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

It's hard to imagine two technologies that reflect the zeitgeist more than artificial intelligence (AI) and cryptocurrencies, so it's no surprise that these two fields have come together in the form of AI cryptocurrencies.

We looked at some of the largest AI cryptocurrencies by market capitalization, according to CoinMarketCap*. First, here's a primer on what they are.

The cryptocurrency market is largely unregulated in India, so there is no protection if something goes wrong. Purchasing cryptocurrencies is speculative and your funds are at risk. This means you may lose some or all of your funds.

What is cryptocurrency?

Cryptocurrency is a type of digital currency. These can be consumed and traded, but they are not issued by central banks or held in traditional financial institutions.

Instead, they are decentralized. This means that records of your balances and transactions are not managed by your bank or payment provider, but instead by volunteers who use specialized software to keep track of everything.

Volunteers participate because doing so gives them the opportunity to earn valuable cryptocurrencies without paying any fees.

Massive speculation in the value of cryptocurrencies has led to a boom in both the number and value of assets in this space in recent years, peaking in November 2021 and crashing in spring 2022.

What is AI?

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

Popular recent examples include AI-generated artwork, where a program creates digital art by interpreting a user's prompts written in natural language, and applications that allow users to “write” according to a submitted outline. Contains ChatGPT.

In both cases, the output is so close to what a real human would create that it can be mistaken for human creation, and these applications are becoming increasingly sophisticated.

The use cases for AI are virtually limitless, and the technology is even making its way into the cryptocurrency space.

What is AI virtual currency?

AI cryptocurrencies are tokens that power AI blockchain platforms such as The Graph and SingularityNET. Users spend tokens to use the benefits of artificial intelligence integrated with the platform.

We looked at the 10 largest AI crypto projects based on market capitalization to see how AI is being used in this space.

Graph (GRT)

Market capitalization: Approximately 100 billion rupees

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

GRT, its native Ethereum-based cryptocurrency, is worth around Rs 6.88 lakh at the time of writing, down from its February 2021 high of around Rs 205.68.

SingularityNET (AGIX)

Market capitalization: Approximately 45 billion rupees

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

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

The current value of AGIX is approximately Rs.13.77 rupees. Going back to January 2018, AGIX peaked at around Rs 131.91.

Fetch.ai (FET)

Market capitalization: Approximately 28 billion rupees

Fetch.ai is a blockchain-based AI and machine learning platform. Fetch.ai aims to automate business tasks such as data processing and transactions. Its native cryptocurrency, FET, is used to pay for transactions on the network.

At the time of writing, the value of FET was around Rs 18.70, down from a peak of around Rs 85.64 in September 2021.

Ocean Protocol (Ocean)

Market capitalization: Approximately 19 billion rupees

Ocean Protocol is an Ethereum blockchain-based platform that allows businesses and individuals to exchange and monetize data and database services. This may include making data available to researchers and start-ups without the data owners relinquishing it.

OCEAN is currently trading at around Rs 19.69, down from its April 2021 peak of around Rs 139.82.

iExec RLC (RLC)

Market capitalization: Approximately 11 billion rupees

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

RLC is iExec's native cryptocurrency and is used to pay for the use of services on the platform. RLC is currently trading at around Rs 128.03, down from its all-time high of around Rs 984.90 in October 2021.

Numeraire (NMR)

Market capitalization: Approximately 9 billion rupees

Numerai is an AI blockchain network that acts as a hedge fund, using artificial intelligence and machine learning to invest in stock markets around the world.

Numeraire (NMR) is Numerai's native currency and facilitates payments within the network. It is currently trading at around Rs 1,302.40, down from its 2017 peak of around Rs 13,004.49.

dKargo (DKA)

Market capitalization: Approximately 8 billion rupees

dKargo is a blockchain that uses AI to solve trust problems in the logistics field. Thanks to the indelible nature of blockchain technology, we achieve this by providing trusted data to our participants.

DKA, dKargo’s native token, is currently worth around Rs 1.97, down from around Rs 53.19 in winter 2021.

Farah Network (PHA)

Market capitalization: Approximately 7 billion rupees

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

PHA is the network's native currency and is used to pay for cloud services within the Phala Network. It is currently trading at around Rs 10.83, down from a peak of around Rs 98.49 in May 2021.

Covalent (CQT)

Market capitalization: Approximately 7 billion rupees

Covalent is a network that aggregates data from various blockchains including Ethereum, Polygon, and Avalanche. Developers can leverage this multi-chain data to create apps that solve problems in areas such as finance and retail.

CQT is the native token that powers the network. Its current value is approximately 7.87 rupees. At its peak in August 2021, the value of CQT reached around Rs 139.89 crore.

Cortex (CTXC)

Market capitalization: Approximately 4 billion rupees

Cortex is a blockchain platform that allows users to upload and run artificial intelligence models. The idea is that AI can be built into smart contracts and decentralized apps (dApps).

At the time of writing, CTXC was worth around Rs 20.69 rupees. As of May 2018, it was trading around 147.79 rupees.

*Market capitalization figures are as of March 6, 2023.

How can I buy AI Cryptocurrency?

Many AI cryptocurrencies, like traditional cryptocurrencies such as Bitcoin and Ethereum, can be purchased using cryptocurrency exchanges such as Crypto.com and Coinbase.

To trade, you need to open an account. This often involves some identity verification steps and requires you to deposit fiat currency. You will then be able to navigate to the page for the AI ​​cryptocurrency you wish to purchase within the exchange, enter the amount you wish to purchase, and execute the trade.

How do I store my AI cryptocurrency?

Most exchanges offer free crypto wallet functionality to store the private and public keys needed to use and trade crypto assets. If needed, you can store your keys in an offline cold wallet.

Cold wallets are safer than hot wallets because they are less likely to be targeted by hackers. However, if you lose your cold wallet login information, you will not receive the support to regain access to your keys that you would get with a hot wallet.

Is AI cryptocurrency safe?

Whether your AI cryptocurrencies are safe from hackers and crypto market fluctuations depends on how you store them and your attitude towards risk.

Regarding the latter, no cryptocurrency is safe from market volatility, and 2022 was the year when the volatility of cryptocurrencies was exposed.

For example, Bitcoin started the year at about 2 million rupees and ended the year at about 1 million rupees (-56%), but rose to about 3 million rupees in March. Ethereum suffered a similar fate, starting 2022 at around Rs 196,928.40 and ending the year at just under Rs 98,463.29.

AI cryptocurrencies are no exception. GRT fell from about 43.32 rupees in January 2022 to about 5.90 rupees (-86%) in December, while AGIX fell from about 13.78 rupees to about 2.95 rupees (-78%).

Cryptocurrency wallets and exchanges will likely continue to be targeted by criminals, leaving people's assets at the mercy of the security they and exchanges implement.

Cold wallets are a hedge against hacking, but they are vulnerable when connected to a web-connected computer.

Meanwhile, attacks on exchanges continue. Last year, 483 of his Crypto.com users were hacked and lost up to 8.28 kronor worth of assets. Exchanges have tightened security measures as hackers expose weaknesses, but the cat-and-mouse game is certain to continue.

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