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The Top 20 AI Cryptocurrencies For 2024 (Part 1)

Oct. 02, 2023. 9 min. read. Interactions

Part 1 of Werner's series explores the Top 5 AI Cryptocurrencies for 2024. From AI marketplaces to data merchants, discover the potential of these innovative projects.

Credit: Tesfu Assefa

Introduction 

AI cryptocurrencies, as we explained in our last article, have really come to mainstream attention in 2023, at least for cryptocurrency enthusiasts,  following the breakthrough of popular large language model (LLM) such as OpenAI’s ChatGPT and the image generator Midjourney. In addition, we also had the Summer of Trading Bots this year.

While some experts like DeFi pundit Andre Cronje believe that artificial intelligence and blockchain technology (presently) shouldn’t mix, there is a growing cohort of promising AI projects that integrate both blockchain and cryptocurrency technology on chains like Ethereum and Solana in order to sustain and grow their ecosystems. 

Mindplex Magazine is excited about the use of artificial intelligence in the world of Web3 and cryptocurrency, and this article will be the first in a series that focuses on identifying top AI cryptos

With both AI and Web3 innovation expected to continue its ascent next year, here are five of the best AI cryptocurrency projects for 2024:

Credit: Tesfu Assefa

1. SingularityNET (AGIX): The AI Marketplace

Name
SingularityNET

Ticker
AGIX

Year Founded & Team

Founded in 2017 by Ben Goertzel (CEO)

Institutional Investors

Kosmos Ventures, Fundamental Labs, LDA Capital, Elizabeth Hunker, Zeroth.AI

What is SingularityNET?

SingularityNET is a decentralized platform that enables users to buy and sell artificial intelligence (AI) services. The platform uses blockchain technology to create a marketplace where AI service providers can offer their services to artificial intelligence and blockchain users.

Main Purpose

To provide a secure and transparent way for users to buy and sell high-quality AI services.

What Are Its Use Cases?

SingularityNET is basically a one-stop shop hub for all things AI. You can build new AI apps, carry out artificial intelligence research, and even launch your project into the real world. It’s like a marketplace where you can find, mix, and match various AI services to meet your unique needs.

How It Utilizes AI:

SingularityNET’s platform isn’t just about offering artificial intelligence services; it also uses machine learning to make your life easier. It helps you discover services that fit your needs, ensures you’re getting a fair price, and even checks the quality of the service you’re using.

Why SingularityNET Is Important?

SingularityNET democratizes AI usage for everyone. It does this by connecting developers to users to sell and buy AI services in a secure and transparent way. By making AI marketplaces more efficient and fair, it helps to bring the cost of machine learning down and raise its impact. 

What is the AGIX token used for? 

The AI crypto token AGIX helps SingularityNET manage transactions, govern its DAO and enable global access to artificial intelligence services. The token works across multiple chains like Cardano and Ethereum, and AGIX holders can stake their tokens with interest to provide platform liquidity.

Chains: Ethereum and Cardano
Fully diluted market cap: $358 million (Oct 2023)

2. The Graph: The AI Librarian

Name
The Graph

Ticker
GRT

Year Founded & Team

The Graph was founded in 2018 by Yaniv Tal, Brandon Ramirez, and Jannis Pohlmann, and in December 2020 it launched its mainnet.

Institutional Investors

Early investors included Launch Code Capital, Ganesh Kompella andFuture/Perfect Ventures.

Project Definition

Think of The Graph as a super-smart librarian for blockchain data. It sorts and organizes this data into neat categories called subgraphs. This helps developers and analysts find exactly what they need, whether they’re working on digital currency exchanges, virtual collectibles, or other blockchain-based projects.

Main Purpose

In simple terms, The Graph aims to make the messy world of blockchain data a whole lot easier to navigate through the use of artificial intelligence. If you’re looking to build a decentralized app (dApp) or just trying to analyze blockchain data, this platform is your go-to resource.

Use Cases

Primarily, The Graph is a big help in two areas: building dApps and researching blockchain data. Developers get a smoother way to integrate blockchain data into their apps, while researchers get a more streamlined method to sift through and analyze the data they need.

How it Utilizes AI:

AI plays a handy role here. It’s like the assistant librarian, helping you find the most relevant and high-quality subgraphs. It’s also the pricing guru, making sure you’re not overpaying for the data you’re after. Overall, machine learning is used to enhance The Graph’s functionality, ensuring the info you get is both reliable and fairly priced.

Why should you care about The Graph?

Because it’s essentially making blockchain data more approachable and user-friendly. Thanks to its AI features, it’s an invaluable tool for anyone wanting to build dApps or analyze blockchain data. It’s smoothing the path toward wider adoption of blockchain technology, making life easier for developers and data nerds alike.

What is the GRT token used for?

The Graph’s GRT token is a machine-learning cryptocurrency that’s used for staking, delegating, contributing to network governance, and payment to network participants.

Chains: Ethereum, Solana, Avalanche and more
Fully diluted market cap: $922 million, with infinite token supply (Oct 2023)

3. Fetch.AI (FET): The AI Agency

Name
Fetch.AI

Ticker
FET

Year Founded & Team

Founded in 2017 by Humayun Sheikh (CEO), Toby Shorin (CTO), and AJ Gordon (COO)

Institutional Investors

Fetch.AI raised $75m through investors like Outlier Ventures, GDA Group, BitGet and DWF Labs.

Project Definition

Fetch.AI is a game-changer in a few areas. It’s making supply chains smarter by automating stuff like keeping track of inventory and filling orders through the use of autonomous agents. If you’re into the Internet of Things (IoT), it’s also useful there—managing how devices collect and share data. Plus, it gives people a way to monetize their data.

How it Utilizes AI:

First off, Fetch.AI gives you the tools you’d need to build one of these smart agents. Once you’ve built one, it helps you deploy it to do whatever job it was designed for. And it doesn’t stop there; it uses artificial intelligence to make sure a bunch of these agents can work together efficiently to reach common goals.

Why It’s Important?

Fetch.AI is making businesses run smoother by automating a lot of their tasks. Because it’s all built on AI, it’s leveling up the marketplace for these autonomous agents, making this cool tech more available and cheaper for everyone.

What is the FET token used for? 

Fetch.AI’s FET is an artificial intelligence cryptocurrency used as a utility token for the Fetch ecosystem and network transaction fees. FET is required to find, create, deploy, and train autonomous economic agents and is essential for smart contracts, oracles, and transactions.

Chains: Ethereum, BNB Chain, and Cosmos
Fully diluted market cap: $267 (Oct 2023)

4. Ocean Protocol (OCEAN): The AI Data Merchant

Name
Ocean Protocol

Ticker
OCEAN

Year Founded & Team

Founded in 2017 by Trent McConaghy (CEO), Bruce Pon (CTO), and Brian Singer (COO)

Institutional Investors

Ocean Protocol has 20 institutional investors including Outlier Ventures, Amino Capital and Blockchain Coinvestors

Project Definition

Ocean Protocol is like an online marketplace, but specifically for data. The Singapore-based project uses the security of blockchain to help people buy, sell, and share data safely. It puts data owners in the driving seat, letting them decide who gets to access their data.

Main Purpose

The big idea here is to give people a safe and clear-cut way to deal with data. Whether you’re buying, selling, or just looking to share, it’s all above board and secure.

Use Cases

So what can you do with Ocean Protocol? A lot, actually. If you’re a business or a researcher looking to team up and share data, then this is your playground. Got valuable data? You can sell it here. If you’re on the hunt for very specific data, Ocean Protocol can help you find it.

How Ocean Protocol Wields AI:

The Ocean platform uses AI to make their user experience a case of plain sailing. It weeds out low-quality data so you’re only dealing with the good stuff. Plus it uses artificial intelligence to hook you up with the data that suits your needs and even helps to set a fair price for the data you’re interested in.

Why It’s Important?

Why does any of this matter? Well, Ocean Protocol is making the data world a better place. It’s more secure and transparent, so people are more willing to share. And thanks to AI, it’s also super efficient. This is great news for everyone from researchers to everyday data owners who want to unlock the value of their data.

What is the OCEAN token used for? 

The OCEAN token allows users to buy and sell data tokens and services, participate in governance, or stake within the Ocean Protocol ecosystem. 

Chains: Ethereum ERC-20 token
Fully diluted market cap: $450 (Oct 2023)

5. Cortex (CTXC): The AI Garden

Name
Cortex

Ticker
CTCX

Year Founded & Team

Founded in 2017 by Li Tian (CEO), Li Mu (CTO), and Jianping Chen (COO)

Institutional Investors

Cortex has 9 institutional investors including FundamentalLabs, IOSG Ventures, and Global Blockchain Innovative Capital.

Project Definition

Cortex uses smart contracts to facilitate transactions and ensure fairness and transparency in the AI marketplace. Think of Cortex as a communal garden for AI—anyone can come in, plant a seed (an AI model), nurture it, and sell the fruits. All of this happens on a decentralized blockchain, meaning it’s not controlled by any single entity.

Main Purpose

The core mission of Cortex is to make AI as accessible as Wi-Fi in a coffee shop. By offering a decentralized space to create, run, share, and even make money off artificial intelligence models and build AI-infused decentralized apps (dApps), it’s breaking down the ivory towers that often make AI seem unattainable for regular folks.

Use Cases

Cortex is a jack-of-all-trades when it comes to AI. Whether you’re a developer, a researcher, or someone looking to make a buck off your AI model, Cortex serves as your one-stop shop.

How it Utilizes AI:

Here’s where it gets meta—Cortex uses machine learning to make its AI marketplace better. If you’re looking for a specific AI model, its algorithms will match you up. And just like an auctioneer, it dynamically sets the prices based on what’s in demand. Plus, it makes sure whatever you’re choosing is up to snuff quality-wise.

Why It’s Important?

In a nutshell, Cortex is almost like the Robin Hood of AI. It’s making sure that AI technology isn’t just for the elite, but for everyone who wants in on it. By offering a decentralized, open platform for artificial intelligence, it’s tearing down the walls that have traditionally kept people out of this exciting field.

What is the CTCX token used for? 

The CTXC token is an ERC-20 asset and utility token for the Cortex platform, which is focused on AI and machine learning. It is used to pay for AI services, incentivize developers, and participate in the governance of the platform.

Chains: Ethereum ERC-20 token
Fully diluted market cap: $36 (Oct 2023)

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About the Writer

Werner

17.67693 MPXR

Werner Vermaak, who is based in Cape Town, South Africa, has been a crypto editor and writer since 2017. He previously lived in Asia for 15 years and is passionate about the power of Web3.

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