Nvidia's astounding 175% surge since the beginning of the year undoubtfully made history, but several AI-related cryptoassets witnessed meteoric rises as well, gaining at one point up to 1,300%. AI and blockchain can have a beautiful synergy: the blockchain can mitigate AI centralization risks, while the AI can bring its efficiency to blockchain-based projects. This realization has given birth to a number of crypto companies that either use AI technology or provide AI companies with their services, notably in the fields of privacy and data supply. Here’s an overview of the top 5 AI-related cryptoassets, sorted by their market cap.

The Graph ($GRT)

  • Market Cap: $1.1 billion, +137% since the beginning of the year

Often referred to as Google for blockchain, The Graph uses AI to perform decentralized on-chain analysis.

Just as Google indexes the web, The Graph indexes blockchain data, which is then gathered within open APIs that anyone can query. This brings blockchain transparency to a whole other level, allowing anyone to search and analyze any on-chain data.

Built on Ethereum, The Graph is also compatible with its layer-2 solutions, such as Polygon and Arbitrum. It uses $GRT as its native token, which incentivizes network participants via staking, payments, and delegation to perform queries. 

SingularityNet ($AGIX)

  • Market cap: $385 million, +566% since the beginning of the year

SingularityNET is the biggest decentralized AI marketplace, built on both Ethereum and Cardano.

Its primary objective is to create a unified global network of AI services, with the ultimate goal of democratizing access to AI for all. Developers of AI algorithms can sell their services on the network and get remunerated in $AGIX, the platform’s token (which can also be staked).

Singularity also develops an AI-Domain Specific Language, a “deep self-organizing network of AI agents”. It aims at enabling separate services to form ad-hoc workflow collaborations to execute more complex tasks that surpass the capabilities of any individual service. These agents will be able to outsource work to each other dynamically, leveraging AI functions, such as exchanging input/output data, negotiating payments, and participating in the agent reputation system.

Fetch.ai ($FET)

  • Market cap: $278 million, +200% since the beginning of the year

Launched in 2019, Fetch.ai is one of the oldest AI-related crypto projects.

Fetch.ai serves as a platform for building and deploying intelligent software agents capable of automating web3 systems, such as DeFi trading services, smart energy grids, transportation networks, healthcare applications, and essentially any other complex digital system that relies on large-scale datasets. 

Fetch.ai is an interchain network based on the Cosmos software development kit. The network's security is ensured through the Proof-of-Stake consensus, which stakes its native coin $FET, also used as payment for services, network transaction fees, and deploying AI. $FET also has its ERC-20 and BEP-20 versions deployed on Ethereum and BNB Chain, respectively.

Oasis Network (ROSE)

  • Market cap: $260 million, +52% since the beginning of the year

Oasis is a crypto project contributing to AI initiatives.

At its essence, Oasis Network is a privacy-oriented Ethereum-compatible blockchain, powered by its native coin $ROSE.

The Oasis team leverages its privacy expertise to contribute to the development of a more responsible AI, building AI primitives for major tech players. Its notable collaborations include partnerships with Meta (privacy protection of the Instagram surveys) and Personal.ai (protecting data shared by individuals for the purpose of developing conversational AI models).

Oasis also develops new tools such as Confidential NFTs, particularly suitable for digital identity-related applications.

Ocean Protocol (OCEAN)

  • Market cap: $152 million, +145% since the beginning of the year

Ocean Protocol is an Ethereum-based decentralized marketplace that connects data providers and data consumers. In exchange for their contribution, data providers are awarded in $OCEAN, the platform’s token.

Although not directly employing AI, Ocean Protocol positions itself as a service that provides independent AI initiatives with the datasets necessary for their operations. By doing so, it aims to combat the concerning centralization of AI technology in the hands of several powerful tech companies.

AI-related crypto initiatives are developing fast, and as technology progresses, the symbiotic relationship between AI and blockchain will become increasingly apparent. Emerging projects like Cortex or Deep Brain Chain have already declared their ambitions to build decentralized AI computing platforms, while others are developing AI privacy solutions (PlatON) or AI-powered digital identity (SelfKey).

Written by D.Center