Artificial Intelligence (AI) and cryptocurrencies have become defining aspects of our era. It was only a matter of time before these two fields intersected, giving rise to a new concept called AI crypto. This emerging technology involves the use of specialized tokens as the operational fuel for AI platforms built on blockchain technology. By spending these tokens, users gain access to and benefit from the integrated AI features of the platforms. In this article, we will explore three AI crypto projects that show promise in effectively merging these two dynamic domains: SingularityNET, Ocean Protocol, and yPredict.
SingularityNET is a pioneering decentralized AI marketplace that leverages blockchain technology to provide open access to a wide range of AI algorithms and tools. The platform has an ambitious goal of developing artificial general intelligence (AGI), a form of AI capable of performing multiple tasks instead of just specialized ones. Founded in 2017 by Dr. Ben Goertzel and Dr. David Hanson, the latter being the creator of the humanoid robot Sophia, SingularityNET operates on both the Ethereum and Cardano blockchains, enabling developers to share their AI services for public or corporate use. The native currency of the platform is AGIX, which facilitates internal transactions.
One of SingularityNET’s primary objectives is to make AI more accessible by utilizing blockchain technology. It aims to foster a community where developers can collaborate and enhance their AI services. Currently hosting over 70 AI services developed by a global community of creators, SingularityNET covers a wide spectrum of functionalities, such as real-time voice cloning and image generation. These services are designed to be user-friendly, ensuring that even individuals without a deep understanding of AI can easily utilize them.
Smart contracts play a pivotal role in SingularityNET, ensuring fair and transparent transactions. These self-executing contracts outline the terms and conditions for users accessing specific AI services, simplifying the transaction process and allowing developers to focus on innovating and refining AI systems. Being decentralized, SingularityNET prevents any single party from exerting undue control or restricting access to AI services. Additionally, prices for these services are automatically set and enforced by smart contracts. AGIX serves multiple purposes within the SingularityNET ecosystem, including facilitating payments for AI services, participating in governance decisions, and boosting liquidity through staking. Originally designed for a single blockchain, AGIX has evolved to be compatible with multiple blockchain systems, including Cardano, Polygon, and Binance Smart Chain.
Ocean Protocol, established in 2017, is a blockchain-based platform designed to facilitate the exchange between data providers and consumers. The platform employs a unique tokenization process, converting data sets and services into ERC-20 tokens based on the Ethereum blockchain. By tokenizing data, Ocean Protocol enables data providers to securely sell access to their valuable data assets.
The tokenization model of Ocean Protocol offers a secure and streamlined approach 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 heavily reliant on data, such as artificial intelligence.
Ocean Protocol’s core team possesses a strong background in big data and AI, enhancing the platform’s credibility and focus. The platform’s native currency, OCEAN, serves as 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. With a total supply of 1.41 billion OCEAN tokens, approximately 613 million are currently in circulation.
While still in the presale phase, yPredict 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 key offering will be a prediction marketplace where 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 gain valuable market forecasts.
Moreover, YPRED tokens will facilitate other functionalities such as cryptocurrency analysis and access to data-driven insights. Token holders will also 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 and the remainder designated for liquidity and development. Additionally, YPRED tokens enable holders to participate in governance activities within the yPredict platform.
Looking ahead, yPredict plans to offer analytical tools like pattern recognition, sentiment analysis, and transaction analytics. The platform is even developing an AI-powered backlink estimator, which has transitioned from an initially free feature to a priced service due to high demand, costing $99 per query.
The Convergence of AI and Cryptocurrencies: Expanding Possibilities
In the current technological landscape, where AI and cryptocurrencies are increasingly central, the fusion of these domains in the form of AI crypto is a development worthy of note. These tokens serve as a bridge, allowing users to tap into AI capabilities via blockchain platforms. Each of the projects discussed – SingularityNET, Ocean Protocol, and yPredict – introduces a unique approach to integrating AI and blockchain, expanding the possibilities of what these technologies can achieve when combined.
By democratizing AI services, SingularityNET contributes to the proliferation of accessible AI algorithms and tools, fostering collaboration and advancement within the AI community. Ocean Protocol’s tokenization model enables the secure exchange of valuable data assets, empowering data providers and fueling AI-driven innovations. yPredict’s prediction marketplace offers financial data scientists a platform to monetize their expertise, providing traders with invaluable market forecasts. As these projects continue to evolve and attract attention, the convergence of AI and cryptocurrencies will undoubtedly shape the future of technological innovation.