Artificial Intelligence and Cryptocurrencies: The Rise of AI Crypto
Artificial Intelligence (AI) and cryptocurrencies have become prominent technologies in our modern world. It was only a matter of time before these two domains converged, resulting in the emergence of AI crypto.
These specialized tokens serve as the operational fuel for AI platforms built on blockchain technology. By utilizing these tokens, users can access and benefit from the integrated AI features of these platforms.
In this article, we will explore three promising AI crypto projects—SingularityNET, Ocean Protocol, and yPredict—that effectively merge these two dynamic fields.
What is SingularityNET All About?
SingularityNET offers a decentralized AI marketplace, utilizing blockchain technology to provide open access to various AI algorithms and tools. The platform aims to develop artificial general intelligence (AGI), which can perform multiple tasks rather than just specialized ones.
Founded by Dr. Ben Goertzel and Dr. David Hanson in 2017, SingularityNET operates on both the Ethereum and Cardano blockchains. This enables developers to share their AI services for public or corporate use. The platform’s native currency is AGIX, which is used for internal transactions.
SingularityNET was among the early initiatives to combine AI and cryptocurrency technologies. By utilizing blockchain, it strives to make AI more accessible and foster a community where developers can collaborate and enhance their AI services.
The platform currently hosts over 70 AI services, developed by a global community of creators. These services range from real-time voice cloning to image generation and are designed to be user-friendly, even for those not well-versed in AI.
Smart Contracts in SingularityNET
Smart contracts play a pivotal role in SingularityNET, making transactions fair and straightforward. These self-executing contracts outline terms and conditions for users who want to access a particular AI service. This simplifies the transaction process and allows developers to focus on innovating and refining AI systems.
Being decentralized, SingularityNET ensures that no single party can exert undue control or restrict access to AI services. Prices for these services are automatically set and enforced by smart contracts.
AGIX serves multiple purposes within SingularityNET, such as facilitating payments for AI services, participating in governance decisions, and liquidity boosting through staking. Additionally, AGIX has evolved to be compatible with multiple blockchain systems, including Cardano, Polygon, and Binance Smart Chain.
Ocean Protocol’s Role in the AI Crypto Ecosystem
Ocean Protocol is a blockchain-based platform designed to facilitate the exchange between data providers and consumers. Established in 2017, the platform converts data sets and services into ERC-20 tokens based on the Ethereum blockchain. This enables data providers to securely sell access to their data assets.
The tokenization model of Ocean Protocol offers a streamlined and secure way for individuals and businesses to monetize their data. As a result, the platform hosts an expansive data marketplace where data analysts, researchers, and scientists can easily acquire valuable data sets. This capability is particularly relevant for sectors that heavily rely on data, such as artificial intelligence.
The platform’s core team has a strong background in big data and AI, adding to the platform’s credibility and focus. Ocean Protocol’s native currency, OCEAN, is the primary medium for transactions on the platform and enables community governance. The token also offers staking rewards, making it multi-functional within the Ocean Protocol ecosystem.
yPredict: The Future of AI-Driven Crypto Analysis
Although yPredict is currently in the presale phase, it has already garnered significant attention. Operating on the Polygon Matic chain, the platform has raised over $3.83 million towards its $4.6 million goal.
yPredict’s primary offering is a prediction marketplace. Financial data scientists can monetize their predictive models by offering them as subscription services. Traders can then subscribe to these services using YPRED tokens to access valuable market forecasts.
YPRED tokens will also be used for other functionalities, such as cryptocurrency analysis and access to data-driven insights. Token holders will have the option to stake their tokens in high-yield pools.
The total supply of YPRED tokens is capped at 100 million, with 80 million allocated for the presale. The remaining tokens are allocated for liquidity and development. YPRED tokens also enable holders to participate in governance activities within the yPredict platform.
yPredict is also planning to offer analytical tools, including pattern recognition, sentiment analysis, and transaction analytics. Additionally, the platform is developing an AI-powered backlink estimator. Initially offered for free, this feature has now been priced at $99 per query due to high demand.
In the current technological landscape, where AI and cryptocurrencies are central, the fusion of these domains in the form of AI crypto is worth noting. These tokens serve as a bridge, enabling users to tap into AI capabilities through blockchain platforms. Each project offers a unique approach to integrating AI and blockchain, expanding the possibilities of what these technologies can achieve when combined.
