Artificial intelligence (AI) and cryptocurrencies are two of the most talked-about technologies in recent years, and it’s no surprise that they have intersected in the form of AI cryptocurrencies.
In this blog post, we’ll take a closer look at the top 10 AI cryptocurrencies by market capitalisation and explore what they are, how they work, and how to buy and store them securely.
But first, let’s start with the basics. Cryptocurrencies are a form of digital currency that can be spent or traded but are not issued by central banks or stored in traditional financial institutions.
Instead, they are decentralised, with records of balances and transactions held by people who volunteer to keep track of everything using specialist software. Volunteers participate because in doing so, they get the opportunity to earn valuable cryptocurrency without having to pay for it.
AI, on the other hand, is a field of computer science that enables machines to make decisions based on data, increasingly mimicking human intelligence. Use cases for AI are effectively limitless, and the technology has found its way into the cryptocurrency space.
AI cryptocurrencies are tokens that power AI blockchain platforms such as The Graph and SingularityNET. Users spend tokens to use the platforms and the benefits of their integrated artificial intelligence.
10 Best AI Cryptocurrencies
Now, let’s dive into the top 10 AI cryptocurrencies by market cap according to their market caps:
The Graph (GRT)
Market Cap: £1.02 billion
The Graph is a protocol for indexing and querying data from blockchains, similar to the way Google indexes and queries data from websites. Its native cryptocurrency, GRT, is used to access the platform and was worth £0.11 at the time of writing, down from its February 2021 peak of £2.09.
Market Cap: £348 million
SingularityNET is a blockchain platform that allows anyone to build, share and monetise AI services. It has an internal marketplace where users can browse and pay for AI services in the platform’s native cryptocurrency – AGIX. AGIX is currently worth £0.28, down from its January 2018 peak of £1.34.
Market Cap: £229 million
Fetch.ai is an AI and machine learning platform based on the blockchain that automates business tasks such as data processing and trading. Its native cryptocurrency, FET, is used to pay for transactions on the network. At the time of writing, FET was valued at £0.27, down from its September 2021 peak of £0.87.
Ocean Protocol (Ocean)
Market Cap: £186 million
Ocean Protocol is an Ethereum-based platform that allows businesses and individuals to exchange and monetise data and data-based services. Its native cryptocurrency, OCEAN, currently trades at £0.30, down from its April 2021 peak of £1.42.
iExec RLC (RLC)
Market Cap: £102 million
iExec is an AI blockchain platform that allows users to monetise their computing power and to access on-demand cloud computing resources. RLC is the native cryptocurrency of iExec and is used to pay for using services on the platform. RLC is currently trading at £1.27, down from an all-time high of around £10 in October of 2021.
Market Cap: £84 million
Numerai is an AI blockchain network that acts as a hedge fund, using artificial intelligence and machine learning to make investments in stock markets globally. Numeraire (NMR) is the native currency of Numerai, facilitating payments within the network. It’s currently trading at £13.55, down from a peak of £132 in 2017.
Artificial Liquid Intelligence (ALI)
Market Cap: £83 million
Artificial Liquid Intelligence is a blockchain project that focuses on ‘intelligent NFTs’ or iNFTs. These digital avatars use artificial intelligence to interact with people, with AI-generated animation, voice and generative AI. One ALI token, the native currency of the Alethea Liquid Intelligence protocol, was trading at £0.02 at the time of writing.
Market Cap: £75 million
dKargo is a blockchain that uses AI to solve trust issues within the logistics sector by providing credible data thanks to the indelible nature of blockchain technology. Its native token, DKA, is currently worth £0.02, down from around £0.54 in the winter of 2021.
Market Cap: £73 million
Covalent is a network that aggregates data from various blockchains, including Ethereum, Polygon, and Avalanche. Developers can then leverage this multi-chain data to develop apps that solve problems in sectors such as finance and retail. CQT is the native token that powers the network. Its current value stands at £0.13, and at its peak in August 2021, CQT was worth £1.42.
Phala Network (PHA)
Market Cap: £61 million
Phala Network is another AI-augmented blockchain platform focused on cloud computing, with a focus on privacy. It’s positioned as a decentralised alternative to traditional cloud computing services such as Amazon AWS or Google Cloud. PHA is the network’s native currency, and is used to pay for cloud services within Phala Network. It currently trades at £0.11, down from a peak of £1 in May 2021.
Buying AI Cryptocurrencies
It’s important to note that the cryptocurrency market is largely unregulated in the UK, and buying cryptocurrency is speculative and your capital is at risk, meaning you may lose some or all of your money. It’s important to do your own research and invest only what you can afford to lose.
To buy AI cryptocurrencies, you can use crypto exchanges such as Crypto.com and Coinbase, just like traditional cryptocurrencies like Bitcoin and Ethereum. To trade, you’ll need to open an account and often go through some identity verification steps and deposit fiat currency. You’ll then be able to navigate to the page of the AI cryptocurrency you want to buy within the exchange, enter the amount you’d like to buy and execute the trade.
Storing AI Cryptocurrencies
It’s also important to store AI cryptocurrencies securely. Most exchanges offer a free crypto wallet facility in which to store your private and public keys – the credentials necessary to spend or trade your crypto assets.
However, if you prefer, you can store your keys in an offline cold wallet, which is arguably more secure than hot wallets, since hackers can’t target them as easily. However, if you lose your login details for your cold wallet, you won’t get the support regaining access to your keys that you’d get with a hot wallet.
AI and cryptocurrencies are two of the most fascinating fields in modern technology, and the intersection of the two has given rise to some innovative projects. The top 10 AI cryptocurrencies by market cap are exciting and offer a glimpse into the potential of AI in the cryptocurrency space. However, it’s important to remember that investing in cryptocurrencies comes with risks, and you should only invest what you can afford to lose.