Get ready for a new era in the world of crypto AI, as one of the biggest players in the industry, Microsoft, makes a game-changing move. With a reported $10 billion investment in OpenAI, the company’s valuation skyrockets to an impressive $29 billion. This move not only solidifies Microsoft’s commitment to AI technology, but it also sets the stage for an exciting new narrative in the world of crypto. With the popularity of AI tokens on the rise, now is the time to take a closer look at some of the biggest players in the crypto AI space.
Fetch Network – FET
The Fetch.ai network is designed as an autonomous machine-to-machine ecosystem, where agents work as a network of independent parties and interact with each other directly via the blockchain network. They perform tasks by connecting and negotiating with one another, and the process of finding, negotiating, and interacting with other agents is fully automated and requires no user input. This reduces the reliance on intermediaries and reduces costs.
The Fetch.ai native token, FET, is the main medium of exchange to pay for transactions and can be used to pay agents for providing services. The Fetch.ai network also serves as a layer-1 network for Ethereum and as an interchain bridge to the rest of the blockchain world. The Fetch.ai network is built for peer-to-peer interactions, enabling a new layer of communication and negotiation, which can be applied to various industries such as IoT, transportation, logistics, and financial services.
VIDT DAO – VITD
VIDT DAO is a decentralized technology that aims to deliver a fair and resilient infrastructure for web3 data validation on a global scale. It is a fully open-source project that focuses on ease-of-use and scalability. It uses a Web3 “every cloud to every chain” approach and already has numerous integrators, publishers, and consumers transferring VIDT to secure valuable digital assets such as certificates, AI-prompts, sensor-data, NFTs, and firmware.
VIDT’s mission is to secure authenticity through data integrity, thereby providing the fundamental checks needed for our rapidly digitizing world to function properly. In the world of art and collectibles, provenance is a big part of authentication, and this is where NFTs fit perfectly to tackle this challenge. The VIDT DAO ecosystem is suitable for various industries such as art, supply chain, and logistics, where verifiable trust is needed.
Numerai – NMR
The Numerai Tournament is an online platform where data scientists can build machine learning models on abstract financial data to predict the stock market. The models can be staked with the NMR cryptocurrency to earn rewards based on performance. These staked models are then combined to form the Meta Model, which controls the capital of the Numerai hedge fund.
Participants can download the dataset with training data and example scripts in Python and R, build their models and submit predictions to Numerai. They can also stake NMR on their models to earn or burn based on performance and grow their stake over time by automating weekly submissions.
The goal of the tournament is to build a model that can predict the future target using live features that correspond to the current stock market. By participating in the tournament, data scientists can build their reputation and claim their place on the leaderboard, and earn cryptocurrency by staking on their models. To date, over $45,039,558 in NMR has been paid out to data scientists.
Ocean Protocol – OCEAN
Ocean Protocol is a decentralized data exchange protocol that unlocks data for AI and is excited to announce the launch of DesightsAI, a web3 platform built on top of Ocean’s technology to crowdsource business solutions to toughest data and AI challenges. DesightsAI is built on the Web3 principles of self-sovereignty over data where creators and contributors have complete control over their creations. For each submission to these challenges, DesightsAI uses Ocean’s technology to create a unique ownership in the form of ERC721 token and allows for a royalty structure to be added around that submission. This allows all contributors to own and earn revenue from their creations without any middlemen.
Cortex Labs – CTXC
Cortex is a decentralized world computer that is capable of running AI and AI-powered dApps on the blockchain. It includes the Cortex Virtual Machine (CVM) which is EVM-compatible with added support for on-chain AI inference, utilizing the GPU instead of the CPU to execute nontrivial AI models on the Cortex chain. The AI Inference Engine called Synapse is a deterministic inference engine that guarantees exactly the same AI inference result across heterogeneous computing environments, allowing for deterministic on-chain AI inference without resorting to off-chain solutions.
Cortex also enables the creation of AI-enhanced DApps and smart contracts by developers who can use the popular language Solidity and off-the-shelf AI models on the Cortex storage layer. Cortex aims to foster an open-source ecosystem where AI researchers and developers are incentivized to share their models with the world, solving the problem of efficient and deterministic execution of on-chain machine learning models in smart contracts.
Phoenix – PHB
Phoenix Layer 2 is a privacy and AI computation layer for Web 3 applications, which aims to bring highly intelligent, data-driven, and AI-enabled applications to the blockchain. It serves as both a computation layer to process data in a privacy-preserving manner and a bridge to gap on-chain protocols with off-chain data and AI models.
The Phoenix Oracle and Layer 2 can be applied in various industries such as Retail, Financial Services, Consumer IoT, Supply Chain, Healthtech, and Web3 Gaming. For example, in Retail it can be used to create new Web-3 based customer engagement and CRM models, in Financial Services it can be used to strengthen customer AI-scoring models without compromising data-privacy and in Healthtech it can be used to create smart personal health apps with data-driven personalization and analytics features.
The post The AI narrative: What are the best AI projects in crypto? appeared first on YourCryptoLibrary.
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