Artificial Intelligence (AI) is being incorporated into our everyday life. There has been a surge in AI integration in all fields of work like content creation, healthcare, coding, and recently, cryptocurrencies.
Cryptocurrencies are the neo-payment method developed under blockchain technology, which is trackable and immutable. The combination of two cutting-edge technologies, namely, AI and cryptocurrencies has led to the formation of AI crypto tokens. Today, we’ll be exploring what AI crypto tokens are, their features, and applications.
What Are AI Crypto Tokens?
Unlike the popular belief that AI crypto tokens are made using Artificial Intelligence, these tokens are usually built by a team of developers to support AI projects within the blockchain ecosystem. Apart from facilitating transactions, these AI cryptos are also used as governance tokens and rewards in the platform.
AI crypto tokens are created similarly to other tokens on a blockchain. They are based on blockchain protocols like ERC-20, SPL, BEP-20, etc. The smart contacts, or digital agreements determine how these tokens are used. The companies usually issue the tokens as ICO (initial coin offering) or can be bought at exchanges. This is done to gather funds for the AI project on the blockchain.
The AI crypto plays a crucial role in AI project development. Apart from funding the project, it can also be used as utility and governance tokens.
The users who bought these AI crypto tokens become investors in the project and can govern the direction in which the project is heading. The AI crypto tokens are also used as rewards for people who contribute to AI projects and services.
Cryptocurrencies are one of the leading technological advancements in the past century. By incorporating it with AI, developers can create decentralized platforms and services for people that are independently governed by the people. This helps us to make sustainable and practical solutions to many of the problems we face today, like transactions, data management, and various other applications.
Top AI Crypto Tokens
AI crypto tokens are the talk of the town. It is advancing at an exponential rate, similar to how Artificial Intelligence (AI) is advancing with each passing day. Here, we have a list of the top AI crypto tokens according to the market cap:
Internet Computer (ICP):
Internet Computer or Internet Computer Protocol (ICP) was founded by Dominic Williams in 2016. The utility token was then named ‘DFN’ which was later changed to ‘ICP’. ICP is a blockchain network that projects itself as a sustainable alternative to centralized cloud providers.
The peer-connected network aims to decentralize and increase the computing speeds. ICP is currently trading at $14.23 with a market capitalization of $6,552,885,445.
Bittensor (TAO):
Bittensor is a blockchain-based machine-learning network that allows users to collaborate, help train the model, and extract data from its network.
The open-source platform aims to reshape Artificial Intelligence through collaboration. The users who collaborate in Bittensor are rewarded with the governance token TAO. While writing this article, TAO is trading at $647,89, with a market capitalization of $4,153,358,433.
The Graph (GRT):
The Graph is an indexing protocol used to optimize and organize the blockchain data. It is useful in Ethereum and other blockchain platforms, to make the data easily accessible with GraphQL.
The Graph’s utility and governance token is ‘GRT’, which is an ERC-20 token built on the Ethereum blockchain.Currently, GRT is trading for $0.430, with a $4,052,369,287 market capitalization.
Fetch (FET):
Fetch is a smart ledger designed with Artificial Intelligence (AI). It is a decentralized platform to build AI applications and services. It is also a decentralized machine learning platform where users can contribute and extract data.
The contributors are rewarded with the utility and governance token FET.FET is currently trading at a price of $2.58, with a market capitalization of $2,164,522,617.
SingularityNET (AGIX):
SingularityNET is a decentralized artificial intelligence platform and a marketplace. The company aims to make AI applications affordable to the general public. It aims to decentralize AI technology by incorporating the users and their contributions.
The native token AGIX is used for governance of the platform and is also used as a reward. As per today’s market, AGIX is trading at $1.174, with a $1,502,615,661 market capitalization.
Conclusion
AI crypto tokens have unlocked several new possibilities. The tokens enable developers to make decentralized AI projects and applications, making them easily accessible to consumers. The AI crypto token can be used for governance, utility, rewards, and as a form of transaction. Being developed in the blockchain, it is immutable and can be traded.
Today, there are more than 1000 AI crypto tokens that support various AI projects. Some of these AI projects or applications might change the course of human development. But, you need to be highly aware of the crypto scene to invest in it.
