Top 8 AI Cryptos In 2023: All You Need To Know
Earlier this year, cryptocurrencies witnessed a massive surge of interest and excitement propelled by a fascinating fusion of digital assets and artificial intelligence. This dynamic convergence, known as AI cryptocurrencies, continues to draw attention not only for their technological prowess but also for their potential to reshape industries and economies.
This comprehensive guide aims to provide an in-depth look at the most promising and valuable cryptocurrencies within this fast-evolving sector.
AI Cryptocurrencies Defined
AI cryptocurrencies represent digital assets linked with artificial intelligence (AI), machine language (ML), big data, and its associated computer science fields. They serve as a means of fundraising for AI-related research and development projects as well as utility tokens for projects harnessing AI and ML technologies.
However, it’s important to note that many AI cryptos predominantly leverage the trending AI narrative for aggressive marketing.
The Surge Of AI Cryptos In 2023
Q1 2023 witnessed a remarkable surge in AI cryptocurrencies, with numerous tokens experiencing over 950% price surge. This surge was primarily fueled by the heightened interest in OpenAI’s ChatGPT chatbot.
Beyond trading these tokens, enthusiasts can also leverage AI-powered platforms for educational purposes, including programming education, smart contract writing, and a deeper understanding of blockchain technology.
Categories Of AI Cryptocurrencies
Since the onset of the AI crypto wave last November, three distinct categories have emerged:
- Crypto Tokens for Fundraising: This category includes tokens like VXV, which are employed to raise funds for AI-driven projects.
- Governance Tokens (also known as native tokens): These tokens are integral to projects integrating AI for commercial objectives. Examples include NMR (Numeraire) and SURE (inSure DeFi).
- Tokens Leveraging AI Narrative for Marketing: This category is the largest and utilizes the AI narrative as a marketing tool without substantial integration into their underlying technology.
Harnessing AI In The Crypto Space
ChatGPT, a pivotal tool, serves a dual purpose in crypto. It’s a valuable resource for education, providing detailed explanations about various cryptocurrency-related queries.
Additionally, ChatGPT assists in learning programming languages, offering guidance in creating initial smart contracts or tokens. It also provides a means to verify the security of specific smart contracts through prompt audits.
8 Leading AI Cryptos As Of The 4th Quarter Of 2023
The leading 10 AI cryptocurrencies, organized based on their respective market capitalizations as of October 9, 2023, are:
- Render Network (RNDR): Launched six years ago, RNDR revolutionizes decentralized GPU-based rendering, facilitating the efficient coordination of GPU supply and demand for 3D image rendering. Market cap: $646 million on Binance.
- Fetch.ai (FET): This platform streamlines the integration of AI-powered services into existing business processes, enabling entrepreneurs to make their systems “AI-ready” without altering API configurations. Market cap: $230 million on Binance.
- SingularityNET (AGIX): Associated with Cardano (ADA), SingularityNET offers a range of AI products, including AI-Domain Specific Language (DSL) and a marketplace for AI/ML tools. Market cap: $222 million on Binance.
- Akash Network (AKT): A decentralized open-source supercloud, Akash Network allows secure and efficient buying and selling of computing resources. It operates on the Cosmos SDK and is compatible with the IBC protocol. Market cap: $206 million on KuCoin.
- Ocean Protocol (OCEAN): A pioneer in data Tokens, Data NFTs, and Compute-to-Data technology, Ocean Protocol decentralizes business data technologies. Participants can stake OCEAN tokens in protocol activities. Market cap: $130 million on Binance.
- Origin Trail (TRAC): Using a Decentralized Knowledge Graph, Origin Trail verifies the authenticity of goods, providing consumers with assurance in their purchases. Market cap: $85 million on BitMart.
- Numeraire (NMR): This open-source project focuses on building stock price prediction tools using AI and ML. Users can submit price predictions to control Numerai’s hedge fund capital. Market cap: $77 million on Binance.
- iExec RLC (RLC): Positioned as a one-stop Web3 marketplace for computational resources, iExec emphasizes privacy and offers its cryptocurrency, RLC, for in-app transactions. Market cap: $72 million on Binance.
It is worth mentioning that investing in cryptocurrencies involves risks, and it’s advisable to conduct thorough research and seek advice from financial experts before making any investment decisions.
Wrapping Up
The surge in AI cryptocurrencies was catalyzed by the launch of ChatGPT and DALL·E 3 image generator. This sector continues to evolve and presents exciting opportunities for investors and tech enthusiasts.
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