What is Cryptocurrencies
Cryptocurrencies represent a digital form of currency, recognized for their high-risk nature as an investment. Unlike traditional currencies, cryptocurrencies are decentralized and not issued by central banks, stored outside traditional financial institutions. Instead, volunteers, utilizing specialized software, maintain records of balances and transactions. Participants engage in this process to earn valuable cryptocurrency without monetary investment. The cryptocurrency market has witnessed significant speculation, resulting in both a surge and subsequent crash in values, reaching its peak in November 2021.
What is Artificial intelligence (AI)
A field in computer science, empowers machines to make decisions based on data, closely mirroring human intelligence. Recent applications include AI-generated artwork and advanced language processing, exemplified by ChatGPT. AI has found its way into the cryptocurrency space, giving rise to AI cryptocurrencies, which power blockchain platforms like The Graph.
Here are some leading AI crypto projects:
- Injective (INJ)
- Market Cap: $1.1 billion
- Description: A finance-focused AI crypto project designed for decentralized finance (DeFi) applications, offering margin trading, derivatives, and forex futures trading across blockchains. INJ is the native currency used for transactions on the network and governance votes.
- The Graph (GRT)
- Market Cap: $1 billion
- Description: A protocol for indexing and querying blockchain data, akin to Google’s indexing of website data. GRT, the native cryptocurrency, facilitates data organization into smaller ‘subgraphs,’ making data retrieval more efficient.
- Render (RNDR)
- Market Cap: $724 million
- Description: Render enables artists to utilize computing power from crypto miners for rendering computer graphics. RNDR, the native currency, is spent to access miners’ GPU power, operating on a proof-of-work consensus mechanism.
- Oasis Network (ROSE)
- Market Cap: $378 million
- Description: Described as the ‘first privacy-enabled blockchain platform for open finance and a responsible data economy.’ ROSE, the native currency, powers a proof-of-stake blockchain network focused on privacy-preserving open finance.
- Fetch.ai (FET)
- Market Cap: $253 million
- Description: An AI and machine learning platform on the blockchain, emphasizing the automation of business tasks like data processing and trading. FET, the native cryptocurrency, facilitates transactions on the network.
- Ocean Protocol (Ocean)
- Market Cap: $194 million
- Description: A platform on the Ethereum blockchain facilitating the exchange and monetization of data and data-based services. OCEAN, the native currency, allows businesses and individuals to share data without relinquishing ownership.
- Akash Network (AKT)
- Market Cap: $512 million
- Akash Network, represented by the AKT coin, adds another layer to the evolving landscape of blockchain and AI projects in 2024. Positioned within the decentralized cloud computing space, Akash Network leverages its native cryptocurrency to provide users with a decentralized and more cost-effective cloud infrastructure.
Investors can acquire AI cryptocurrencies through crypto exchanges like Coinbase, following the standard process of account creation, identity verification, and fiat currency deposit. Storage options include exchanges’ crypto wallets or more secure offline cold wallets.
