways to entrust the work to a chatbot. For example, combining the code created by ChatGPT and the images generated by other neural networks, the output produces full-fledged NFT collections, and the bot's prompts on how to better promote them on social networks help create excitement around them.

All this hype around AI allowed many crypto projects using AI technologies to take off. The success of their AI coins overshadowed the long-awaited growth of BTC and ETH and gained huge popularity with investors.

What Are AI Tokens?

Artificial intelligence tokens are digital tokens that allow users to access powerful AI technology. In many cases, you use these coins as currency to pay for AI products and services available on the blockchain.

A good example is ChatGPT. This is the ordinary ChatGPT payment to get answers but via crypto. The more detailed the answer, the more you're likely willing to pay.

What Are AI Crypto Projects: Top 7

The benefits of AI tokens include the built-in decentralization and security achieved by blockchain networks, as well as unlimited opportunities for new applications and use cases.

1. The Graph (GRT)

The Graph - a leader in market capitalization among AI-related cryptocurrencies. The Graph offers a new approach to indexing and requesting data on the blockchain, allowing each developer to create subgraphs and identify ways to obtain, index and process data online in a verifiable way, potentially solving developers' access to blockchain data with incentives in the form of native GRT tokens. These tokens can be used for staking, online payments, and receiving fees for delegating funds to indexers.

To date, more than 24,000 developers have deployed over 31,000 subgraphs for applications such as Uniswap, Synthetix, Zora, Known Origin, Gnosis, Balancer, Livepeer, DAOstack, Audius and Decentraland.

2. SingularityNET (AGIX)

"SingularityNET is the leading decentralized AI marketplace running on the blockchain," the project’s website says. The platform allows developers to place, exchange and monetize their algorithms. The goal of the project is to create an open, transparent and accessible artificial intelligence market for all.

SingularityNET was founded by a group of researchers and entrepreneurs, including Ben Gertzel, who is also CEO of AI research firm OpenCog. The company's goal is to create an open, decentralized AI network that allows everyone to contribute and access AI services.

The native AGIX coin is used to stimulate transactions within the network, as well as to buy and sell services and applications on the platform.

3. Fetch.ai (FET)

Fetch.ai is a decentralized open source blockchain platform that aims to create a digital infrastructure for autonomous economic agents. It uses artificial intelligence and machine learning to develop Autonomous Economic Agent (AEA) technology.

AEAs are autonomous systems based on machine learning algorithms, acting on behalf of their owners in various economic activities. For example, agents can look for lucrative deals in the cryptocurrency market, buy concert tickets or book hotel rooms.

The product line includes: the decentralized Mettalex exchange, the social network Resonate, the MOBIX micromobility ecosystem and the Fetch Wallet.

The FET token is considered a promising AI cryptoproject because it focuses on creating an ecosystem for autonomous AI-driven agents that interact with each other and provide a variety of services such as data sharing, resource allocation, and prediction markets. The platform also uses advanced technologies such as multi-agent systems and swarm intelligence that could potentially revolutionize different industries such as finance, energy, transport and others.

4. Ocean Protocol (OCEAN)

Ocean Protocol is a decentralized platform for multiple use and data sharing. It is built on blockchain technology and uses smart contracts to ensure secure and transparent data operations. Ocean Protocol's goal is to create a more open and equitable data ecosystem where individuals and organizations can easily obtain and share high-quality data for use in machine learning and other AI applications. The platform also has a native token called OCEAN which is used to transact within the ecosystem and to stimulate validators to protect the network.

Using the Ocean Protocol, organizations can share their data while maintaining control over who has access to it and how it is used, and be compensated for providing their data. This allows for a more collaborative and efficient AI ecosystem where data is more accessible for use in creating and training AI models.

5. VeChain (VET)

VeChain is a blockchain platform that focuses on delivering supply chain management solutions. The platform uses blockchain technology with artificial intelligence to enable tracking and validation of various types of products and information, from food and pharmaceuticals to luxury goods and manufactured goods.

The platform provides a suite of business solutions, including smart contract execution, asset tracking, data storage, and other business processes. The native VET token provides transactions on the network, providing access to various services and rewarding users for their contribution. Beyond these services, Vechain's AI-based solutions enable businesses to gain a perception of supply chain processes, enabling them to make informed decisions and improve efficiency.

6. DeepBrain Chain (DBC)

DeepBrain Chain is a decentralized artificial intelligence computing network using blockchain technology to provide secure, private and low-cost AI learning and inference. DeepBrain's goal is to create a decentralized market for AI algorithms and data, allowing organizations and individuals to buy and sell AI services without intermediaries.

DeepBrain Chain uses its own cryptocurrency called DBC Coin to transact on the platform. The developers intend to create a more efficient and cost-effective AI ecosystem where everyone can access AI capabilities to improve their products and services.

7. Numerai (NMR

Numerai is a model of how artificial intelligence can be used to inform investment decisions. It uses a crowdsourced set of predictions by scientists on data from around the world when considering possible investments. The authors of these forecasts are rewarded in the form of NMR tokens for accurate forecasts.

Bottom Line

AI is all around us now. The development of these new technologies provoked increased attention of investors to tokens of related projects. These coins are interesting over mixing new and innovative ways of blockchain and AI technology.

In a short time, the capitalization of the AI token segment has crossed the $1 billion milestone, which is quite significant. On the wave of hype, even half-forgotten coins rose from the ashes.

However, AI tokens, like other crypto assets, are at risk of increased volatility. And there are concerns that AI could become a new powerful driver for the next bull market. However, many are skeptical of the new trend and see the risk that it may actually turn out to be an "empty hype" - many speculators will use newfangled coins for short-term schemes like Pump & Dump. Therefore, we urge you not to lose your head from new technologies, but to approach investing in new projects rationally.

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