Key points
NEAR, Internet Computer, Artificial Superintelligence Alliance, Render, and Bittensor are blockchain projects designed to make AI more accessible and efficient.
These projects use artificial intelligence for a variety of tasks: optimizing network performance, creating autonomous agents, decentralizing AI training, and much more.
The fusion of AI and blockchain in the crypto space is driving innovation and opening up new opportunities for building decentralized applications, which ultimately benefits both users and developers.
Introduction
The merging of cryptocurrencies with artificial intelligence (AI) is one of the most exciting trends of the modern era. As AI becomes more deeply integrated into various sectors, the number of blockchain projects using AI to improve their ecosystems is growing.
In this article, we will look at the cryptocurrency AI projects with the largest market capitalization. As of August 2024, these are NEAR Protocol (NEAR), Internet Computer (ICP), Artificial Superintelligence Alliance (FET), Render (RNDR), and Bittensor (TAO). Let's take a closer look at each of them and how they integrate AI.
1. NEAR Protocol (NEAR)
Market cap: $4.68 billion (as of August 2024).
What is NEAR Protocol
NEAR Protocol is a first-layer blockchain designed to solve scalability problems, which are especially relevant for large networks like Ethereum. NEAR was launched in 2020. It uses a unique sharding technology called Nightshade, which distributes the load across different validator nodes and allows it to process thousands of transactions per second.
With this approach, NEAR offers a highly efficient and scalable platform for decentralized applications (DApp). In addition, the project provides cross-chain compatibility through the Rainbow Bridge, allowing assets to be moved between Ethereum and NEAR. The NEAR ecosystem also offers a second-layer solution called Aurora, which increases the networkâs compatibility with Ethereum-based applications.
How NEAR Uses AI
NEAR Protocol uses AI for a variety of tasks, including smart contract execution and DApp development. AI optimizes network performance by predicting and controlling traffic, which improves transaction efficiency and reduces latency.
Additionally, NEAR develops AI tools for developers that help automate and optimize the process of writing and deploying smart contracts. With these tools, even developers without advanced blockchain skills can create more complex and robust DApps.
Read more: What is NEAR Protocol (NEAR)
2. Internet Computer (ICP)
Market cap: $3.64 billion (as of August 2024).
What is Internet Computer?
The Internet Computer Protocol, developed by the DFINITY Foundation, is a blockchain project designed to expand the functionality of the Internet by creating a variety of DApps and Web3 services.
For example, developers can use ICP's multi-chain features and full-stack tools to create social media channels, enterprise platforms, games, virtual reality projects, and more. While traditional blockchains typically rely on cloud services to run DApps, ICP runs them directly on its decentralized network. This approach ensures high security, scalability, and efficiency.
How ICP Uses AI
AI plays a major role in the ICP ecosystem, empowering decentralized applications. ICP integrates AI algorithms directly into smart contracts and DApps, allowing them to autonomously perform complex calculations and make decisions. This solution is especially effective in DeFi, where 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 the Artificial Superintelligence Alliance?
The Artificial Superintelligence Alliance (ASI Alliance) includes Fetch.ai, SingularityNET, and Ocean Protocol. It is a strategic collaboration aimed at advancing decentralized general AI (AGI) and achieving artificial superintelligence (ASI).
With Fetch.ai's autonomous agents, SingularityNET's open-source AGI initiatives, and the Ocean Protocol's secure data exchange framework, the Artificial Superintelligence Alliance aims to accelerate AI research and innovation.
How the Artificial Superintelligence Alliance Uses AI
The platformâs autonomous agents are powered by AI algorithms and perform complex tasks, including contract negotiations, logistics optimization, and energy management. These agents can interact with each other and the blockchain in real time, creating a dynamic and efficient marketplace for all types of data and services.
The Artificial Superintelligence Alliance promotes decentralized AI by emphasizing open-source solutions and the fair distribution of AI innovations. This approach not only accelerates the pace of AI development, but also benefits a wide range of users.
Read more: What is the Artificial Superintelligence Alliance
4. Render (RNDR)
Market cap: $2.04 billion (as of August 2024).
What is Render?
Render is a decentralized platform where you can provide or access GPUs to render projects. It connects digital artists and studios with GPU owners who are willing to provide free computing power. The platform allows you to render high-quality graphics and animations using distributed graphics resources, thereby expanding the possibilities of content creators.
The RNDR tokens enable secure and automated payments on the platform via Ethereum-based smart contracts. This ensures a streamlined and transparent transaction process between creators and node operators. The decentralized approach not only reduces the costs associated with traditional centralized rendering services, but also makes visualization tools more accessible to a wider audience. This service is especially useful for smaller studios, independent artists, and creators who do not have access to expensive graphics hardware.
How Render Uses AI
Render uses AI to optimize rendering processes and improve overall network efficiency. AI algorithms allocate GPU resources, ensuring the fastest possible rendering without unnecessary costs.
AI is also used in the rendering process itself to improve the quality of graphics and animations. For example, for image scaling, texture generation, and real-time rendering. As a result, creators can create professional-grade content without expensive equipment.
Read 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 protocol that powers an open-source neural network for AI. Unlike traditional AI models that are controlled by centralized organizations, Bittensor aims to decentralize the training and use of AI by allowing anyone to contribute computing power and data to the network. The project supports a global distributed AI network, where participants are rewarded in TAO tokens.
How Bittensor Uses AI
The entire Bittensor protocol is based on AI. Its participants (miners) provide valuable data and computing power to train AI models on the network. In return, miners receive TAO tokens (the amount depends on the quality and volume of the contribution).
Bittensor also integrates AI into its consensus mechanism. It helps evaluate the contributions of participants and distribute rewards in a fair manner. In this way, the network encourages the use of useful data and computing resources, forming more accurate and efficient AI models.
In conclusion
The fusion of artificial intelligence with blockchain opens up new opportunities for technology development, innovation, and promising developments. NEAR Protocol, Internet Computer, Artificial Superintelligence Alliance, Render, and Bittensor are just a few of the popular AI projects in the blockchain space, each with its own unique approach and structure.
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