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If you thought the future of cryptocurrencies was bleak due to the dying hype and slow adoption, you need to think again. Enter AI tokens, specialized cryptocurrencies that operate within AI environments. The inevitable merging of blockchain tech and AI has opened up a new realm into the crypto tech space. Blockchain's transparency and security features have made it the ideal tech for solving AI's data integrity problems.
With blockchain integration, AI data processing will never be the same again due to accelerated computing. NVIDIA CEO Jensen Huang recently remarked that these tokens will drive the new AI industrial revolution. With this in mind, we explore the top 3 blockchain projects that have jumped onto the AI token train.
Top AI Blockchain Projects in 2024
Blockchain tech has revolutionized multiple sectors over the last decade — from top online casinos adopting crypto to global supply chains using smart contracts. Here are the blockchain projects leading the AI disruption.
1. Render Network
Render is a protocol that allows real-time rendering by offering decentralized GPU processing. Founded in 2023 by OTOY, a cloud rendering service, the Render Network has revolutionized digital creation by enabling creators to rent idle GPU computing power.
This decentralized network was initially developed to connect developers with idle GPU power on the cloud with creators requiring intensive 3D rendering. However, the network has since evolved beyond rendering graphics for movies and games to support AI and machine learning tasks. Companies can now rent GPU power to train generative AI models at incredible speeds and for a fraction of the usual centralized cloud cost.
Render Network is deployed on Ethereum and Solana blockchains and powered by the RNDR token. It operates on a Proof-of-Render consensus and comprises creators, node operators, a pricing protocol, and OctaneRender, a rendering application.
The POR algorithm allows node operators to commit their GPU resources to this rendering job using OctaneRender. Once they deliver the task, the operators are paid in RNDR.
The platform has expanded its use cases by partnering with next-generation AI open-source companies such as Endeavor and Stability AI. The partnerships will allow seamless access to web APIs and rendering of large AI models and 3D content workflows.
2. The Graph
Considered "the Google for blockchains," the Graph network is a blockchain protocol for open-source APIs. Its main net was launched in 2020. The network allows developers to index and query on-chain data from public blockchains through subgraphs. The indexed smart contract data from complex blockchains such as Uniswap allows other end users to easily monitor and use it. The subgraphs simplify this data extraction.
The Graph network is powered by the Graph Token (GRT) and uses a Proof-of-Stake consensus mechanism. The GRT utility token allows participants—data indexers, curators, and delegators—to stake resources in the Graph. While indexers operate the subgraphs, curators organize and classify the indexed data. Delegators secure the Graph network. Besides, these participants can earn income in the form of GRT for running graph nodes. Consumers pay for data queries in GRT.
The Graph Network, through Semiotic, its core developer team, recently made news after announcing a new white paper introducing two new AI services – Inference and Agent – into its infrastructure. The two AI services came after the network tried out its ChatGPT-like tool for Uniswap data called Agentc. The AI tool allows users to interact with blockchain data similar to ChatGPT's natural language interactions. The services will ensure low barrier to entry to access indexed data from everyday users.
3. Ocean Protocol
Ocean Protocol was founded in 2017 but only started gaining popularity in the last couple of years after AI models boomed. Built on Ethereum, Ocean Protocol offers a decentralized data marketplace that allows developers to monetize AI models and data securely.
The open marketplaces built on the Ocean protocol ensure no central data control, which is a major talking point among AI critics. Anyone can set up their own marketplace and sell data to users, hence eliminating narrow data sets.
This blockchain-based protocol consists of three main participants: the dataset providers, data consumers, and the protocol's data marketplace. The consumers include AI researchers and companies building AI models, while providers mint data tokens and sell the token's access rights. Therefore, Ocean Protocol is involved in every stage of the AI model life cycle, from raw training data to model predictions. Better yet, it brings Web 3.0 benefits to this cycle while allowing participants to earn revenue.
Ocean Protocol is powered by OCEAN tokens. The token is used to stake data on the platform, purchase data services, and govern the protocol. Recently, Ocean Protocol merged with SingularityNET and Fetch.ai to form the Artificial Superintelligence Alliance, which will be powered by a unified token known as ASI. This strategic merger will facilitate AI and machine learning support based on decentralized technologies.
Conclusion
The combination of AI and crypto is already revolutionizing the blockchain industry. This collaboration has already birthed networks such as Render, The Graph, and Ocean Protocol. These blockchain-powered networks will help create trusted execution environments for AI models and enable ethical data sourcing. Even better, AI will help optimize trading and smart contract security, opening up new use cases for multiple industries.
