Top 10 Artificial Intelligence (AI) Cryptocurrencies – Forbes Advisor Australia
AI cryptocurrencies are tokens that power AI blockchain platforms such as The Graph and SingularityNET. Users spend tokens in order to use the platforms and the benefits of their integrated artificial intelligence.
We’ve looked at the top 10 AI crypto projects according to their market caps, exploring how AI is implemented and the unique value it brings to each platform.
1. Render (RNDR)
Market cap: $US3 billion
Render Network is a decentralised platform that connects artists and creators with powerful computer resources to help them create high-quality 3D graphics and animations. The platform allows people to pool unused computing power, which can then be used by creators for a fee. The platform uses its own cryptocurrency, RNDR, to reward users who contribute their computing power and to facilitate transactions within the network. With applications in fields like gaming, virtual reality, and the metaverse, Render Network is making it easier for artists to create visual content without the need for expensive hardware.
RNDR was trading at $US7.92 as of April 20, 2024, down from its recent peak of $US13.60 in March.
2. Bittensor (TAO)
Market cap: $US2.9 billion
Bittensor aims to create a neural internet by revolutionising the development of machine learning platforms. The project is establishing a peer-to-peer marketplace for machine intelligence where AI models can combine their intelligence, essentially creating a “digital hive mind.” This innovative, decentralised method is designed to enable swift expansion and sharing of knowledge among AI systems.
As of April 2024, TAO was trading at $US442, down from its recent peak of $US676 at the start of the month.
3. The Graph (GRT)
Market cap: $US2.46 billion
The Graph is a protocol for indexing and querying data from blockchains in a similar way that Google indexes and queries data from websites. Indexing blockchain data can be challenging, but The Graph aims to change that by organising data into smaller ‘subgraphs’.
Its native, Ethereum-based cryptocurrency, GRT, was trading at US$0.26 as of April 20, 2024, down from its February 2021 peak of US$2.34.
4. Theta Network (THETA)
Market cap: $US2 billion
Theta Network is a decentralised blockchain platform that combines the Theta Blockchain and the Theta Edge Network to provide infrastructure for AI, media, and entertainment applications. The Theta Blockchain supports smart contracts and is compatible with the Ethereum Virtual Machine (EVM), while the Theta Edge Network offers distributed GPU computing power for various tasks. Theta utilises a dual token system, with THETA as the governance token and TFUEL as the operational token. The platform is supported by a network of enterprise validators and partners from the technology and entertainment industries.
As of April 20, 2024, one THETA token was trading at $US2.08 and the project’s operational token TFUEL was at $US0.087.
5. Fetch.AI (FET)
Market cap: $US1.8 billion
Fetch.ai is an AI and machine learning platform based on the blockchain. Fetch.ai is all about automating business tasks such as data processing and trading. Its native cryptocurrency, FET, is used to pay for transactions on the network. Fetch.ai recently proposed a merger with SingularityNET and Ocean Protocol, which is currently going through the process of approval. The three-way merger has been dubbed the “Artificial Superintelligence Alliance” and if it goes ahead, the tokens of all three projects will become amalgamated under the one token “ASI”.
As of April 20, 2024, FET was valued at $US2.16, down from its peak of $US3.47 from last month.
6. SingularityNET (AGIX)
Market cap: $US1.13 billion
SingularityNET is a blockchain platform that allows anyone to build, share and monetise AI services. It has an internal marketplace where users can browse and pay for AI services in the platform’s native cryptocurrency—AGIX.
Developers can make money from AI solutions and models without having to fully build out and develop apps for end users. Similarly, developers can buy AI solutions and models to use in their applications.
SingularityNET is part of the proposed three-way “Artificial Superintelligence Merger” merger with Fetch.ai and Ocean Protocol.
AGIX was worth $US0.88 as of April 20, 2024. Back in January 2018, AGIX peaked at $US1.85.
7. Akash Network (AKT)
Market cap: $US902 million
Akash Network is a decentralized cloud computing platform that utilizes blockchain technology to create a marketplace for buying and selling unused computing resources. The platform aims to provide a more cost-effective and flexible alternative to traditional centralized cloud service providers. Users can deploy and manage applications on the decentralized network, with transactions facilitated by the native token, AKT. The token also serves to reward network participants and govern the platform.
AKT was worth $US3.86 as of April 20, 2024, down from its peak of $US8.08 in 2021.
8. Echelon Prime (PRIME)
Market cap: $US699 million
Echelon Prime is a gaming ecosystem that integrates blockchain technology and AI to enhance the gaming experience. The platform supports game development studios and projects by providing the necessary tools and infrastructure to incorporate AI-powered features and blockchain-based token incentives into their games. One of the key games within the Echelon Prime ecosystem is “Colony,” which heavily utilises AI agents in various aspects of gameplay, creating a unique and dynamic gaming environment.
Echelon Prime’s native token, PRIME, is used for token incentives and governance voting within the ecosystem, allowing players to have a say in the development and direction of AI-powered games like “Colony.” PRIME was worth $US19.54 as of April 20, 2024, down from its peak of $US28.08 last month.
9. AIOZ Network (AIOZ)
Market cap: $US189 million
AIOZ Network is a blockchain that is built to be a comprehensive infrastructure solution for Web3 storage, decentralised AI and content distribution. The blockchain is interoperable with both Ethereum and Cosmos-based blockchains. The goal for the project is to create a content delivery network, which is a set of geographically dispersed servers that work together to provide Internet users a seamless experience when accessing digital content.
AIOZ was priced at $US0.17 as of January 3, 2024, down from its April 2021 all-time high of $US2.17.
10. Ocean Protocol (Ocean)
Market cap: $US300 million
Ocean Protocol is an Ethereum-based platform that allows businesses and individuals to exchange and monetise data and data-based services. This might involve making data available to researchers and startups without the data being relinquished by the data holders.
Ocean is trading at US$0.52 as of January 3, 2024, down from its April 2021 peak of US$1.94.
