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Artificial Intelligence (AI) is revolutionizing the crypto industry. Various unfinished projects are currently resurfacing and grabbing the industry’s attention. Some developers have even gone as far as to rebrand their crypto to grab the market’s attention. But is the AI hype real? What are the top 5 crypto AI tokens in 2024 that you should invest in?
By now, everyone is aware of ChatGPT. The ground-breaking AI chatbot alters the way we look at the future. Futures in which neural networks write, draw, code, and create all that we do – but more effectively – are among the uncharted territories.
Investors are enthralled by the potential of fusing blockchain with AI, two equally ground-breaking technologies. In this article, we’ll explore what are AI crypto coins, as well as the top 5 crypto tokens implementing AI.
What are AI crypto coins?
Artificial Intelligence is combined with the underlying technology in digital assets referred to as AI cryptos. These cryptos use AI algorithms to automate work, expedite business procedures, and provide traders with predictive data. Due to their advanced abilities, AI cryptos have grown in popularity among investors looking to profit from the crypto markets.
Cryptos with artificial intelligence capabilities can aid traders in making more educated trading decisions, perhaps resulting in wiser and more profitable trades. Additionally, it is well known that AI cryptos offer a better potential for returns than traditional cryptos. AI-powered crypto initiatives typically incorporate blockchain networks into their artificial intelligence networks.
AI-powered cryptos benefit both investors and developers by enabling more transparent, efficient business practices that could enhance earnings for traders and produce more secure applications for developers. With the help of AI, these cryptos could change the crypto industry. As a result, if you’re interested in profiting from this developing technology, you can consider investing in AI cryptos.
Top 5 AI Crypto Coins To Invest In 2024
#1 The Graph (GRT)
The Graph is open-source software that utilizes the Ethereum blockchain. The Graph was created to gather, process, and store various types of data for blockchain-based platforms. The Graph addresses itself as an “indexing protocol” for “querying networks like Ethereum and IPFS.” In general, The Graph intends to increase the accessibility of blockchain data.
The Graph was founded in 2018 by Jannis Pohlmann, Yaniv Tal, and Brandon Ramirez. The project’s token wasn’t made available on the mainnet launch until late 2020. As per the latest data, The Graph assists 31 Ethereum-based DApps in data retrieval, including Uniswap, Decentraland, AAVE, and Balancer. Developing DApps for The Graph requires using the Facebook-developed programming language GraphQL.
#2 Injective Protocol (INJ)
Injective is a blockchain built for finance. It is an open, interoperable layer-one blockchain powering next-generation DeFi applications, including decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more.
Injective uniquely provides powerful core financial infrastructure primitives that applications can leverage, including a fully decentralized MEV-resistant on-chain order book. In addition, all forms of financial markets, such as spot, perpetual, futures, and options are fully on-chain. The decentralized cross-chain bridging infrastructure is compatible with Ethereum, IBC-enabled blockchains, and non-EVM chains such as Solana.
#3 Fetch.ai (FET)
Fetch.ai (FET) is an open and permissionless network that uses AI to build a decentralized machine-learning system to carry out blockchain tasks. Fetch.ai is essentially a blockchain-based AI network.
As an interchain protocol, Fetch.ai offers a free, open, and decentralized framework that utilizes the power of AI for implementing automated peer-to-peer applications without the need for human intervention.
Fetch.ai, launched in February 2019, aims to autonomously link devices and offer a platform for operating Internet of Things services through data exchange.
Fetch.ai aspires to offer a distinctive value proposition for diverse stakeholders, such as developers, financial service providers, and many other economic participants, by integrating cutting-edge technologies like Directed Acyclic Graph (DAG) and smart contracts.
#4 Ocean Protocol (OCEAN)
Ocean Protocol is an open-source protocol that promises to simplify data sharing and monetization for organizations and individuals. The protocol offers a dataset tokenization service, which converts data into ‘datatokens’ and stores them on the blockchain. The protocol runs on the Ethereum network. The process of data tokenization enables organizations, enterprises, and individuals to sell or exchange datasets on the data marketplace of Ocean. The use of blockchain technology ensures the security of every piece of data.
#5 iExec RLC (RLC)
iExec RLC represents a ground-breaking, decentralized project focused on developing a distributed cloud computing infrastructure driven by blockchain technology. This AI crypto project, started in April 2017, aims to provide users with a simple and safe marketplace where they can rent or share computing resources, like processing power and storage. iExec RLC democratizes access to cloud computing services by utilizing a decentralized architecture, encouraging improved creativity and efficiency in the sector.
Bottomline
There are a plethora of possible uses for AI in the crypto industry. By introducing novel protocols and features, AI has the potential to completely transform the industry, from building safer and more secure networks to offering predictive analytics services. AI will alter the way we think about crypto technology and its potential by enhancing everyone’s access to and efficiency with blockchain networks. AI will play a significant role in facilitating more trust and collaboration within the crypto sector as it continues to expand and adapt, thanks to its potent automation tools and intelligent analytics.
Frequently Asked Questions
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Is Pi Cryptocurrency Safe?
Pi Network captured the crypto community’s interest even before it officially debuted. Its innovative mobile mining approach and user-friendly design simplify crypto adoption for a broader audience. Some users see this as a chance to get engaged in the crypto from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is crypto legal?
Crypto is legal in most countries, including India. While nations like the U.S. and many in Europe have regulatory frameworks, others like China have strict bans.
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
