A Guide to the Top 10 AI Based Cryptocurrency Coins
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Top 10 AI Based Cryptocurrency: Here we go
We’ve looked at some of the biggest AI cryptocurrencies by market capitalization, according to CoinMarketCap*. But first, here’s a primer on what they are.”
Artificial intelligence (AI) and cryptocurrency are two of the most popular and cutting-edge technologies today, so it makes sense that they have merged into a new category of AI cryptocurrencies.
Before we dive into the top 10 AI cryptocurrencies by market capitalization, based on CoinMarketCap*, let’s explain what they are and how they work.
There is little or no regulation of the cryptocurrency market in India, which means you are on your own if you encounter any problems. Cryptocurrency is a risky investment and you could lose part or all of your money by buying it.
What are Cryptocurrencies?
Cryptocurrencies are a type of digital money. They can be used to buy or sell things, but they don’t come from central banks or go through traditional financial institutions.
Instead, they’re distributed. This means no one has authority over the records of balances and transactions, instead they’re maintained by people who use special software to volunteer for the task.
Volunteers join because they can get cryptocurrency for free by doing so, instead of buying it.
Cryptocurrencies’ values have fluctuated wildly due to a lot of speculation in the market over the past few years – reaching a peak in November 2021 before plunging in the spring of 2022.
What Is AI (Artificial Intelligence)
Artificial intelligence (AI) is a branch of computer science that allows machines to make choices based on data, gradually resembling human intelligence more and more.
Some recent examples that have gained popularity are AI-generated artwork – where a program uses natural language to understand user prompts and produce digital art pieces, and ChatGPT, an application that can ‘write’ according to what the user asks for.
In both cases, the outputs are so similar to what a human might create that they could be confused for human work, and these applications are becoming more advanced.
AI has many potential applications, and it has also entered the cryptocurrency field.
What is an AI based Cryptocurrency?
AI based cryptocurrency are coins that run AI blockchain networks like The Graph and SingularityNET. Users pay with coins to access the networks and their built-in artificial intelligence features.
We’ve examined the 10 largest AI crypto initiatives based on their market values to find out how AI is applied in the industry.
The Graph (GRT) Market value: About INR 100 billion
The Graph is a protocol for finding and accessing data from blockchains, similar to how Google finds and accesses data from websites. Blockchain data can be hard to index, but The Graph wants to make it easier by dividing data into smaller “subgraphs”.
Its own cryptocurrency, GRT, which runs on Ethereum, was valued at about INR 6.88 when this was written, lower than its February 2021 high of about INR 205.68.
SingularityNET (AGIX)
SingularityNET is a blockchain network that enables anyone to create, share and earn from AI services. It has an inbuilt market where users can search and buy AI services with the network’s own cryptocurrency – AGIX.
Developers can earn from AI products and methods without having to complete apps for final users. Likewise, developers can purchase AI products and methods to apply in their apps.
AGIX is valued at about INR 13.77 now. In January 2018, AGIX reached its highest at about INR 131.91.
Fetch.ai (FET) Market value: About INR 28 billion
Fetch.ai is a blockchain-based platform that uses AI and machine learning. Fetch.ai aims to automate business activities like data analysis and trading. Its own cryptocurrency, FET, is the payment method for transactions on the network.
When this was written, FET was worth about INR 18.70, lower than its September 2021 high of about INR 85.64.
Ocean Protocol (Ocean) Market value: About INR 19 billion
Ocean Protocol is a platform based on Ethereum blockchain that lets businesses and individuals share and earn from data and data-related services. This could involve giving data to researchers and startups without losing control over it.
OCEAN trades at about INR 19.69 now, lower than its April 2021 high of about INR 139.82.
iExec RLC (RLC) Market value: About INR 11 billion
iExec is a blockchain platform that uses AI to let users earn from their computing power, and to get cloud computing resources on demand.
RLC is the native coin of iExec, and is the payment method for using services on the platform. RLC trades at about INR 128.03 now, lower than its October 2021 record of about INR 984.90.
Numeraire (NMR) Market value: About INR 9 billion
Numerai is a blockchain network that works as a hedge fund, using AI and machine learning to invest in global stock markets.
Numeraire (NMR) is the native money of Numerai, enabling payments within the network. It trades at about INR 1,302.40 now, lower than its 2017 peak of about INR 13,004.49.
dKargo (DKA) Market value: About INR 8 billion
dKargo is a blockchain that uses AI to fix trust issues in the logistics sector. It does this by giving participants reliable data, thanks to the permanent nature of blockchain technology.
dKargo’s native token, DKA, is worth about INR 1.97 now, lower than around INR 53.19 in the winter of 2021.
Phala Network (PHA) Market value: About INR 7 billion
Phala Network is another blockchain platform that uses AI to enhance cloud computing, but with a focus on privacy. It’s seen as a decentralized alternative to traditional cloud computing services such as Amazon AWS or Google Cloud.
PHA is the native money of the network, and is the payment method for cloud services within Phala Network. It trades at about INR 10.83 now, lower than a high of about INR 98.49 in May 2021.
Covalent (CQT) Market value: About INR 7 billion
Covalent is a network that collects data from various blockchains, including Ethereum, Polygon and Avalanche. Developers can then use this multi-chain data to create apps that solve problems in sectors such as finance and retail.
CQT is the native token that runs the network. Its current value is about INR 7.87. In August 2021, CQT was valued at about INR 139.89.
Cortex (CTXC) Market value: About INR 4 billion
Cortex is a blockchain platform that lets users upload and run artificial intelligence models. The idea is that AI can be added to smart contracts and decentralized apps (dApps).
CTXC, when this was written, was valued at about INR 20.69. In May of 2018, it was trading at about INR 147.79.
*Market value figures accurate as of March 6, 2023
How Do I Buy AI Cryptocurrencies?
You can buy many AI cryptocurrencies using crypto exchanges such as Crypto.com and Coinbase, just like regular cryptocurrencies like Bitcoin and Ethereum.
To trade, you’ll need to open an account – which often requires some identity verification steps, and deposit some fiat money. You’ll then be able to go to the page of the AI cryptocurrency you want to buy within the exchange, enter the amount you’d like to buy and make the trade.
How Do I Store AI Cryptocurrencies?
Most exchanges offer a free crypto wallet service to store your private and public keys – the details needed to spend or trade your crypto assets. If you prefer, you can store your keys in an offline cold wallet.
Cold wallets are likely more secure than hot wallets, since hackers can’t attack them as easily. However, if you lose your login details for your cold wallet, you won’t get the help getting access to your keys that you’d get with a hot wallet.
Are AI Cryptocurrencies Safe?
The safety of AI cryptocurrencies – from both hackers and the fluctuations of the crypto market – depends on how you keep them and your risk tolerance.
On the latter, no crypto currency is immune to market changes, and 2022 was the year when crypto’s volatility was exposed.
Bitcoin, for example, began the year at about INR 2 million and finished it at about INR 1 million (-56%), but not before reaching about INR 3 million in March. Ethereum had a similar outcome, beginning 2022 at about INR 196,928.40 and ending the year at just below INR 98,463.29.
AI cryptocurrencies are the same. GRT dropped from about INR 43.32 in January 2022 to INR 5.90 (-86%) in December, while AGIX dropped from about INR 13.78 to about INR 2.95 (-78%).
For hackers, crypto wallets and exchanges are likely to stay a target for criminals – putting people’s assets at risk of the security that they and their exchanges use.
Cold wallets are a protection against hacks, but they become exposed once linked to a web-connected computer.
Conclusion
AI cryptocurrencies are a new and exciting category of digital assets that leverage the power of artificial intelligence and blockchain technology. They have various use cases, such as data sharing, cloud computing, hedge fund investing, logistics, and more. However, they also face challenges, such as market volatility, regulatory uncertainty, and security risks. If you are interested in buying or trading AI cryptocurrencies, you should do your own research, use a reputable exchange and wallet, and be prepared for the potential ups and downs of the crypto market.
FAQs
Q: What are AI cryptocurrencies?
A: AI cryptocurrencies are tokens that power AI blockchain platforms that offer various services and solutions based on artificial intelligence and machine learning.
Q: What are some examples of AI cryptocurrencies?
A: Some examples of AI cryptocurrencies are The Graph (GRT), SingularityNET (AGIX), Fetch.ai (FET), Ocean Protocol (OCEAN), iExec RLC (RLC), Numeraire (NMR), dKargo (DKA), Phala Network (PHA), Covalent (CQT), and Cortex (CTXC).
Q: How do I buy AI cryptocurrencies?
A: You can buy AI cryptocurrencies using crypto exchanges such as Crypto.com and Coinbase, just like traditional cryptocurrencies like Bitcoin and Ethereum. You will need to open an account, verify your identity, deposit some fiat money, and then find the AI cryptocurrency you want to buy on the exchange.
Q: How do I store AI cryptocurrencies?
A: You can store AI cryptocurrencies in crypto wallets that are either online (hot) or offline (cold). Online wallets are provided by most exchanges for free, but they are more vulnerable to hacking. Offline wallets are more secure, but they require more care and responsibility. You should always keep your private and public keys safe and never share them with anyone.
External Sources:
The article “Artificial Intelligence and Cryptocurrency: Separating Hype from Reality” by Bernard Marr, which discusses the potential and challenges of AI and blockchain integration.
The article “How AI is Changing the Cryptocurrency Industry” by CoinSpeaker Staff, which explores the impact and benefits of AI on various aspects of the crypto sector.
The article “The Future of AI and Blockchain: A Conversation with SingularityNET CEO Ben Goertzel” by Andrew Rossow, which interviews the founder of one of the leading AI blockchain platforms.
The article “AI and Crypto: These are the Breakthroughs We Need” by Ben Dickson, which outlines the current limitations and future possibilities of AI and crypto collaboration.
