AI has taken the world by storm, with its generative capabilities that can make our lives a lot more easier. AI has quickly become a staple of cutting-edge technology in the year 2024. The cryptocurrency market has also given birth to multiple cryptocurrencies that stand out with its mind-boggling AI capability. Blending the innovative nature of Artificial intelligence with blockchain technology can result in something better of the two worlds.
AI-powered cryptocurrencies are hot right now and the demand for them is increasing over time. Investors and traders are looking at them as a safe investment option, given the attention AI is getting these days. However, not all projects are safe and future-proof. So, it is important to know the best AI-powered technologies you can look forward to in 2024, which you can expect to see in this article. We will also explore everything you should know about AI cryptocurrencies.
What are AI-powered cryptocurrencies?
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Cryptocurrencies that utilize the novel concept of Artificial Intelligence to improve their blockchain ecosystem. AI can improve the user experience by automating trading, providing real-time analysis, and much more. Meanwhile, AI can benefit from the transparency and security of blockchain technology. The merging of AI and blockchain creates a new generation of cryptocurrencies and AI applications that are significantly better than other existing models.
AI-powered coins use machine learning techniques and natural language processing to learn and communicate with the users. It can crunch large amounts of data at a time and provide insightful analytics quickly. So, imagine a situation where you are contemplating finding the best time to enter or exit a market, you can do it with your AI sidekick and even make contingency plans with it.
Now, AI does not only help in the user end of things, but it can be a great addition to the development side of a blockchain too. The AI can constantly analyze and study smart contracts, look for any vulnerabilities, and suggest changes that can be detrimental to the security of the applications in that particular blockchain.
Why Invest in AI Cryptocurrencies?
The cryptocurrency market is expecting another bull run anytime soon. It is speculated that both small and big cryptocurrencies will uptrend during this period. While the price hike can seem massive in established cryptocurrencies such as Bitcoin, Ethereum, and Solana, during a bull run, more lucrative opportunities come with young blockchain projects, especially AI-blockchain projects that have a lot of potential to become the next big thing. Investing in AI-powered cryptocurrencies today would be similar to investing in a startup before it becomes a tech giant in the future.
However, as with any project, you should be aware of the potential losses too. Not all AI-powered cryptocurrencies have the potential to deliver on their goals. Some may die trying and can be taken over by other projects. So, AI cryptocurrency investments can be highly rewarding, and risky at the same time, similar to any other investment. So, you should do your research about the project you are about to invest in, and only invest what you can afford to lose.
7 Best AI-Powered Crypto Projects of 2024
So, you already know what AI cryptocurrency projects are and why it is garnering much attention in the market. We have scoured the internet to find the best AI-powered crypto projects of 2024. From hundreds of projects, we have short-listed the best 7:
| Sl | AI-Powered Cryptocurrency | Market Cap |
|---|---|---|
| 1 | Near Protocol (NEAR) | $5.25B |
| 2 | Internet Computer (ICP) | $3.8B |
| 3 | Bittensor (TAO) | $3.75B |
| 4 | Artificial Superintelligence Alliance (FET) | $3.12B |
| 5 | Render (RNDR) | $2.58B |
| 6 | The Graph (GRT) | $1.5B |
| 7 | Theta Network (Theta) | $1.18B |
1. Near Protocol (NEAR)
Near Protocol is one of the leading AI cryptocurrencies in terms of market capitalization. It is a community-driven cloud computing platform that tackles many challenges that traditional cryptocurrencies faces, such as high transaction fees, low scalability, and low throughput, using its unique consensus mechanism called “Doomslug”.
Because of the advanced infrastructure, the blockchain protocol is used by a number of AI DeFi Applications because of the low transaction fees, and high throughput that Near Protocol provides. NEAR is the native cryptocurrency of Near Protocol and it is currently sitting at a value of around $4.26 at the time of writing this article.
2. Internet Computer (ICP)
Internet Computer is a blockchain protocol that incorporates radical thinking into the blockchain design. The platform can be used for building almost any service or product including demanding social media websites, and other useful applications without having superior IT knowledge and resources. It provides complete decentralization for the developers and the users.
The sharding technology used in Internet protocol splits the network into small segments that handle transactions simultaneously. This technique improves transaction speed and reduces transaction fees. The innovative consensus mechanism can also be better for the environment as it does not require too much electric energy to run.
3. Bittensor (TAO)
Bittensor is a blockchain-based machine learning network. It is an open-source protocol that offers the decentralization of blockchain technology. On the network, users can collaboratively train their machine-learning models and collect TAO, the native cryptocurrency as rewards. Users can also include the machine learning abilities of Bittensor in their own applications and customize the model according to specific needs.
The TAO coin is currently priced at about $494.64, and the community sentiments are bullish. As AI is invading more industries at a rapid pace, TAO has the potential to go higher, bringing a considerable ROI.
4. Artificial Superintelligence Alliance (FET)
Artificial Superintelligence Alliance is a merger between three major players in AI-based cryptocurrencies such as Fetch.ai, SingularityNet, and Ocean Protocol. According to the creators, this multiple-coin merger marks a significant step toward creating a fully decentralized AI ecosystem.
The coins $AGIX and OCEAN have merged into $FET and the Fet has rebranded itself as the Artificial Superintelligence Alliance across platforms. With the merger, the Artificial Superintelligence Alliance has become the largest open-sources independent entity in the AI research space. The platform stands for advancements in the AI space which seems like is the future of the world.
5. Render (RENDER)
Render is a decentralized blockchain network that provides GPU-based rendering solutions. Users can use the network to monetize their idle GPU compute power to the artists looking to scale intensive 3D rendering tasks. Through the peer-to-peer network of the blockchain, Render makes it possible to build a highly scalable cloud computing platform that both the providers and users benefit from. In addition to 3D rendering, users can utilize the GPU compute power for other needs such as machine learning and running generative AI tasks.
As more and more entities and looking to build their own Generative AI models, there is a dire need for a highly scalable, decentralized, and fast cloud computing network. Which is exactly what you get with Render. By investing in the native token, RENDER (formerly RNDR), you can support the goal of the platform and have a stake in the network that has a big potential ahead.
6. The Graph (GRT)
The Graph is a decentralized indexing platform for the blockchain ecosystem. It works similarly to Google by making dApps searchable in the blockchain networks. Users can explore various dApps that they need with the help of The Graph. To swerve the users with better search results, The Graph uses AI optimization in their indexing process. This AI-based approach is baked into the decision-making algorithm of The Graph, which helps lower barriers to accessing the vast Web3 data.
The Graph uses its native token, GRT to incentivize the network participants that perform indexing and query tasks. Users who are searching for specific data through The Graph should pay the fee in GRT. So, GRT is a cryptocurrency that is essential for the functioning of The Graph, with the AI model improving with user inputs, The Graph has a bright future ahead. By investing in it, you can potentially capitalize on this growth in the long term.
7. Theta Network (Theta)
Theta is a Layer 1 blockchain that serves as a decentralized infrastructure for Video, AI & Entertainment needs. It is a cost-effective solution for developers and businesses that primarily focus on these industries. Theta Network is compatible with Ethereum smart contracts, providing a versatile environment for the developers.
Unlike other blockchains, Theta Network has two complementary subsystems; Theta Blockchain and Theta Edge Network, and follows a multi-coin approach; Theta for staking and governance, and TFUEL for transaction fees and smart contract operations. Theta Network has big plans for the future which include launching a cloud computing platform called Theta EdgeCloud.
Conclusion
AI is the hottest-selling product in 2024. From computers, and smartphones to even toothbrushes, everything is jumping onto the bandwagon of AI to optimize their services. We are seeing similar changes in the crypto industry as well. Today, you can find many AI-based cryptocurrencies in the market. In this article, we have explored the 7 best AI-powered cryptocurrencies in terms of market capitalization. While they have the potential to bring you significant ROI, you should be aware of the potential risks and should make contingency plans before investing.
