The cryptocurrency industry continues to evolve, change, and expand. This is most noticeable in how it adopted the use of artificial intelligence as that technology has improved and become widely used. It has led to the introduction of AI coins.
These coins use AI technology to create, improve, or enhance their service. Still, they are otherwise the same as any other cryptocurrency and are used to store and transfer value between individual users or institutions. In this article, we’ll dive into the top 10 AI crypto projects you should know about.
How Does AI Crypto Work?
AI cryptocurrencies work the same as other cryptos when it comes to the blockchain technology on which they are based. AI is introduced to enchase parts of the ecosystem such as trading, security, data analysis, and scalability.
Additionally, AI can have other uses in crypto, including to improve security measures. AI crypto coins also utilize machine learning algorithms to analyze vast amounts of data. In turn, this means that cryptocurrencies can predict market changes based on that input. Investors who are looking to get into AI crypto should focus on these features that make them stand out.
How to Select the AI Crypto For You
There are a few features to look for in AI crypto that you should be aware of as an investor. These should be viewed and inspected independent of the value and price of the crypto coin you’re looking to buy as they add value of their own.
Technology and Innovation
The first thing to look for is the AI technology itself and how it operates. AI comes in many shapes and forms and has different uses. This could include AI-driven trading algorithms, predictive analytics, or AI-powered smart contracts.
The most important feature the AI brings to the table is innovation. Investors should try to find the way their AI coin improves the industry or an area they are used in since that’s what separates it from the crowd.
Application
Investors should also pay attention to how an AI coin can be used and what its most innovative applications are. AI coins are used for anything from automating the payouts when you play baccarat games in a crypto casino to doing the same with payments for international shipping.
It’s also important to note that not all applications are available or even conceivable right away and that the coin can grow into its use in the market.
Collaborations
Good AI projects are the ones that have established collaborations with already existing crypto or traditional finance businesses. Alternatively, it’s best to find projects that can get into such collaborations once they are established in the industry.
The goal of such collaborations is to drive adoption and acceptance. The public has already accepted the use of AI even though the tech is new. The collaboration with known and accepted businesses will drive that adoption further.
Regulatory Compliance
In the end, before choosing which crypto AI project to support, the investors should be aware of how it works against regulatory measures set up by the government. There’s recently been an increase in regulations when it comes to crypto, and now the public has widely adopted the use of crypto coins.
With more regulations, the industry will be more secure and more welcoming to new investors. However, some are hesitant to accept the new reality, as cryptocurrencies were once popular precisely because of the lack of regulations in the field.
The Top 5 AI Crypto Projects
Our list of top five AI crypto projects is based on the criteria we’ve outlined above and not only on their market value, even though all of the projects on our list have proven to be lucrative so far.
Oasis Network
Oasis Network (ROSE) is a blockchain network that’s mostly praised for the features it brings when it comes to online privacy. It protects sensitive data, enabling the creation of AI applications that prioritize user privacy.
It has created a unique new tech feature called “confidential smart contracts” that is made to protect user data and transaction details, even from blockchain validators.
A notable feature of the Oasis Network is its support for data tokenization, which is also used with a focus on privacy.
Ocean Protocol (OCEAN)
Ocean Protocol (OCEAN) is a decentralized data marketplace made to facilitate secure and controlled data sharing among AI models and data providers.
The protocol uses blockchain technology to allow for collaboration between the parties and puts emphasis on privacy. The platform is based on Ethereum, meaning that it utilizes smart contracts for all of its goals.
Ocean is seeking to make the data sets on its platform available to startups and researchers. The catch is the data used this way doesn’t leave the blockchain or the Ocean network itself.
Numeraire (NMR)
Numeraire (NMR) is a decentralized blockchain platform that utilizes AI to forecast outcomes based on the data sets that it stores. The platform, therefore, offers incentives to scientists and researchers to feed it with sets of data and improve its features based on it.
The platform and the coin are based on the Ethereum blockchain and, therefore, share most of its features and downsides. The most obvious uses of such a network are for making predictions on the financial markets, which depends on numerous moving parts, but it can be used in other industries as well.
SingularityNET (AGIX)
SingularityNET (AGIX) has been made into a global AI marketplace. It’s a platform focused on the creation, sharing, and monetization of AI services. The platform is a peer-to-peer network connecting AI developers of all kinds and users looking for AI services.
It uses its native token called AGIX to streamline the exchange of these services. AGIX currently has a market capitalization of approximately USD 255.69 million on Binance and around USD 256.48 million on CoinMarketCap, making it the largest coin on our list.
Fetch.ai (FET)
Fetch.ai (FET) is a self-organizing smart ledger. It boasts of being the first such service currently available. It’s developed by a machine learning network to create a more collaborative and democratic AI system. The long-term vision for Fetch is to create a decentralized digital realm where autonomous software agents act on behalf of individuals and organizations.
The software created by the company and based on blockchain is used to execute tasks, negotiate deals, and interact within the decentralized network, therefore automating all the work done between AI entities. The network is based on Ethereum and Cosmos and has most of their features.
Conclusion
In 2024, the cryptocurrency landscape is witnessing the integration of artificial intelligence (AI) technology into its fabric, giving rise to AI-based crypto projects. These projects leverage AI to enhance various aspects such as trading, security, data analysis, and scalability within the blockchain ecosystem.
Investors seeking to engage with AI crypto coins should focus on key features like technological innovation, practical applications, collaborations, and regulatory compliance. The field of such projects is expanding, and it will soon include many new coins, but we’ve outlined five that stand out so far based on the criteria set above and not just profitability.