Key Points
NEAR Protocol, Internet Computer, Artificial Superintelligence Alliance, Render, and Bittensor are blockchain projects that aim to make AI technology more accessible and effective.
These projects integrate artificial intelligence in many ways, such as optimizing network performance, enabling autonomous agents, decentralizing the AI ââtraining process, and more.
The combination of AI and blockchain in the cryptocurrency space is driving innovation and creating new opportunities for decentralized applications, benefiting a wide range of developers and users.
Introduce
The intersection of cryptocurrencies and artificial intelligence (AI) is one of the most exciting developments in the technology space. As AI is increasingly integrated into various fields, more and more blockchain projects are looking to use AI to improve the ecosystem.
This article will explore the top AI cryptocurrency projects by market capitalization. As of August 2024, the top 5 AI projects include NEAR Protocol (NEAR), Internet Computer (ICP), Artificial Superintelligence Alliance (FET), Render (RNDR), and Bittensor (TAO). Letâs take a closer look at each project and how they are integrating AI.
1. NEAR Protocol (NEAR)
Market Cap: $4.68 Billion (as of August 2024).
What is the NEAR Protocol?
The NEAR Protocol is a layer 1 blockchain designed to solve the scalability issues commonly encountered in popular networks like Ethereum. Launched in 2020, NEAR uses a unique sharding technology called Nightshade, which allows the network to process thousands of transactions per second by distributing the workload across multiple validator nodes.
This approach allows NEAR to provide a highly efficient and scalable platform for decentralized applications (DApp). NEAR also provides cross-chain interoperability through the Rainbow Bridge, which allows users to transfer assets between Ethereum and NEAR. Additionally, the NEAR ecosystem offers a layer 2 solution called Aurora, which enhances the network's compatibility with applications running on Ethereum.
How does NEAR integrate AI?
The NEAR protocol integrates AI in many ways, especially in smart contract execution and DApp development. AI is used to optimize network performance by predicting and managing traffic, helping to improve transaction efficiency and reduce latency.
Additionally, NEAR is exploring AI-driven developer tools that will help automate and streamline the process of writing and deploying smart contracts. This will make it easier for developers to create more complex and reliable dApps without requiring extensive knowledge of blockchain technology.
Learn more: What is the NEAR Protocol (NEAR)?
2. Internet Computer (ICP)
Market Cap: $3.64 Billion (as of August 2024).
What is Internet Computer?
The Internet Computer Protocol is developed by the DFINITY Foundation and is a blockchain project that aims to expand the functionality of the Internet by enabling the creation of all kinds of DApps and Web3 services.
For example, developers can use ICP's multi-chain features and comprehensive tools to build social media channels, enterprise-focused platforms, games, virtual reality, and more. While traditional blockchains typically run DApps on cloud services, ICP runs DApps directly on its decentralized network. This can provide greater security, scalability, and efficiency.
How does ICP integrate AI?
AI plays a key role in the ICP ecosystem by enhancing the capabilities of decentralized applications. ICP supports the integration of AI algorithms directly into smart contracts and DApps, allowing complex computations and decision-making processes to be performed autonomously. This can be particularly useful in DeFi. AI can be used to optimize trading strategies, risk management, and even automate trading and financial services.
3. Artificial Superintelligence Alliance (FET)
Market Cap: $2.80 Billion (as of August 2024).
What is Artificial Superintelligence Alliance?
The Artificial Superintelligence Alliance (ASI) is a strategic collaboration between Fetch.ai, SingularityNET, and Ocean Protocol to advance decentralized Artificial General Intelligence (AGI) and ultimately achieve Artificial Superintelligence (ASI).
By leveraging Fetch.ai's autonomous components, SingularityNET's open-source AGI initiatives, and Ocean Protocol's secure data exchange framework, the ASI Alliance aims to accelerate AI research and innovation.
How does the Artificial Superintelligence Alliance integrate AI?
The platformâs autonomous components are powered by AI algorithms that can perform complex tasks such as contract negotiation, logistics optimization, and energy consumption management. These components can instantly interact with each other and with the blockchain, creating a dynamic and efficient marketplace for all types of data and services.
The Artificial Superintelligence Alliance is committed to advancing decentralized AI by focusing on developing open source solutions and equitably distributing AI innovations. This approach not only accelerates the growth of AI, but also ensures that these technologies benefit more people.
Learn more: What is the Artificial Superintelligence Alliance (ASI)?
4. Render (RNDR)
Market Cap: $2.04 Billion (as of August 2024).
What is rendering?
Render is a decentralized GPU rendering platform that aims to connect digital artists and studios with GPU owners with excess computing power. The platform allows users to render high-quality graphics and animations using distributed GPU resources, making it more accessible and affordable for creators.
Using the RNDR token, the platform supports secure and automated payments through smart contracts running on Ethereum, streamlining and increasing transparency in the transaction process between creators and node operators. This decentralized approach not only reduces the costs associated with traditional centralized rendering services, but also makes advanced rendering available to a wider audience, including small studios, independent artists, and creators who cannot afford expensive, high-end GPU hardware.
How does AI integrated rendering work?
Render uses AI to enhance the rendering process and improve the overall efficiency of the network. AI algorithms are used to optimize GPU resource allocation, ensuring that rendering tasks are completed as quickly and cost-effectively as possible.
Additionally, AI is used in the rendering process itself to improve the quality of graphics and animations, especially in tasks like image scaling, texturing, and instant rendering. This makes it easier for artists to achieve professional-level results without the need for expensive hardware.
Learn more: What is Render (RNDR)?
5. Bittensor (TAO)
Market Cap: $2.03 Billion (as of August 2024).
What is Bittensor?
Bittensor (TAO) is a decentralized, blockchain-based protocol that enables the creation of open-source neural networks and the use of AI. Unlike traditional AI models controlled by centralized entities, Bittensor aims to decentralize the training and use of AI, allowing all participants to contribute computing power and data to the network. This creates a global, distributed AI network, and contributors are rewarded with the TAO cryptocurrency for their participation.
How does Bittensor integrate AI?
The entire Bittensor protocol is built around AI. This allows participants (also known as miners) to provide valuable data and computing power to train AI models on the network. In return, miners are rewarded with TAO tokens based on the quality and volume of their contributions.
Bittensor also integrates AI into the network's consensus mechanism. The network uses AI to evaluate contributions and ensure that rewards are distributed fairly based on the value of contributions to the network. The idea is to incentivize the use of useful data and computational resources, which helps create more accurate and efficient AI models.
Summary
The combination of artificial intelligence and blockchain technology represents a new field in the technology world, promising the potential for innovation and disruption. NEAR Protocol, Internet Computer, Artificial Superintelligence Alliance, Render, and Bittensor are some of the popular AI projects in the blockchain space. Each project has its own unique approach and design.
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