Artificial Intelligence (AI) and cryptocurrencies are two technologies that encapsulate the spirit of our times. It was only a matter of time before these two domains intersected, giving rise to AI crypto.
These specialized tokens function as the operational fuel for AI platforms built on blockchain technology. By spending the tokens, users can access and benefit from the integrated AI features of the platforms.
In this article, we will explore three AI crypto projects—SingularityNET, Ocean Protocol, and yPredict—that show promise in effectively merging these two dynamic fields.
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What is SingularityNET All About?
SingularityNET offers a decentralized AI marketplace, using blockchain technology to give open access to various AI algorithms and tools. The platform aspires to develop artificial general intelligence (AGI), a form of AI that can perform multiple tasks rather than just specialized ones.
Founded by Dr. Ben Goertzel and Dr. David Hanson in 2017, the latter also runs Hanson Robotics, known for creating the humanoid robot Sophia. SingularityNET operates on both the Ethereum and Cardano blockchains, allowing developers to share their AI services for public or corporate use. The native currency of the platform is AGIX, which is used for internal transactions.
SingularityNET was among the early initiatives to combine AI and cryptocurrency technologies. By utilizing blockchain, it strives to make AI more accessible and foster a community where developers can collaborate and enhance their AI services.
The platform currently hosts over 70 AI services, developed by a global community of creators. These services range from real-time voice cloning to image generation, and they are designed to be user-friendly, so even those not well-versed in AI can easily use them.
Smart Contracts in SingularityNET
Smart contracts play a pivotal role in SingularityNET, making transactions fair and straightforward. These self-executing contracts outline terms and conditions for users who want to access a particular AI service. This not only simplifies the transaction process but also allows developers to focus on what they do best—innovating and refining AI systems.
Being decentralized, SingularityNET ensures that no single party can exert undue control or restrict access to AI services. Prices for these services are automatically set and enforced by smart contracts.
AGIX serves multiple purposes within SingularityNET, such as:
- Facilitating payments for AI services
- Participating in governance decisions
- Liquidity boosting through staking
Although initially designed for a single blockchain, AGIX has evolved to be compatible with multiple blockchain systems, including Cardano, Polygon, and Binance Smart Chain.
Ocean Protocol’s Role in the AI Crypto Ecosystem
Ocean Protocol is a blockchain-based platform designed to facilitate the exchange between data providers and consumers. Established in 2017, the platform makes data a tradeable asset through a unique tokenization process.
On Ocean Protocol, data sets and services are converted into ERC-20 tokens, which are based on the Ethereum blockchain. This allows data providers to securely sell access to their data assets.
The tokenization model of Ocean Protocol offers a streamlined and secure way 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 especially relevant for sectors that rely heavily on data, such as artificial intelligence.
The platform’s core team has a strong background in big data and AI, adding to the platform’s credibility and focus. Ocean Protocol’s native currency, OCEAN, is 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.
The total supply of OCEAN tokens is capped at 1.41 billion, with roughly 613 million in circulation.
yPredict: The Future of AI-Driven Crypto Analysis
Though yPredict is still in the presale phase, it has already gained substantial attention. The platform, which operates on the Polygon Matic chain, has raised more than $3.83 million towards its $4.6 million goal.
yPredict’s key offering will be a prediction marketplace. Here, 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 get valuable market forecasts.
The YPRED tokens will also be used for other functionalities, like cryptocurrency analysis and access to data-driven insights. Token holders will 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 set aside for the presale. The remaining are allocated for liquidity and development. YPRED tokens will also enable holders to participate in governance activities within the yPredict platform.
yPredict is also planning to offer analytical tools, such as pattern recognition, sentiment analysis, and transaction analytics. The platform is even working on an AI-powered backlink estimator. Initially free, this feature has now been priced at $99 per query due to high demand.
In the current technological landscape where AI and cryptocurrency are increasingly becoming central, the fusion of these domains in the form of AI crypto is a development worth noting. These tokens serve as a bridge, allowing users to tap into AI capabilities via blockchain platforms. Each project offers a unique approach to integrating AI and blockchain, expanding the possibilities of what these technologies can achieve when combined.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.