What’s an AI cryptocurrency?
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 10 biggest AI crypto projects according to their market caps to see how AI is being used within the sector.
The Graph (GRT)
Market cap: £515,989,012
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 worth £0.0671 at the time of writing, down from its February 2021 peak of £2.09.
SingularityNET (AGIX)
Market cap: £160 million
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 apps for end users. Similarly, developers can buy AI solutions and models to use in their applications.
AGIX is currently worth £0.14. Back in January 2018, AGIX peaked at £1.34.
Fetch.ai (FET)
Market cap: £152.7 million
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.
At the time of writing, FET was valued at £0.19, down from its September 2021 peak of £0.87.
Ocean Protocol (Ocean)
Market cap: £126.2 million
Ocean Protocol is a Ethereum-blockchain-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 currently trades at £0.20, down from its April 2021 peak of £1.42
iExec RLC (RLC)
Market cap: £105.5 million
iExec is an AI blockchain platform that allows users to monetise their computing power, and to access on-demand cloud computing resources.
RLC is the native cryptocurrency of iExec, and is used to pay for using services on the platform. RLC is currently trading at £1.30, down from an all-time high of around £10 in October of 2021.
Numeraire (NMR)
Market cap: £78.1 million
Numerai is an AI blockchain network that acts as a hedge fund, using artificial intelligence and machine learning to make investments in stock markets globally.
Numeraire (NMR) is the native currency of Numerai, facilitating payments within the network. It’s currently trading at £13.22, down from a peak of £132 in 2017.
dKargo (DKA)
Market cap: £67.6M
dKargo is a blockchain that uses AI to solve trust issues within the logistics sector. It does this by providing participants with credible data, thanks to the indelible nature of blockchain technology.
dKargo’s native toke, DKA, is currently worth £0.02, down from around £0.54 in the winter of 2021.
Phala Network (PHA)
Market cap: £50.4 million
Phala Network is another AI-augmented blockchain platform concerning cloud computing, but with a focus on privacy. It’s positioned as a decentralised alternative to traditional cloud computing services such as Amazon AWS or Google Cloud.
PHA is the network’s native currency, and is used to pay for cloud services within Phala Network. It currently trades at £0.11, down from a peak of £1 in May 2021.
Covalent (CQT)
Market cap: £40.1 million
Covalent is a network that aggregates data from various blockchains, including Ethereum, Polygon and Avalanche. Developers can then leverage this multi-chain data to develop apps that solve problems in sectors such as finance and retail.
CQT is the native token that powers the network. Its current value stands at £0.08. At its peak in August 2021, CQT was worth £1.42.
Cortex (CTXC)
Market cap: £43.8 million
Cortex is a blockchain platform that allows users to upload and execute artificial intelligence models. The idea is that AI can be incorporated into
smart contracts and
decentralised apps (dApps).
CTXC, at the time of writing, was valued at £0.21. Back in May of 2018, it was trading at £1.50.
*Market cap figures accurate as of 17 January 2023
coinmarketcap.com
