Artificial Intelligence Altcoins continue to rock the market, gaining over 51% last week. Many are mid-sized utility tokens that provide protocols for everything from decentralized data to a human robot. We took a look at 5 of them that stand out.
Artificial Intelligence Altcoins Shaking the Market
The Graph (GRT)
GRT is the top-ranked artificial intelligence altcoin with a market cap of over $1.1 billion, with a dominance of over $500 million against its closest competitor (SingularityNET, currently at $517 million). GRT is a decentralized platform for indexing and querying data from Blockchains, specially designed for the decentralized web (Web3). It uses a new indexing and querying mechanism that enables fast and efficient data retrieval from decentralized sources. This makes it an important infrastructure component for decentralized applications (dApps).
What sets GRT apart from other AI altcoins is its focus on providing efficient and reliable data retrieval for decentralized applications. Additionally, GRT is designed to be a decentralized network where validators are encouraged to contribute computing resources to indexing and querying data. This sets it apart from other centralized solutions on the market, making it a truly decentralized and open platform for data indexing and retrieval.
SingularityNET (AGIX)
AGIX is an AI marketplace that acts as an ecosystem for AI-related applications and projects. It gained popularity for its focus on democratizing AI and allowing developers to easily access AI resources, allowing developers to create, share, and monetize AI services within their ecosystem. AGIX, also known for his work on the development of the Humanoid Robot Sophia, Dr. It was created by a team of AI and Blockchain experts led by Ben Goertzel. The project works on both Ethereum and Cardano.
AGIX was created to provide a decentralized platform for artificial intelligence development. Also, Sophia serves as a demonstration of the technology’s potential. AGIX is now essentially an AI market that allows different actors to use their own network. It also includes a staking platform that allows the use of AGIX tokens to help protect the platform’s market for AI altcoins.
Fetch.ai (FET)
FET resides in the Cosmos ecosystem and basically functions as a layer 1 protocol that allows users to use the peer-to-peer automation bot service using AI. Created by a team of experts in AI, Blockchain and cryptography. The team was founded by Humayun Sheikh, Thomas Hain and Toby Simpson, all of whom have extensive experience in the development of intelligent systems and decentralized technologies.
What makes FET unique is that it uses artificial intelligence and Blockchain technology to create a decentralized network for intelligent automation. The network enables self-organizing systems. It also offers a platform for building and deploying other AI-powered decentralized applications. However, unlike Singularity, which is essentially an AI marketplace, Fetch uses agents to create smart contracts that can detect and perform certain functions.
Additionally, FET has a unique consensus mechanism that combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) elements, using this unique consensus mechanism to operate as a decentralized AI-powered network enabling Intelligent Automation. Fetch.ai’s digital tokens focus on smart automation, which serves as a means of accessing the platform’s resources and services, providing a direct incentive for token holders to actively use and participate in the network.
Ocean Protocol (OCEAN)
OCEAN is a big data project created by a team of seasoned technology and business professionals led by Bruce Pon and AI researcher Trent McConaghy. The two got together to create Ocean in 2017, based on the idea that it could function as a decentralized data storage and privacy service (think VPN, browsers, etc). They provide Data NFTs, Data farming, and expansion of the Ocean DAO and ecosystem. Data NFTs developed by OCEAN offer an IP framework that combines ERC20 and ERC721, potentially providing multiple revenue streams versus base IP with different sublicenses. cryptocoin.comAs you follow, OCEAN is also on the World Economic Forum’s list of innovators in the data economy.
VAIOT (VAI)
With a market cap of just $40.34 million, VAI has very low capitalization when it comes to artificial intelligence altcoins. The interest in it comes from providing intelligent services powered by IBM. It offers a portfolio of Blockchain-based AI assistants and on-chain smart contracts to provide automated services and transactions for businesses and consumers.
Similar to ChatGPT’s integration with Microsoft Teams, VAIOT combines artificial intelligence and Blockchain to create a business-focused collection of Intelligent Virtual Assistants that appeal to both consumers and businesses. These virtual assistants will act as a new digital medium for selling, delivering and executing products and services, and more importantly, will focus on allowing mobile integration. VAIOT’s ultimate goal is to create a digital platform that uses VAIOT’s Blockchain and VAI tokens for both business-to-consumer (B2C) and consumer-to-consumer (C2C) transactions between users.
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