AI Cryptocurrencies

 What is an AI Cryptocurrency?

AI cryptocurrencies refer to digital tokens that are utilized within AI blockchain platforms like The Graph and SingularityNET. These tokens are employed by users to access the platforms and enjoy the benefits of integrated artificial intelligence.

Exploring the Leading AI Crypto Projects

We have examined the ten most prominent AI crypto projects based on their market capitalization to gain insights into how AI is being leveraged in this industry.

• The Graph (GRT)

Market cap: Approximately INR 100 billion

The Graph functions as a protocol for organizing and retrieving data from blockchains, similar to how Google indexes and retrieves data from websites. The platform tackles the challenge of indexing blockchain data by partitioning it into smaller units called "subgraphs." The native cryptocurrency of The Graph, known as GRT, was valued at approximately INR 6.88 at the time of writing, experiencing a decline from its peak of around INR 205.68 in February 2021.

• SingularityNET (AGIX)

Market cap: Approximately INR 45 billion

SingularityNET operates as a blockchain platform that enables individuals to create, share, and monetize AI services. It features an internal marketplace where users can browse and purchase AI services using the platform's native cryptocurrency, AGIX. Developers can earn revenue from AI solutions and models without the need to develop complete applications for end users. Similarly, developers have the option to procure AI solutions and models for implementation in their own applications. AGIX currently holds a value of around INR 13.77. Its peak value of approximately INR 131.91 was recorded in January 2018.

• Fetch.ai (FET)

Market cap: Approximately INR 28 billion

Fetch.ai represents an AI and machine learning platform built upon blockchain technology. It focuses on automating business tasks such as data processing and trading. The platform's native cryptocurrency, FET, is used for transactional purposes within the network. At present, FET is valued at approximately INR 18.70, witnessing a decrease from its peak of around INR 85.64 in September 2021.

• Ocean Protocol (Ocean)

Market cap: Approximately INR 19 billion

Ocean Protocol operates as an Ethereum-based platform that facilitates the exchange and monetization of data and data-based services for businesses and individuals. It enables the provision of data to researchers and startups without relinquishing control over the data itself. OCEAN, the native cryptocurrency of Ocean Protocol, is currently trading at approximately INR 19.69, down from its peak value of around INR 139.82 in April 2021.

• iExec RLC (RLC)

Market cap: Approximately INR 11 billion

iExec represents an AI blockchain platform that allows users to monetize their computing power and access on-demand cloud computing resources. RLC serves as the native cryptocurrency of iExec and is utilized for paying for services offered on the platform. At present, RLC is trading at approximately INR 128.03, experiencing a decline from its all-time high of around INR 984.90 in October 2021.

• Numeraire (NMR)

Market cap: Approximately INR 9 billion

Numerai operates as an AI blockchain network functioning as a hedge fund, utilizing artificial intelligence and machine learning for investments in global stock markets. Numeraire (NMR) serves as the native currency of Numerai, facilitating payments within the network. It is currently trading at approximately INR 1,302.40, down from its peak of around INR 13,004.49 in 2017.

• dKargo (DKA)

Market cap: Approximately INR 8 billion

dKargo utilizes blockchain technology and AI to address trust-related challenges in the logistics sector. By providing participants with credible data, the platform enhances the transparency of logistics operations. The native token of dKargo, DKA, is presently valued at around INR 1.97, having declined from approximately INR 53.19 in the winter of 2021.

• Phala Network (PHA)

Market cap: Approximately INR 7 billion

Phala Network is another blockchain platform augmented with AI capabilities, focusing on cloud computing while emphasizing privacy. It positions itself as a decentralized alternative to conventional cloud computing services like Amazon AWS or Google Cloud. PHA serves as the native currency within the network and is utilized for paying for cloud services offered by Phala Network. It currently trades at approximately INR 10.83, down from its peak of around INR 98.49 in May 2021.

• Covalent (CQT)

Market cap: Approximately INR 7 billion

Covalent functions as a network that aggregates data from multiple blockchains, including Ethereum, Polygon, and Avalanche. Developers can leverage this multi-chain data to create applications that address challenges in sectors such as finance and retail. CQT acts as the native token powering the network. Its current value is approximately INR 7.87. At its peak in August 2021, CQT was valued at around INR 139.89.

• Cortex (CTXC)

Market cap: Approximately INR 4 billion

Cortex operates as a blockchain platform that enables users to upload and execute AI models. Its aim is to integrate AI into smart contracts and decentralized applications (dApps). At the time of writing, CTXC is valued at approximately INR 20.69. Its trading value reached around INR 147.79 in May 2018.