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It is no secret that we have entered a new era of AI technology. With this surge, companies and projects are trying to capitalize on this hype. But can it make blockchain technology even better, or is this just a fad?
In this article, let’s examine the most talked about AI crypto projects to determine whether this is just one big hype wave or the future of blockchain.
AI Narrative
The reason why everyone is talking about AI cryptocurrencies in the first place is due to ChatGPT. While the chatbot does not use crypto or blockchain, let’s understand why this narrative started.
ChatGPT is an AI-powered chatbot from the San Francisco-based startup OpenAI. While you might think OpenAI is a new company, considering ChatGPT’s recent explosion at the end of 2022, the company was founded back in 2015.
In fact, Elon Musk was one of OpenAI’s earliest investors before deciding to leave the board in 2018.
If you haven’t used ChatGPT yet, it’s easy to see why the technology is taking off quickly. It is the first tool of its kind and is an incredible combination of Google Search and having an assistant who can hold a conversation.
What Are AI Tokens?
Artificial Intelligence tokens, or AI crypto tokens or coins, are digital assets associated with artificial intelligence (AI).
Here’s a breakdown of what AI tokens are and what they do:
- Purpose – AI tokens fuel various AI projects, applications, and services. They function within the blockchain ecosystem.
- Roles – There are three main roles for AI tokens:
- Transactions – Tokens act as a medium of exchange on AI-powered platforms.
- Governance – Some tokens grant their holders voting rights. This allows them to influence decision-making processes that affect the development and direction of the AI project or platform.
- Incentives – AI tokens can encourage users to contribute to the growth of the AI project.
Top 5 AI Tokens Right Now
The Graph (GRT)
The Graph (GRT) is associated with AI, but it’s not strictly an AI token in the way some tokens directly power AI functionalities. The project is an indexing protocol for blockchain data. It organizes this data to make it easier to query and analyze, which can be helpful for AI applications. Because the project helps organize data used by AI, its growth is often tied to the development of AI, and GRT’s price has seen pumps alongside interest in other AI tokens.
Fetch AI (FET)
Another top AI project on most people’s radars is Fetch AI. The project is an artificial intelligence lab working on an open, decentralized network powered by AI and crypto technology. Their end goal is to democratize access to AI by creating a platform where anyone can connect, share data securely using autonomous AI, and leverage the network’s collective intelligence to build and deploy intelligent applications.
SingularityNET (AGIX)
SingularityNET (AGIX) aims to democratize the accessibility of Artificial Intelligence (AI) services through its blockchain-powered platform. The project’s vision is to facilitate the development of Artificial General Intelligence (AGI), a hypothetical type of AI capable of understanding and learning any intellectual tasks humans can do.
Render Network (RNDR)
Render Network is a distributed GPU rendering platform that allows anyone with powerful graphics cards to share their graphics processing power with other users on the network.
However, the main target of GPU rendering is not AI but rather use cases like 3D models, videos, photos, and anything graphics-related. You can technically use this power to train AI models, but saying that the RNDR token is an AI token is far-fetched.
NEAR Procotol (NEAR)
NEAR Protocol is a decentralized application platform that facilitates developers’ building and deploying applications on the blockchain.
It is important to note that NEAR is not an AI token. However, its token price has almost doubled since March 5th as the hype surrounding Nvidia’s annual conference continues to drive AI-related tokens to the upside.
All Hype Or The Real Deal?
It is important to remember that because these companies found success does not mean their technology works well in the blockchain.
At the time of this writing, no AI feature can help crypto users, and AI does not increase blockchain speeds, decrease transaction costs, or bring more users. Furthermore, there aren’t any AI-powered trading bots that can help you make profits.
The most you can do is ask ChatGPT or Token Metrics what they think about a particular altcoin to save you some time from researching, but that’s about it.
