2 Top Artificial Intelligence (AI) Cryptocurrencies That Could Soar in the Bull Market
There’s been a recent surge in investor interest in projects that are operating at the convergence of the artificial intelligence (AI) and cryptocurrency spaces. In 2024, as excitement about AI reached new heights, numerous cryptocurrencies that branded themselves as AI-related solutions have experienced significant gains.
While the intersection of these technologies presents intriguing possibilities, the recent spike in interest may have inflated the values of many AI-branded cryptocurrencies. In typical crypto-market fashion, amid the noise, only a handful of these projects are likely to stand the test of time and hold their value.
In my view, Render (CRYPTO: RNDR) and Bittensor (CRYPTO: TAO) hold true potential for long-term growth and offer genuine utility beyond the hype.
The future of AI computing
Render is a blockchain network that aims to democratize access to the resources needed for content rendering, particularly video cards (GPUs). Founded in 2017, Render emerged from the ambitious idea of utilizing blockchain technology to revolutionize graphics rendering.
Rendering — the process of creating highly realistic images from 3D models — requires significant time and hardware, especially to meet the high visual standards that viewers have for today’s cinema, video games, and other virtual creations. Render’s blockchain connects users requiring GPU computing power with those possessing it, enabling creators to produce high-quality 3D content without the need to purchase expensive hardware.
Render’s dynamic pricing system evaluates each GPU workload for rendering and efficiently distributes project tasks among available GPUs on its network. A sophisticated algorithm optimizes resource allocation, with the selected GPUs rendering the design and producing the required output. Content creators compensate GPU providers using RNDR tokens, based on the rendering task’s complexity and resource usage.
Beyond its technological potential, Render has a sound token model that should bolster its value. Following a burn-and-mint system, users pay for rendering tasks with dollars and then an equivalent amount of tokens are burned. The total supply that can be created is capped at 536,870,912 tokens, and roughly 70% of those are currently in circulation. It had minimal private sales in its early years, with the vast majority of the token supply in the hands of the public, a true rarity these days.
While Render initially aimed to revolutionize graphic rendering, its innovative design offers vast potential for various AI applications as well as in the metaverse. For creators looking to leverage generative AI to create video, animations, and photos, Render’s distributed network could prove to be invaluable. In addition, as the spatial web — aka, the metaverse — continues to evolve, there will be increasing demand for GPU resources to produce high-quality 3D renderings and photorealistic holograms.
The home of decentralized AI
Bittensor represents a decentralized network of artificial intelligence models. Its miners form the backbone of the network, providing users with access to a diverse range of models to tackle various AI tasks.
To grasp Bittensor’s capabilities, let’s contrast it with ChatGPT. While renowned for its human-like responses and widespread adoption, ChatGPT isn’t without limitations: One could describe it as being akin to a single student in a classroom who has broad knowledge, but lacks depth in nuanced subjects. Bittensor, on the other hand, offers access to a multitude of AI models, each specialized in distinct tasks, effectively giving users access to an entire “university” compared to just one “student.”
Moreover, Bittensor fosters a collaborative environment in which models can learn from one another, breaking down the silos that confine traditional AI models like ChatGPT. This approach not only mitigates censorship resistance, but also promotes greater capabilities in those models. In essence, Bittensor aims to be the AI equivalent of Bitcoin (CRYPTO: BTC), with miners rewarded for providing access to AI models, and users benefiting from decentralized, trustworthy access to these models.
It also took a page out of Bitcoin’s book in the form of its monetary policy. Like Bitcoin, Bittensor has a capped supply of 21 million coins, and undergoes periodic halvings that cut the rate of new coin production. There are currently just 6,609,871 coins in circulation; the rest are scheduled to be released over the next 22 years.
In a landscape dominated by big tech companies, Bittensor promotes an AI future built on innovation, censorship resistance, and decentralization. Its future applications could span industries from healthcare and finance to education and entertainment, unlocking new possibilities for AI-driven solutions and empowering users with trustworthy access to advanced AI capabilities.
Should you invest $1,000 in Render Token right now?
Before you buy stock in Render Token, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Render Token wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $466,882!*
Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.
*Stock Advisor returns as of April 15, 2024
RJ Fulton has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Render Token. The Motley Fool has a disclosure policy.
2 Top Artificial Intelligence (AI) Cryptocurrencies That Could Soar in the Bull Market was originally published by The Motley Fool
