Trending AI Altcoins With Real Utility for Shaping the Future

It is usually said that when Bitcoin sneezes the entire crypto market catches cold. BTC hit a new all-time high for the second time this week, with the ripple effect reflecting on other altcoins, majorly AI cryptocurrencies.  Near Protocol, Render, Ronin, The Graph and WorldCoin are among the top gainers of the week, demonstrating growth of over 50%. While investors and enthusiasts are full of excitement regarding the AI altcoins performance, Coinbase report  raising questions about whether these tokens are just a hype or sustainable investment opportunity.

What’s Going On with AI Altcoins?

Despite surpassing Bitcoin and traditional tech stocks in performance over the past few weeks, doubts linger regarding the long-term sustainability of AI-themed tokens due to concerns about speculative trading and centralized dependencies. Experts emphasize the importance of substantial adoption and technological advancement to enhance the practicality of AI tokens.

Nevertheless, caution is recommended in light of the growing number of crypto scams and the necessity for a thorough examination of project fundamentals. Ultimately, the future of AI tokens remains uncertain, contingent upon their capacity to tackle real-world issues and navigate the ever-changing crypto landscape. Putting all this in mind let’s delve into AI tokens with real utility for advancement of crypto industry.

1. Render network (RNDR)

Market Cap: $4.3 billion

Render Network is a prominent player in the AI industry, facilitating the contribution of GPU power by individuals to support AI companies in utilizing resources for tasks like 3D rendering and digital content creation. This establishment of an infrastructure network is crucial for the advancement of AI and Machine Learning, solidifying its position as a key element in the AI ecosystem.

The decentralized network of GPUs provides AI companies with virtually limitless computational power, presenting them with cost-effective options to train their AI models. Moreover, GPU power can be utilized by AI companies to render videos, motion graphics, and images generated by AI technologies like Sora and Dall-E.

The AI token not only monetizes GPU rendering but also ensures image rights protection and offers AI services.

2. SingularityNET ($AGIX)

Market Cap: $1.59 billion

SingularityNET, or $AGIX, stands out as a trending AI-based cryptocurrency with a $1.59 billion market cap. This decentralized AI marketplace is dedicated to driving the progress of artificial general intelligence (AGI) research. Founded by Dr. Ben Goertzel and Dr. David Hanson, SingularityNET empowers developers to share their AI innovations for universal access, offering a wide range of services on its platform. These services include multilingual speech translation, real-time voice cloning, and neural image generation.

The $AGIX token serves as the platform’s native utility token, essential for paying for marketplace services, engaging in governance voting, and staking.

3. The Graph (GRT)

Market Cap: $4.2 billion

The Graph is an essential tool for managing and retrieving data on networks like Ethereum and IPFS. It plays a crucial role in the DeFi and Web3 ecosystem, allowing developers to easily create and share open APIs called subgraphs. These subgraphs enable applications to seamlessly access blockchain data using GraphQL. Currently, there is a hosted service, but the project plans to launch a decentralized network in the near future.

The protocol already works with Ethereum, IPFS, and POA, and there are plans to integrate more networks. The Graph has experienced significant growth, with over 3,000 subgraphs deployed by different developers for various DApps. Its usage has been increasing by more than 50% monthly, and it surpassed 7 billion queries in September 2020.

GRT, the native cryptocurrency of The Graph, is utilized to guarantee the security of the data contained in its network. Every user, including indexers, curators, or delegators, is required to stake GRT in order to carry out their responsibilities and, in exchange, receive fees from the network.

4. Fetch.ai (FET)

Market Cap: $2.3 billion

Fetch.ai is dedicated to developing a decentralized digital world where autonomous software agents can carry out tasks for people and organizations. Their goal is to establish a blockchain platform that allows machines to communicate, learn, and collaborate securely and in a decentralized way. The project is recognized for its emphasis on “Autonomous Economic Agents” (AEAs), which are software entities capable of performing tasks, making deals, and engaging with other agents in a decentralized network. Fetch.ai envisions an ecosystem where these agents can support various activities, such as supply chain optimization and energy trading.

The Fetch.ai network is built to cater to different scenarios by offering a structure for agents to find one another, bargain, and carry out tasks in a trustless way. It leverages technologies like multi-agent systems, machine learning, and blockchain to facilitate effective and secure communication among agents. The native cryptocurrency of the Fetch.ai network is FET, serving various functions within the ecosystem, such as compensating for services rendered by agents and engaging in network governance.

Fetch.ai (FET) is a cryptocurrency that powers the Fetch.AI platform. The FET token has multiple uses within the Fetch.AI ecosystem, such as carrying out transactions, enabling communication, staking, and encouraging active involvement.

5. NEAR Protocol (NEAR)

Market Cap: 8.2 billion

NEAR Protocol operates as a layer 1 blockchain network. It offers a foundation for developers to create decentralized applications (dapps). Near is considered a competitor to Ethereum as it strives to challenge the success of the leading layer 1 blockchain.

The main criteria for layer 1 networks are transaction costs, speed, and the capability to uphold these attributes as transaction volumes increase. Near Protocol is more faster and cheaper compared to Ethereum. Near is projected to have the capability to handle approximately 100,000 transactions per second (TPS).

NEAR token serves as payment for transaction fees and as collateral for data storage on the blockchain. Stakeholders in the blockchain ecosystem are rewarded with NEAR tokens. Transaction validators receive a NEAR token reward every epoch, which is 4.5% of the total NEAR supply annually. The token boasts of a market cap of 8.2 billion positioning it as 19th according to CoinMarketCap.

Conclusion

In summary, the recent rise of AI altcoins like Render Network, SingularityNET, The Graph, Fetch.ai, and NEAR Protocol showcases a wave of innovation in the crypto space. While Bitcoin remains influential, these projects offer tangible solutions for the future of AI and blockchain. However, caution is advised amid uncertainties about long-term sustainability and the need for careful project evaluation. As the industry evolves, investing in AI tokens with real utility holds promise for addressing real-world challenges and advancing the crypto landscape.