The new crypto investing that will be trending throughout 2023 is the AI crypto investing. We are currently entering a new era of the AI revolution. The market cap for AI and big data was valued at $163.5 billion in 2021 and is projected to reach $473 billion by 2030, with an estimated annual growth rate of 12.7%. This is a giant sector that will transform human life. I will explain briefly how AI works by accessing big data.
What are the best AI Crypto investing in 2023?
Big data and AI will work together in synergy. Think of big data as the power source and AI as the cable and plug. It is not easy to explain this AI sector because there are many new terms that we have never heard before. For example, we will discuss subgraph, AGI, digital twin, autonomous agent, gatekeeper, intelligent agent, and many more.
8 potential ai token/coins for AI crypto investing in 2023
1. The Graph (GRT) – “considered the blue chip AI crypto investing – NFA”
If we check the Coinmarketcap.com, The Graph with its token GRT ranks first in this sector with a market cap of over $600 million and ranks around 60th overall. So, The Graph can be considered the blue chip of the AI sector. The Graph’s vision is to become the Google of blockchain. The Graph is an indexing protocol for blockchain data. Indexing makes it easier for people to find data.
In the case of The Graph, it is the data on the blockchain. Just as Google indexes data on websites, the blockchain is essentially a history of transactions that occur on it. If one blockchain can validate millions of transactions and data, an indexing role like Google Search in the blockchain is much needed. The Graph is a decentralized indexing protocol for Ethereum and IPFS that is far more advanced than blockchain explorers such as Etherscan.
This project started in 2017 and began its ICO in June 2018. Now, how is The Graph’s business model? Because the life or death of a crypto token or coin is determined by its business model. The Graph functions as a marketplace for specific data on Ethereum. Each data set is called a subgraph and can be viewed through Graph Explorer.
There is data from several DApps such as Uniswap, Audius, Loopring, AAVE, and many more. In each subgraph, there is a description of a particular smart contract that allows someone to create another DApp based on that data. These subgraphs are an essential part of The Graph’s ecosystem. The use case for the GRT token is to incentivize and reward contributors and the community. GRT is also used to pay query fees and can be staked to become an indexer or curator and participate in its governance.
There are several ways to participate in The Graph network:
- Become an indexer. Indexers are node operators that process indexing and query services. They receive query fees and indexer rewards.
- Become a curator or subgraph developer. Curators deposit GRT and receive a share of the query fee in the subgraph they release.
- Become a delegator. What is the function of a delegator? They are the ones who secure the network but do not want to run a graph node themselves. It is somewhat similar to the PoS system.
- Become a consumer. Consumers or end-users of The Graph are people who buy query subgraphs in the marketplace.
The Graph is in the top rank in the AI sector with a market cap of 1.4 billion dollars. At the time of writing this article, it ranked 41st, and 83% of it had already circulated.
2. FETCH.AI (FET)
FETCH.AI was founded in 2017 and first listed on the exchange through an IEO on Binance in March 2019. Fetch.ai is a marketplace for AI and machine learning, which they refer to as Autonomous Agent technology. It is called autonomous because it is not owned by a single entity, but by people or peers. These autonomous agents are also referred to as digital twins, which are virtual representations of physical objects. For example, a representation of a particular person and then modeling its performance based on the object that is being imitated through machine learning.
These digital twins can be used in several sectors such as design, engineering, trading, asset management, and more. The token is FET, which serves as a means of exchange in the Fetch.ai ecosystem. If we want to use the services available in the FET chain, we must use this FET token. Actually, Fetch.ai is also a layer 2 on Ethereum and built on the Cosmos SDK, which supports the Interchain protocol.
There are 4 important elements in Fetch.ai:
- Digital Twin Framework: Its function is to help developers build skills, marketplaces, and intelligence for digital twins. In essence, it is a platform for building digital twins.
- Open Economic Framework: This is a search engine facility for digital twins.
- Digital Twin Metropolis: It is a smart contract that runs on a Web Assembly virtual machine.
- Fetch blockchain.
At the time of writing, Fetch.ai is ranked 115th with a maximum supply of 3.4 billion tokens or coins.
3. Ocean Protocol (OCEAN)
Ocean Protocol is a marketplace for data that uses an automated Maker system. It can be said that this is a DEX for data, not for tokens in general. It is a place where people can publish and sell data. Since it uses blockchain, the data that has been published cannot be deleted. Its mission is to initiate a new data economy for everyone.
Ocean Protocol is managed by a non-profit organization in Singapore. Its mission is to open access to the platform, provide data governance, grow the ecosystem, and make the platform more decentralized over time. The Ocean Protocol Foundation has contacted BIGCHAIN DB to build the core protocol, network, and community activities. When we writing this article, the Ocean Token is ranked 132nd on Coinmarketcap.com, with a maximum supply of 1.4 billion coins.
4. PHALA Network (PHA)
PHALA Network is a decentralized cloud computing protocol and a direct rival to traditional cloud computing services such as Amazon AWS and Google Cloud. The cloud computing market is around $545 billion in 2022 and is predicted to reach $1.2 trillion in 2027. Cloud computing is the maintenance of web-based data storage used for computing resources. All applications that we use on our phones certainly use Cloud Computing to retrieve data. Phala wants to become the decentralized version of it. Phala Network runs on top of its parachain on Polkadot. PHALA Network raised $1.68 million in its private token sales.
Token PHA was launched on Ethereum in 2020 and on Kusama in 2021. PHA serves to reward two main stakeholders in Phala, thats Gatekeepers and Miner Nodes. Gatekeepers maintain the security and consensus of the blockchain, while Miners run CPUs and rent out their computing power to users. PHA also the governance token in the Phala Network. To protect user data, CPU Nodes are equipped with a Trusted Execution Environment (TEE), which prevents mining device owners from seeing what is stored on their computer. As of writing, Phala is ranked 289th with a maximum supply of 1 billion tokens. Currently, 45% of the tokens are in circulation.
5. SingularityNet (AGIX)
SingularityNet branded as a decentralized AI platform. Have you heard of Sophia the robot? Sophia is a human-like AI robot developed by Hanson Robotics. Yes, the same team that developed Sophia also works on SingularityNet. SingularityNet also collaborates with Cardano, Ocean, Cisco, and many other parties. Cardano even has a stake in SingularityNet, providing $500,000 in funding in the form of ADA tokens.
Singularity token called AGIX and founded by Dr. Ben Goertzel and Dr. Hanson with a mission to create AGI or Artificial General Intelligence that does not rely on centralized entities. The team itself consists of engineers, scientists, researchers, entrepreneurs, and marketers. The core platform focuses on finance, robotics, biometrics, AI, media, art, and entertainment.
AGIX runs on both Ethereum and Cardano. Its business model is to create an ecosystem that incubates, funds, and mentors projects that align with its core mission. Its ICO in 2017 raised $36 million in just 60 seconds. As of this writing, SingularityNet is ranked 83rd with a maximum supply of 2 billion tokens. Its circulating supply is currently at 60%.
6. Cortex (CTXC)
Cortex uses Solidity smart contracts to allow developers to integrate AI with smart contracts. The Cortex blockchain is an open-source public blockchain with on-chain AI execution. With the Cortex virtual machine, developers can integrate machine learning into smart contracts. Its coin is CTXC and it has been listed on many exchanges. At the time of writing, Cortex is ranked 397th with a maximum supply of 299 million.
7. VAIOT (VAI)
What makes VAIOT interesting? It was built with IBM as its partner. IBM is one of the largest technology companies in the world. Its first product that has been launched is the Virtual AI Legal Assistant, which is similar to Siri or Google but is specifically designed for legal advisors. VAIOT will target various industries, not just the legal industry. For example, it can be used for AI-based sales personnel. However, in the initial stage, VAIOT will focus on the insurance and legal industries.
This AI assistant is built based on a proof of concept with IBM. VAIOT (VAI) is an approved AI token in Malta. Its token offering has obtained approval from the MFSA, which is the Malta Financial Services Authority. The business model is quite simple. VAIOT provides a personal assistant available on mobile devices.
VAIOT provides answers and offers, and users can buy the offers with VAI tokens. The use case of VAI tokens is for payment on the VAIOT platform, for bonus payback, bonus after the transaction is completed by the user, and rewards for nodes that have helped secure the network. At the time of writing, VAIOT (VAI) is ranked 524th on CoinMarketCap, with a fully diluted market cap of around $66 million.
8. Numeraire (NMR)
NMR is an Ethereum-based platform with a mission to create machine learning prediction models for trading. NMR was released by a hedge fund company and, through AI, models contributors who perform well, in the Numeraire tournament. This makes Numeraire one of the hedge funds that relies on predictions generated by AI. Users can participate by joining tournaments or providing trading signals to Numeraire. Currently, maximum supply is 11 million tokens with a circulating supply of 54% and it is ranked 253rd on CoinMarketCap.
If you’re excited about the future of technology and how it will change the world, then the Crypto AI sector is definitely something to keep an eye on.
This article is a review for educational purposes only and not financial advice. Keep doing your own research (DYOR) in crypto investing.