Top 10 Artificial Intelligence (AI) Cryptocurrencies – Forbes Advisor INDIA

It’s hard to imagine two technologies more of the zeitgeist than artificial intelligence (AI) and cryptocurrency, so it’s no surprise that the two fields have converged in the form of AI-cryptocurrencies.

We looked at some of the biggest AI cryptocurrencies by market cap, according to CoinMarketCap*. But first, here’s a primer on what they are.

The cryptocurrency market is largely unregulated in India, so you will have no protection if something goes wrong. Buying cryptocurrency is speculative and your capital is at risk, meaning you could lose some or all of your money.

What are cryptocurrencies?

Cryptocurrencies are a form of digital currency. They can be spent or traded, but they are not issued by central banks or stored in traditional financial institutions.

Instead, they are decentralized. This means records of balances and transactions are not controlled by banks or payment providers, but instead are kept by people who volunteer to keep track of everything using specialist software.

Volunteers participate because they get the opportunity to earn valuable cryptocurrency without paying for it.

Huge speculation about cryptocurrency values ​​has led to a boom in both the number and value of assets in the space over the last few years – peaking in November 2021 before crashing in spring 2022.

What is AI?

Artificial intelligence (AI) is a field of computer science that enables machines to make decisions based on data, increasingly mimicking human intelligence.

Recent popular examples include AI-generated artwork – where a program interprets user prompts, written in natural language, to create pieces of digital art, and ChatGPT, an app capable of ‘writing’ according to a command given by the user is submitted.

In both cases, the outputs are close enough to what a real person might create that they could be mistaken for human creation, and these applications are becoming more and more sophisticated.

Use cases for AI are effectively limitless, and the technology has found its way into the cryptocurrency space.

What is an AI Cryptocurrency?

AI cryptocurrencies are tokens that power AI blockchain platforms like The Graph and SingularityNET. Users spend tokens to use the platforms and the benefits of their integrated artificial intelligence.

We looked at the 10 largest AI crypto projects by market cap to see how AI is being used within the sector.

Give (RNDR)

Market Cap: INR 326.27 billion

Render is about “GPU computing”, the ability to provide enormous amounts of computing power through graphics processing units (GPUs). Previously, this meant computing power for developers, artists, web studios and gamers, who all needed to “render” graphics for their entertainment projects. But now it means computing power for AI projects.

RNDR is currently trading at INR 846.25, down 26.76% from its March 2024 high of INR 1,135.

The chart (GRT)

Market Cap: INR 221.41 billion

The graph is a protocol for indexing and querying data from blockchains in a similar way to how Google indexes and queries data from websites. Indexing blockchain data can be challenging, but The Graph aims to change that by organizing data into smaller “subgraphs”.

Its original Ethereum-based cryptocurrency, BRT, is worth INR 23.29 on May 8, 2024, down 90.44% from its February 2021 peak of INR 240.11.

SingularityNET (AGIX)

Market Cap: INR 101.10 billion

SingularityNET is a blockchain platform that allows anyone to build, share and monetize AI services. It has an internal marketplace where users can browse and pay for AI services in the platform’s native cryptocurrency – AGIX.

Developers can monetize AI solutions and models without fully building apps for end users. Similarly, developers can purchase AI solutions and models to use in their applications.

AGIX is worth INR 78.69. In January 2018, AGIX reached a high of INR 155.24 and is now down 49.36%.

Fetch.ai (FET)

Market Cap: INR 159.77 billion

Fetch.ai is an AI and machine learning platform based on the blockchain. Fetch.ai is all about automating business tasks like data processing and trading. Its native cryptocurrency, FET, is used to pay for transactions on the network.

At the time of writing, FET is valued at INR 188.15, down 35.08% from the September 2021 high of INR 290.14.

Ocean Protocol (Ocean)

Market Cap: INR 44.53 billion

Ocean Protocol is an Ethereum blockchain-based platform that allows businesses and individuals to exchange and monetize data and data-based services. This may involve making data available to researchers and startups without the data being relinquished by the data holders.

OCEAN is currently trading at INR 78.30, down 51.46% from its April 2021 high of INR 162.12.

iExec RLC (RLC)

Market Cap: INR 18.91 billion

iExec is an AI blockchain platform that allows users to monetize their computing power and access cloud computing resources on demand.

RLC is the native cryptocurrency of iExec, and is used to pay for using services on the platform. RLC is currently trading at INR 260.61, down 80.86% from a record high of INR 1,357.77.90 in October 2021.

Numeraire (NMR)

Market Cap: INR 14.02 billion

Numerai is an AI blockchain network that acts as a hedge fund, using artificial intelligence and machine learning to make investments in stock markets worldwide.

Numeraire (NMR) is the native currency of Numerai, facilitating payments within the network. It is currently trading at INR 2,236.80, down 84.36% from a 2017 high of INR 14,071.03.

dCargo (DKA)

Market Cap: INR 9.29 billion

dKargo is a blockchain that uses AI to solve trust issues within the logistics sector. It does this by providing participants with credible data, thanks to the indelible nature of blockchain technology.

dKargo’s native token, DKA, is currently worth around INR 1.97, down from INR 2.54, 95.75% from its winter 2021 peak of INR 58.96.

Phala Network (PHA)

Market Cap: INR 11.43 billion

Phala Network is another AI-enhanced blockchain platform in terms of cloud computing, but with a focus on privacy. It is positioned as a decentralized alternative to traditional cloud computing services such as Amazon AWS or Google Cloud.

PHA is the network’s native currency, and is used to pay for cloud services within Phala Network. It is currently trading at INR 15.88, down 86.51% from a May 2021 high of INR 117.71.

Covalent (CQT)

Market Cap: INR 10.90 billion

Covalent is a network that aggregates data from multiple blockchains, including Ethereum, Polygon, and Avalanche. Developers can then use this multichain data to develop applications that solve problems in sectors such as finance and retail.

CQT is the native token that powers the network. Its current value stands at INR INR 15.88. At its peak in August 2021, CQT was worth INR 175.24 and is now down 90.38%.

*Market cap figures accurate as of May 8, 2024 from CoinMarketCap

How do I buy AI cryptocurrencies?

Many AI cryptocurrencies can be bought on crypto exchanges like WazirX and CoinDCX, just like traditional cryptocurrencies like Bitcoin and Ethereum.

To trade, you’ll need to open an account — which often involves some identity verification steps, and deposit some fiat currency. You will then be able to navigate to the page of the AI ​​cryptocurrency you want to buy within the exchange, enter the amount you want to buy and execute the trade.

How do I store AI cryptocurrencies?

Most exchanges offer a free crypto wallet facility to store your private and public keys – the credentials needed to spend or trade your crypto assets. If you prefer, you can store your keys in an offline cold wallet.

Cold wallets are arguably more secure than hot wallets, as hackers can’t target them as easily. However, if you lose your login details for your cold wallet, you won’t get the support to regain access to your keys that you would with a hot wallet.

Are AI cryptocurrencies safe?

Whether AI cryptocurrencies are safe – whether from hackers or from the volatility of the crypto market – depends on how you store them and your attitude to risk.

On the latter, no cryptocurrency is safe from market instability, and 2022 was the year crypto’s volatility was exposed.

For example, Bitcoin started the year at around INR 2 million and ended it at around INR 1 million (-56%), but not before rising to around INR 3 million in March. Ethereum had a similar fate, starting 2022 in the vicinity of INR 196,928.40 INR 1 lakh and ending the year at just under INR 98,463.29.

AI cryptocurrencies are no different. BRT fell from around INR 43.32 in January 2022 to INR 5.90 (-86%) in December, while AGIX fell from around INR 13.78 to around INR 2.95 (-78%).

For hackers, crypto wallets and exchanges are likely to remain a target for criminals – leaving people’s assets at the mercy of the security they and their exchanges implement.

Cold wallets are a hedge against hacks, but they become vulnerable once connected to a web-connected computer.

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