Artificial intelligence (AI) is currently a growing sector for traditional finance. Find out how blockchain can be useful for AI and which cryptocurrencies could benefit from it and perform in the same way as TAO, Bittensor's cryptocurrency.
The rise of artificial intelligence (AI) in traditional finance
Artificial intelligence (AI) is undeniably the big trend of the moment in traditional finance. Indeed, Nvidia, the most capitalized company operating in the AI sector, has experienced a meteoric rise and has now established itself a prominent place among GAFAMthe most capitalized companies in the world across all sectors.
Evolution of Nvidia shares over 5 years in weekly data
This dizzying rise could in part be attributed to the rise of ChatGPTwhose name everyone now knows, the generative AI from the company OpenAI. Following the success of this model, many other competitors have in turn embarked on this conquest of the AI market.
Thus, an anthology of AI models appeared in turn: Claude (Anthropic), Gemini (Google), LLaMA (Meta), Mistral AI and many others. Each of these solutions has critical GPU and high-performance computing requirementsareas where the Nvidia company excels.
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Thus, for almost 2 years, Nvidia has largely exceeded experts' expectations in terms of its financial results.
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How can blockchain be useful for artificial intelligence?
At first glance, it would be easy to decree that AI projects on the blockchain benefit above all from significant media attention to promote their product without any real value proposition. Although this is the case for a relatively large proportion of the latter, it is not general.
Indeed, beyond simply riding the trend, some projects are using blockchain technology to good effect to offer and improve their AI solutions.
Here are some of the benefits of blockchain for AI:
- Due to its immutability, blockchain proves to be particularly relevant for securing data, thus reducing the risk of cyberattack;
- The traceability of an AI's decisions and operations facilitates audits to verify that actions taken comply with expectations and ethical standards;
- Decentralized governance reduces the risks of censorship or one entity having too much control over an AI model;
- Better management of the necessary IT resources by distributing the load in a decentralized manner;
- Greater user control over their personal data while automating payments and transactions.
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Which crypto AI projects could outperform the recent performance of the TAO token?
TAO, the Bittensor project's cryptocurrency, has recently experienced an exponential rise in its price with a performance of +160% over the last 30 days.
With the media exposure of such a performance, other crypto projects linked to artificial intelligence could benefit from it and try to catch up in the weeks to come. Here are some of them.
Render Network (RENDER)
In a few words, Render Network is a platform specialized in high quality graphics rendering which relies on blockchain technology to decentralize calculation and thus make this solution more affordable.
It is possible to rent your computing power to the network while being rewarded in RENDER tokens. Over the past 30 days, the RENDER price has recorded an increase of 8%.
Cryptoast Academy, the private group of Cryptoast, covered the subject of Render Network a month and a half ago now in the format “ Token of the week “. In this type of format, you will find a fundamental analysis of the project as well as a technical and on-chain analysis provided by our experts.
👨🏫 Discover our fact sheet to find out everything about Render Network (RNDR), the decentralized GPU network
The Graph (GRT)
The Graph is a decentralized protocol designed to index and query data from different blockchainsfacilitating access to information for developers of decentralized applications (dApps).
Network participants are rewarded in GRT tokens. Over the last 30 days, the GRT token price recorded an increase of more than 20%.
The Graph was processed in the format “ Token of the week » by Cryptoast Academy almost 3 months ago.
Artificial Superintelligence Alliance (ASI)
The Artificial Superintelligence Alliance (ASI) is an alliance of several crypto AI projects composed from Ocean Protocol, SingularityNET, Fetch.ai and more recently from Cudos. Their common goal is to develop and commercialize artificial super-intelligence beyond the cognitive abilities of a human being.
To facilitate the merger of these various well-established companies in the AI crypto sector, the token's ticker is currently FET but should soon evolve into the ASI ticker.
The alliance of all these entities with their different areas of expertise makes it a potential challenger of choice to shake up giants such as OpenAI. It will be particularly interesting to observe the developments of this project in the months and years to come.
The price of the FET token recorded an increase of 33% over the last 30 days.
The Cryptoast Academy team covered the topic in the format “ Token of the week » last week, addressing in particular the different perspectives for the ASI project and the challenges of such a merger for the token.
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Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.
Theo Zananiri
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