As we move into 2023, the integration of artificial intelligence (AI) and blockchain technology is becoming increasingly significant. Blockchain AI projects are at the forefront of innovation, offering decentralized, secure, and transparent solutions. These projects are not only transforming the AI landscape but also creating new opportunities for investors and developers alike. In this article, we will explore the top blockchain AI technologies to watch in 2023, highlighting their unique features and potential impact on the industry.

Key Takeaways

• SingularityNET aims to create a decentralized marketplace for AI services, enabling seamless interaction between AI algorithms.
• Fetch.AI leverages AI to optimize decentralized networks, focusing on real-time problem-solving for various industries.
• Ocean Protocol facilitates secure data sharing, allowing AI models to access and learn from vast datasets while maintaining privacy.
• The Graph provides a decentralized protocol for indexing and querying blockchain data, making it easier for AI algorithms to process information.
• Injective is a decentralized exchange protocol that integrates AI to enhance trading strategies and market predictions.

1. SingularityNET

SingularityNET (AGIX) is making significant strides in integrating AI and blockchain technology. The platform enables AI developers to publish their AI tools and services in a decentralized marketplace, democratizing access to these technologies. In 2024, SingularityNET has continued to expand its reach and impact. The project recently joined the ASI Alliance with Fetch.ai and Ocean Protocol, creating the world’s largest decentralized network for AI. This strategic move aims to enhance the development of decentralized, democratic, inclusive, and helpful Artificial General Intelligence (AGI).

SingularityNET is a marketplace for AI products and services. It allows users to create their AI-powered models through the protocol’s blockchain, which offers smart contract templates for faster and easier development and deployment.

Funding

SingularityNET raised approximately $36 million in their initial coin offering (ICO) in December 2017. This funding has been crucial for developing their decentralized AI platform.

Notable Milestones

• 2017: Raised $36 million in ICO
• 2024: Joined ASI Alliance with Fetch.ai and Ocean Protocol

SingularityNET seeks to develop a decentralized, democratic, inclusive, and helpful Artificial General Intelligence (AGI). This AI crypto initiative will make it simple for anyone to develop, distribute, and sell AI services using their blockchain technology.

2. Fetch.AI

Fetch.AI is an Ethereum layer-1 network founded in 2017. It acts as an interchain gateway to the blockchain universe. The combined features of artificial intelligence (AI) and blockchain form a decentralized, permissionless, machine-learning network. Users can link to and access secure and private datasets and perform tasks autonomously.

Fetch.AI delivers AI to the crypto economy, enhancing DeFi with agent-based systems and personalized oracles for secure asset management. The Fetch.AI current price is $1.60.

Fetch.AI continues to enhance its AI capabilities and blockchain infrastructure, offering efficient, personalized, and autonomous solutions across various industries. Recently, Fetch.AI secured a $100 million investment for Fetch Compute, expanding its computational resources with high-performance Nvidia GPUs, and partnered with Bosch to develop Web3 and AI technologies, significantly raising its profile and potential for real-world applications.

3. Ocean Protocol

Ocean Protocol is an Ethereum-based platform that enables users to exchange and monetize data and data-based services. The ultimate goal of the platform is to foster a more efficient AI ecosystem, with data being one of the key driving factors.

Key Features

• Data Exchange and Monetization: Ocean Protocol allows for the exchange and monetization of data, ensuring open access and control over data.
• ERC-20 Smart Contracts: Trades are facilitated using ERC-20 smart contract tokens, unlocking the value of data.
• Web3 Integration: Integration with Web3 storage solutions like Filecoin and Arweave enhances data storage capabilities.
• Optimism Network: Expansion to the Optimism network improves transaction efficiency and reduces costs.

Recent Developments

Ocean Protocol has rolled out several enhancements to its ecosystem, including:

1. Launching a command-line interface for easier interaction with its services.
2. Integrating with Web3 storage solutions like Filecoin and Arweave.
3. Expanding its reach to the Optimism network.
4. Initiatives like Data Farming and Ocean Data Challenges to bolster community engagement and innovation.

Ocean Protocol’s commitment to a secure and inclusive data economy is reinforced by these developments.

Future Prospects

The platform’s future looks promising with ongoing initiatives aimed at improving transaction efficiency and reducing costs. The three-way merger of the crypto tokens of artificial intelligence-focused protocols Fetch.AI, SingularityNET, and Ocean Protocol is set to complete on June 13, which could further enhance its capabilities and reach.

4. The Graph

The Graph (GRT) is a decentralized protocol designed to index and query data from blockchains, making it easier to create decentralized applications (DApps) on Ethereum and IPFS using GraphQL. The protocol aims to improve the overall Web 3 experience by outperforming existing centralized options. One of the key features of The Graph is Subgraphs, which are indices designed to enhance data querying for users across several networks, including EVM-compatible blockchains and the InterPlanetary File System (IPFS). Over 3000 subgraphs have been released by developers, making it a popular choice for navigating and exploring different blockchain ecosystems and their respective DApps. The Graph is also available in at least 14 languages, further broadening its accessibility and usability.

The Graph’s mission is to create reliable decentralized public infrastructure for mainstream adoption. To ensure the network’s data integrity and economic security, participants use GRT (the Graph token), which is “locked up” by delegators, curators, and indexers, providing curating and indexing services on the Graph network.

5. Injective

Injective (INJ) is a standout in the blockchain and DeFi landscape, offering a platform optimized for financial applications. It boasts high interoperability and features a decentralized order book, enabling developers to create advanced financial applications. Utilizing the Cosmos SDK and Tendermint consensus, Injective ensures instant transaction finality and swift cross-chain transactions. This makes it an ideal platform for various DeFi applications, providing unrestricted access to financial services.

Key Features

• Layer-1 Blockchain: Injective is a layer-1 blockchain network created primarily for DeFi apps, offering a "plug-and-play" financial system.
• AI Integration: Injective promises to be the initial blockchain to give auto-executing smart contracts by incorporating AI into its systems.
• CosmWasm Smart Contracts: Users can quickly start dApps using Injective’s CosmWasm smart contract layer thanks to the automation feature.
• Cross-Chain Interoperability: Injective’s dApps can seamlessly connect with other blockchains like Ethereum, Cosmos, and Solana.

Use Cases

Injective enables classic token swaps, margin trading, and forex futures trading across multiple blockchains. The ecosystem includes a wide array of dApps, enhancing cross-chain interoperability.

Native Cryptocurrency

INJ is Injective’s native cryptocurrency. It is used for governance, validating transactions on the network, as well as incentives for developers.

Injective is a layer 1 blockchain that enables users to build finance-oriented decentralized applications (dApps) for Web3. It leverages AI and incorporates a high-performance on-chain decentralized exchange (DEX) infrastructure, bridges, oracles, and a smart contract layer, providing a complete finance dApp development kit.

6. Oasis Network

The Oasis Network is a layer 1 blockchain network focused on open finance and responsible data economy. It lets users build open finance dApps that prioritize privacy and fairness, giving users control over their data and the possibility to monetize it. The Proof of Stake (PoS) network has a unique architecture that separates its consensus algorithm and smart contract execution, enabling privacy-focused apps at a low cost.

Since the beginning of 2023, Oasis has been collaborating with AI industry leaders, including Meta, to build the framework for “Responsible AI” to ensure that the technology is developing on the principles of privacy, fairness, and transparency.

The Oasis Network is entirely dedicated to offering a private layer for Web3. With the simple-to-integrate, UX-friendly Oasis Privacy Layer, this network adds secrecy to current dApps on any EVM network.

Token Information

• Token: ROSE
• Current Price: $0.13, -0.58% in 24h
• Market Cap: $862.11m

Key Features

1. Privacy Layer: Adds anonymity to dApps on the EVM network.
2. Open Finance: Enables the creation of open finance dApps that prioritize privacy and fairness.
3. Responsible AI: Collaborates with AI industry leaders to ensure AI systems are secure and ethical.

Use Cases

• Healthcare: Insights on healthcare applications in regions like Kenya and Nigeria.
• Cryptocurrency Tools: Provides tools and markets for cryptocurrency applications.

7. Render

Render Network is an Ethereum-based blockchain platform that aims to decentralize GPU cloud rendering by connecting those who need rendering services with owners of high-performance GPUs. This system enables artists, individuals, and companies to carry out rendering tasks more affordably and quickly than traditional centralized options.

How It Works

Creators submit rendering jobs, and node operators use their spare GPU capacity to complete these jobs and earn RNDR tokens as compensation. Render Network supports a range of tasks, from basic rendering for gaming and entertainment to complex projects involving AI and machine learning.

Applications

Render Network offers decentralized GPU rendering solutions for digital creation and NFTs. With applications in fields like gaming, virtual reality, and the metaverse, Render Network is making it easier for artists to create visual content without the need for expensive hardware.

Current Market Status

The Render (RNDR) current price is $8.23, down by -5.02% in 24 hours.

8. Cortex

Cortex is an AI-powered blockchain platform that revolutionizes how artificial intelligence models are used in smart contracts and decentralized applications. The platform, priced at $0.26, integrates AI algorithms into smart contracts on its public chain. The token sale in 2018 was led by Bitmain and FBG Capital, focusing on AI models on the blockchain.

9. Bittensor

Bittensor (TAO) is an innovative decentralized platform that merges AI with blockchain technology to create a marketplace for machine learning models. Launched in 2021, Bittensor incentivizes developers and data scientists to contribute AI models, which are then evaluated and rewarded using the TAO token. This process ensures high-quality contributions and fosters a collaborative ecosystem. The TAO token is pivotal, used for transactions, staking, and rewarding contributors within the network.

Bittensor aims to create a neural internet by revolutionising the development of machine learning platforms. The project is establishing a peer-to-peer marketplace for machine intelligence where AI models can combine their intelligence, essentially creating a “digital hive mind.”

In recent developments, Bittensor introduced TAO Subnet Sharding, enhancing scalability and efficiency by segmenting workloads across smaller, manageable shards. This innovation significantly boosts Bittensor’s performance and profitability of machine learning tasks. Additionally, rumors of a potential Grayscale investment have driven a surge in TAO’s price, reflecting growing investor confidence. Bittensor’s market cap has reached approximately $3 billion, with ongoing efforts to expand its ecosystem.

10. Numeraire

Numeraire (NMR) is an Ethereum-based ecosystem that enables developers and data scientists to demonstrate more reliable machine-learning models. This AI crypto initiative is the first hedge fund to debut cryptocurrency and use machine learning in its investment strategy, depending heavily on data and forecasts produced by Numerai Tournament participants. With their novel concept, Numeraire rewards participants with NMR tokens, the native currency of this AI crypto project, whose model performs well during the competition.

Numeraire is the protocol behind Numerai, a hedge fund that crowd-sources artificial intelligence to invest in major stock markets worldwide. Like other dApps on our list, Numeraire runs on the Ethereum blockchain platform. The native token behind Numeraire is NMR.

Numeraire (NMR) is an open-source project targeted at building stock price predictions tooling with the power of AI and ML. Users can submit price predictions to control the capital of Numerai’s hedge fund. The most skilled and successful traders get rewards in NMR tokens proportionally to their contribution.

It is an innovative approach to stock trading, and Numerai is one of the few hedge funds relying on AI-generated data predictions.

Conclusion

As we move further into 2023, the intersection of blockchain and AI continues to present groundbreaking opportunities and challenges. The integration of AI with blockchain technology offers unparalleled benefits such as decentralization, enhanced security, and democratization of data. The projects highlighted in this article exemplify the innovative strides being made in this space, showcasing the potential to revolutionize various industries. For investors and tech enthusiasts alike, keeping an eye on these developments is crucial. The future of blockchain AI technologies is not just promising but pivotal in shaping the next era of digital transformation.

Frequently Asked Questions

What is SingularityNET?

SingularityNET is a decentralized platform that allows AI algorithms to cooperate and coordinate at scale. It aims to create a global AI network that is accessible to anyone.

What is Fetch.AI?

Fetch.AI is a decentralized machine learning platform that enables secure sharing, connection, and transactions between IoT devices and algorithms.

What is Ocean Protocol?

Ocean Protocol is a decentralized data exchange protocol that unlocks data for AI consumption, ensuring data privacy and sovereignty.

What is The Graph?

The Graph is a decentralized indexing protocol for querying blockchain data, making it easier to access and analyze information stored on the blockchain.

What is Injective?

Injective is a decentralized exchange protocol that offers advanced trading features and enables cross-chain derivatives trading.

What is Oasis Network?

Oasis Network is a privacy-focused blockchain platform designed to support confidential smart contracts and scalable decentralized applications.

Disclaimer:

The content provided on Asset-Hodler.com is for informational purposes only. It is not intended as financial, investment, legal, or other types of advice, nor should it be construed or relied upon as such. All opinions, analyses, and recommendations expressed on this site are presented in good faith and for general information purposes only. Readers, users, and viewers are strongly encouraged to conduct their own research and consult with a professional advisor before making any investment decisions.

Please be aware that Asset-Hodler.com may contain affiliate links. This means we may earn a commission if you click on a link and make a purchase or sign up for a service, at no additional cost to you. These affiliate partnerships help support the website and allow us to continue bringing you valuable content. Our participation in affiliate programs does not influence our content or opinions presented on the site.

The cryptocurrency and financial markets are highly volatile and investing in them involves risk. Asset-Hodler.com and its authors, owners, and contributors accept no responsibility for any loss or damage resulting from the use of the information contained on this website. By accessing and using Asset-Hodler.com, you acknowledge and agree to these terms.