The intersection of artificial intelligence (AI) and crypto is represented as a new frontier in technology that promises to redefine the way we engage with digital assets and data. But is this really the case? And what exactly are these major Web3 AI projects building that is so “revolutionary”?
In this research we delve deep into the Top Five Web3 AI projects to see just exactly what they are building and what features they provide.
Marketcap: 3.7B
Rank: #33
Bittensor, with its native token TAO, is a protocol that attempts to revolutionize artificial intelligence (AI) by decentralizing the development and deployment process. It creates a unique peer-to-peer market for machine intelligence, where AI models train collaboratively and are compensated in TAO based on the value they provide.
The Bittensor network is composed of several key players: miners, who contribute AI models; validators, who assess the models' outputs; nominators, who support validators by staking TAO; and users, who leverage the AI models for various applications. This ecosystem fosters a "cognitive economy," promoting innovation and collaboration in the AI field.
Bittensor's technical architecture includes a blockchain layer for consensus and incentivization, and an AI layer where the actual machine learning processes occur. The network employs a Decentralized Mixture of Experts (MoE) model, enhancing the collective intelligence and efficiency of the system. The Yuma Consensus mechanism, a blend of Proof of Work and Proof of Stake, attempts to ensure a fair distribution of rewards and maintains the network's security and decentralization.
TAO tokens, integral to the network, serve multiple purposes including rewards, access, and governance. The total supply of TAO is capped at 21 million, with a halving mechanism similar to Bitcoin's to manage issuance.
Bittensor's mission is to democratize AI, providing a platform that is not only innovative but also accessible, allowing for a wide range of applications from healthcare diagnostics to 3D asset creation. Its development marks a significant step towards a future where AI can be more openly shared and utilized, potentially transforming various sectors by harnessing global intelligence.
Marketcap: 3.5B
Rank: #35
Render Network, represented by the RNDR token, is a decentralized GPU rendering platform that is attempting to make a major shift in the GPU rendering space. It's designed to connect artists and creators with GPU power, enabling them to rent out idle GPU processing power for rendering tasks. This initiative is aimed at democratizing access to high-performance computing resources and establishing a global decentralized rendering network.
RNDR leverages blockchain technology to facilitate transactions within its network, where users can pay for rendering services or earn rewards for providing rendering power.
One of the core components of Render Network is OctaneRender, which integrates with the network to offer efficient and secure processing of 3D rendering jobs. The network also features a multi-tier pricing protocol based on users' reputation scores to ensure quality service delivery. Additionally, Render Network employs a Proof-of-Render (PoR) governance system, utilizing computational power to provide complex VFX/3D rendering services.
Render Network has a wide array of use cases, particularly in industries requiring rendering services like entertainment, architecture, and gaming. It offers a cost-effective, secure, and efficient solution for rendering projects of various sizes, supporting the creation of visual effects, animations, VR experiences, and more.
Marketcap: 2.2B
Rank: #53
Fetch.ai, represented by the FET token, is an advanced platform that merges artificial intelligence (AI) with blockchain technology to offer a decentralized environment for autonomous agents and AI-based services. The network is designed to enable the deployment and operation of what are known as Autonomous Economic Agents (AEAs), which can autonomously perform tasks on behalf of their users. These agents can negotiate, make decisions, and interact with other agents within the Fetch.ai ecosystem, making use of an infrastructure known as the Open Economic Framework (OEF).
The platform's native token, FET, is integral to its operation, serving as a medium of exchange, staking mechanism, and a way for users to pay for services within the Fetch.ai ecosystem. Fetch.ai has seen significant growth and development, including a mainnet upgrade to enhance its blockchain's capabilities and a collaboration with Bosch to form the Fetch.ai Foundation.
In a notable development, Fetch.ai launched Fetch Compute, a new initiative backed by a $100 million investment. This suite of tools and training capabilities aims to empower users and developers to create advanced AI applications, leveraging powerful GPUs. An interesting aspect of this project is the rewards program that allows users to stake FET tokens to earn credits for GPU usage on the Fetch Compute network.
Fetch.ai’s features include:
Marketcap: 1.34B
Rank: #82
SingularityNET is an open-source protocol and ecosystem aimed at creating a decentralized marketplace for AI services. It leverages a network of AI algorithms and machine learning models, enabling anyone to contribute AI services or access the network's offerings. This platform democratizes AI, making it accessible to more than just large tech corporations.
The protocol is structured around smart contracts on the blockchain, ensuring transparency and security in transactions. AI services are tokenized on the network, allowing for easy integration and compensation through SingularityNET's native token, AGIX. This token serves as a medium for transactions within the network, incentivizing contributions and participation.
Central to SingularityNET's mission is the ethical development and deployment of AI. The foundation emphasizes creating AI that aligns with human values and benefits humanity as a whole. The network's design encourages and rewards beneficial contributions while aiming to prevent the monopolization of AI technology.
SingularityNET Features include:
Marketcap: 638M
Rank: #128
Ocean Protocol is another decentralized data marketplace that utilizes blockchain technology to enable the secure and fair exchange of data. It's designed to empower data providers to monetize their data through a process that ensures privacy and control. The protocol leverages Ethereum's smart contract capabilities to create a transparent and secure environment for data transactions.
Key components of Ocean Protocol include data suppliers, who can monetize their data by minting datatokens, and data consumers, who use these datatokens to access data. The Ocean Market serves as a decentralized exchange (DEX) where data is listed as ERC20 datatokens, allowing for transparent and automated price discovery and transactions.
A unique feature of Ocean Protocol is Compute-to-Data (C2D), which allows data to be accessed and utilized without compromising privacy. This feature enables AI and other computational analyses to be performed on the data without the data leaving its original location, thereby maintaining the data owner's control and privacy.
The OCEAN token, an ERC20 token, underpins the ecosystem, serving as the unit of exchange, a means for staking to provide liquidity, and a tool for governance within the Ocean Protocol community.
In conclusion, the fusion of artificial intelligence (AI) and blockchain technology, particularly within the realm of Web3 and cryptocurrencies, may be carving a new path in the digital world, offering innovative solutions and redefining our interaction with digital assets and data.
Our in-depth examination of the top 5 Web3 AI projects—Render (RNDR), Bittensor (TAO), Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN)—highlighted the diverse applications and features each project brings to the table.
From decentralised rendering networks and AI model training platforms to autonomous economic agents and secure data marketplaces, these initiatives showcase the potential of combining AI with blockchain to foster a more decentralised, secure, and efficient digital ecosystem.
The implications of these advancements extend across various industries, possibly revolutionising sectors like entertainment, healthcare, finance, and more.