Have you heard of artificial intelligence coins (AI coins)? If you are anything like me, the idea of Artificial Intelligence (AI) brings to mind epic AI takeovers in movies like Terminator and The Matrix. In pop culture, the rise of AI inevitably leads to the fall of humans, culminating in an epic battle. Albeit, in reality, an AI takeover is still years away. However, there is one space where AI is quickly taking over, namely blockchain and cryptocurrency.
AI coins are a growing sub-category of coins that are linked to AI. At the time of writing, the AI Coin sector has a $2.81 billion market cap with an $838,66 million 24-hour trading volume.
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What is AI?
Artificial Intelligence (AI) is a type of computer science powered by advanced analytics and information streamlining. The AI global market is estimated to be worth $390.9 billion by 2025. This is due to AI’s wide application potential.
The potential of AI is such that it could disrupt every major industry. This includes healthcare, logistics, tech advancement, and blockchain. Heck, experts can even use AI for predicting natural disasters.
It all began with a question by mathematician Alan Turing, “Can machines think?” The question arose 10 years after Turing successfully decoded the Nazi encryption machine, Enigma, a formidable weapon used during the World War II. In fact, Turning’s 1950 paper “Computing Machinery and Intelligence” and the subsequent Turing Test paved the way for AI.
AI is an evolving branch of computer science. It is attempting to answer Turing’s question. To this end, computer scientists are trying to replicate human intelligence in machines. For example, machine learning is one path that AI is pursuing. On the other hand, deep learning is a machine learning technique.
SkyNet or SkyNotYet?
There are two main types of AI: Narrow AI and Artificial General Intelligence (AGI). If the SkyNet reference flew over your head, Skynet is the mother of AI villains depicted in Terminator. Skynet is also a great representation of AGI. Here is how Narrow AI and AGI differ:
|Narrow AI||Artificial General Intelligence (AGI)|
|-AKA “Weak AI” -Seems smart but actually operates within a limited context |
-Simulates human intelligence -Often focused on performing a single task really well
-Functions under more constraints and limitations than even the most basic human capacity
-The most successful rendering of AI so far
|-AKA “Strong AI” |
-AI mostly shown in movies
-Has “human” capacity to solve any problem
-Possesses general intelligence
|Examples Google search, image recognition software, smart assistants (Siri, Alexa), self-driving cars, IBM’s Watson||Examples Skynet, Agent Smith, Alita, Eagle Eye, Data (Star Trek)|
Although AI has come a long way, we are still far from the world of supercomputers. Also, we are far from the possible human apocalypse. For now, AGI remains the muse of dystopian SciFi, but perhaps it could be the future of blockchain.
Considering the hype around AI and blockchain separately, could their amalgamation be the ultimate technological nirvana? Several blockchain projects have integrated AI and achieved fascinating results. AI and blockchain combine to create a powerful synergy with the potential to provide solutions to many real-world problems.
Data Management, Protection, and Verification
Money might make the world go round, but it is data that powers it. We are constantly creating, sending, or receiving data. As such, data protection, management and verification are very important. However, with the rise of big data, many companies collect and monetize private data without permission.
Perhaps AI and blockchain can combine forces to solve this problem? On the one hand, data basically feeds AI, allowing it to grow and improve itself. On the other hand, blockchain enables encrypted data storage on a distributed ledger.
Notably, once added to a blockchain, data cannot be changed or deleted. Furthermore, blockchain can store a huge amount of data. Also, the data can only be accessed by authorized personnel.
For example, DeepBrain Chain, a secure data trading platform, helps maximize the value of data while ensuring its privacy. DeepBrain separates data ownership from data usage.
Analysis and Predictions
The power of data is not restricted to record-keeping and consumer insights. Data can help businesses and governments plan for the future. In fact, data analysis powers predictions. However, when the word prediction comes up for most people, what comes to mind is a gypsy with a crystal ball or maybe your daily horoscope.
However, AI and blockchain unite to harness insights from past trends and events to extrapolate future movements. AI has the infinite capacity to filter through and accurately analyze huge amounts of data. In addition, machine learning enables AI to quickly pick up on trends, pattern anomalies, and unusual events. Thus, AI can not only help maximize profits but also limit potential losses.
Some blockchain utilizing AI for analysis and predictive purposes include:
Innovation and Efficiency
The cool thing about AI and ML is that they are evolving systems. Also, they are continuously looking for new and better ways to get things done. In this case, AI coin projects can be applied to an unlimited number of industries.
For example, the Buyaladdin shopping blockchain is in the process of integrating AI. This development makes the app the first shopping blockchain to implement the feature. Notably, AI enables projects to enhance users’ shopping experience without violating their privacy.
Blockchains process and store a great deal of data. As such, there is a great need to ensure the security of such information. Crypto wallets and exchanges are particularly vulnerable to hacks. In fact, New Zealand-based Cryptopia Exchange has been hacked more than once, the most recent being in February.
Unfortunately, online data breaches are widespread and not limited to the crypto industry. However, by integrating AI-based technologies like Natural Language Processing (NLP), blockchains can create auto-coding intelligent contracts, AI-powered cybersecurity, adaptive blockchain parameters, dynamic delegation network, and more.
NLP studies how machines interact with human languages. Along with ML algorithms, NLP can create systems that learn to perform tasks on their own. In addition, these systems have the ability to get better with experience, hence they can be one step ahead of hackers.
For example, Matrix AI is a blockchain project that identifies existing and potential security gaps. The system also identifies malicious intentions. In addition, Matrix AI works to provide a robust defense against attack.
AI Coins You Need to Know About
When it comes to finding good AI coins to invest in, there are a few things you should keep in mind. With most AI blockchain projects being far from achieving actualization, it can be hard to tell if the project goal will actually succeed. As such, it is critical to take AI coin through a thorough vetting process before investing. Consider, for instance, if the project’s proposed real-world use is practical and achievable.
That being said, here are a few notable AI coins you need to know about.
Ocean Protocol (Ocean)
Ocean Protocol is a tokenized Ethereum-based service that aims to unlock data and make it more equitably distributed. The protocol empowers users to publish, discover, and enjoy data assets in a safe and secure way. Besides, Ocean aims to take back data ownership from Big Corps and give it back to users. In turn, developers can use the data tokens to create data assets, data wallets, data exchanges, and data libraries.
Ocean Protocol has a max circulating coin supply of 613 million with 430 million coins currently in circulation. Moreover, Binance exchange is the most active market for the AI coin. At the time of writing, Ocean is selling for $1.58 with a 24-hour trading volume of $185,821,198. In addition, Ocean has a market cap of $690,709,923, making it the top-ranking AI coin currently.
SingularityNet is a full-stack decentralized AI protocol. The platform aims to bridge the gap between AI developers and end-users. In fact, AGI is a marketplace for a global network of AI algorithms, services, and agents.
Remarkably, one of the platform’s key founding members is Sophia the humanoid robot.
Further, AGI price is sitting at $0.475907, up by 20.4% with a trading volume of $13,307,360 at the time of writing. The AI coin has a circulating supply of 960 million out of a maximum supply of 1 billion coins.
The GNY blockchain adds ML to pre-existing blockchains and supports smart APIs. This serves as a bridge to Ethereum, Asch, and Lisk. Notably, GNY is the first AI blockchain to launch on the mainnet. Besides, GNY can host side chains. Thanks to its powerful set of tools that are built around AI and are developer friendly.
GNY reached an ATH of $3.24 on February 5, 2021. The token has however slumped over 60% and is currently trading at $1.15.
Despite the incredible potential AI and blockchain hold together, most AI coins are underrated. With many real world benefits and uses to be realized, it seems AI coins have the potential to take blockchain to the next level.
In fact, with blockchain being such a young and evolving sector it wouldn’t be surprising if some of the leading platforms begin integrating AI capabilities. It could even be possible for AI to solve some of the scaling and cross-chain problems within blockchain.
AI could even help enhance hash rates and transaction timing. Thus, it could help improve congestion on networks like Ethereum.
Finally, not all AI coins are equal. Therefore, investors should still research each project thoroughly before making an investment.
According to Dan Faggella Emerj CEO,
“Investment money from very reputable investment firms, such as DFJ, Andreessen Horowitz, Sequoia, essentially is a signal that under intense scrutiny, the business idea of a company holds up. When we are unable to see marquis clients but see case studies, we like to see that positive signal.”
Thus, when investing in AI coins, remember to look for projects that offer practical applicable real-world solutions. These projects usually have traceable development teams and investors. However, crypto is still a volatile industry so never invest more than you can afford to lose. Happy trading!
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.