In Part 1 of our 2024 guide to the best AI-powered cryptocurrencies, I covered the first five top AI crypto projects. They were: the leading AI marketplace SingularityNET (AGIX), data merchant Ocean Protocol (OCEAN), AI librarian The Graph (GRT), AI agency Fetch.AI (FET), and AI garden Cortex (CTXC).
In no particular order, here are five more Web3 projects that use artificial intelligence to create novel applications for blockchain technology. Numeraire, iExec, dKargo, Arkham and Injective Protocol. In this article we’ll break down their core purposes, use cases and how they utilize AI.
6. Numeraire (NMR): Using AI to Play The Stock Market
Year Founded & Team
Numeraire was founded in 2015 by Richard Craib (CEO), Joe Lallouz (COO), and Will Knottenbelt (CTO).
Andreessen Horowitz, Coinbase Ventures, and Paradigm
What is Numeraire (NMR)?
Imagine a hedge fund, but it’s not run by Wall Street experts—it’s driven by the brainpower of data scientists all over the world. That’s Numeraire. Using the Ethereum blockchain, this decentralized hedge fund uses artificial intelligence (AI) to make supremely educated guesses on stock market ups and downs.
What is Numeraire Used For?
The project’s appeal here is pretty straightforward. Numeraire wants to make investing in stocks less of a guessing game and more of a science, all while being open and efficient about it.
So what can you actually do with Numeraire? Well, two main things:
- If you’re into investing, you get to use AI-driven insights – which hopefully translate into smarter choices in the stock market.
- If you’re a data scientist or researcher, you get access to a gold mine of financial data from the project’s sources.
How Numeraire Leverages AI
A selection of machine learning models working together helps the Numeraire platform guess where the stock market will go next – not just one AI model. When financial data is shared, it’s as private as can be.
Why Numeraire is Important
Numeraire is shaking up how we think about investing. It’s making the stock market a little less mysterious and a lot more scientific. Plus, it’s a playground for data scientists who want to do cool stuff with huge sets of financial data.
7. iExec (RLC): Democratizing Cloud Computing
Year Founded & Team
Founded in 2016 by Gilles Fedak (CEO), Haiwu He (CTO), and Jean-Philippe Pothier (COO).
Draper Dragon Fund, ConsenSys Capital, and Ledger Capital
What is iExec (RLC)?
iExec (RLC) is an open-source, decentralized cloud computing platform that runs on the Ethereum blockchain. It’s essentially a superstore for cloud computing power, with a Web3 twist: it’s decentralized and runs on Ethereum and blockchain technology. It allows decentralized applications to access on-demand cloud computing services that fit their needs with ease.
What’s iExec RCL used for?
The main purpose of iExec is to connect cloud computing service providers and users in a decentralized, open marketplace. It decentralizes the cloud computing market, allowing users to make money from their spare computing power by renting it out to others. This computing power can be used to power decentralized applications, run off-chain computations, or perform a range of other functions.
Whatever your computing needs, whether you’re in AI development, knee-deep in scientific research, or working on graphic designs, this platform has got you covered. It’s versatile and caters to a broad range of computing requirements.
How iExec Leverages AI
iExec helps match you with the computing resources that fit your project’s needs, and it also performs like a savvy broker that sets dynamic prices based on how many resources are available and how many people want them. Plus it ensures that whatever you’re buying or renting meets the right quality standards.
Why iExec Is Important
iExec RLC matters because it aims to revolutionize cloud computing by breaking down the existing barriers to entry. By leveraging blockchain and AI, it’s making the whole system more efficient, transparent, and, most importantly, accessible to everyone.
What is the iExec token RLC used for?
The iExec token, RLC, is used as the platform’s primary medium of exchange. All transactions on iExec’s decentralized cloud marketplaces are settled in RLC tokens. Workers need to stake RLC tokens as security deposits to be eligible to execute computation tasks.
8. dKargo (DKA): The Logistics Translator
Definition: Dkargo uses blockchain technology to address trust issues in the fragmented logistics industry, and create a more cooperative and efficient logistics network.
What is dKargo Used For?
dKargo is designed to address the core structural issue in the logistics industry: there is no credible decentralized protocol that permits honest data exchange within services. dKargo is primarily used for optimizing logistics information, improving the connection between participants in the logistics chain, and offering Web3 logistics services from the first to the last mile.
How it Leverages AI
dKargo incorporates AI route optimization to create a fluid logistic platform.
Why is dKargo Important?
dKargo helps to build trust and cooperation in the logistics industry using blockchain technology.
What is the DKA token used for?
The DKA token is used within the dKargo ecosystem to facilitate transactions and governance decisions.
9. Arkham (ARKM): The Dark Knight of Crypto
Year Founded & Team:
Founded in 2020 by Miguel Morel, Arkham Intelligence leverages his extensive experience in cryptocurrency markets and intelligence.
What is Arkham?
Arkham is a controversial blockchain analysis platform that uses AI and other methods such as bounties to deanonymize blockchain and on-chain data, and ‘doxx’ (make public) the real identities beyond high-profile wallet addresses. It’s attracted some industry antagonism for this, as privacy is a core tenet of cryptocurrency ownership.
Arkham’s main purpose is to enhance the transparency and security of blockchain transactions by targeting crypto crimes and scams. It does this by providing users with a powerful tool offering valuable insights and analytics to make it easier to find the ‘bad guys’ of the blockchain – or at least, that’s its official purpose. Arkham’s platform can be used to track stolen funds, audit transactions, and investigate hacks, among other applications.
Arkham’s analytical products have played a notable role in addressing past high-profile crypto incidents, such as recovering assets related to high-profile cases such as FTX and Alameda Research.
How Arkham Leverages AI
Arkham uses a dedicated artificial intelligence engine, ULTRA, to systematically analyze and deanonymize blockchain transactions. This in-house AI engine leverages various data sources, including public records and social media, to label addresses and provide entity analytics.
Why it’s Important
Arkham strives to deanonymize blockchain transactions and put a name and identity to every wallet in the crypto community. Billions are stolen each year in Web3 hacks, and much of it lands in the pockets of sanctioned organizations like North Korea’s Lazarus Group.
By combating crypto crimes and incentivizing on-chain research, Arkham contributes to a secure,transparent and trustworthy blockchain ecosystem at the cost of privacy. Of course, the money is in the database as they say, and knowing which entities own certain whale accounts and observing or tracking their activities can be highly lucrative.
What is the ARKM token used for?
Arkham’s native token, ARKM, is used to trade for information such as entity labels and curated data feeds. It is also used to post bounties, and reward hunters and blockchain detectives providing valuable intel.
10. Injective Protocol (INJ): DeFi Infrastructure
Injective Protocol, led by Eric Chen and Albert Chon, emerged from Injective Labs, a hub for innovative blockchain solutions.
Injective is a layer-one blockchain designed for finance, powering a range of DeFi applications like decentralized exchanges and lending protocols.
What is Injective’s Purpose?
Injective Protocol provides a decentralized, interoperable infrastructure for next-generation financial applications. Its platform supports various financial markets, including spot, perpetual, futures, and options, all fully on-chain.
How Injective Protocol Leverages AI
While AI’s direct application in Injective is not detailed, the platform’s advanced financial infrastructure implies potential AI use in market analysis and decision-making.
Why It’s Important
Injective is at the forefront of decentralized finance, offering a fast, secure, and low-fee environment for a wide range of financial applications.
What is the INJ Token Used For?
INJ tokens are used for various DeFi purposes, including protocol governance, dApp value capture, and staking.
Stay tuned for Part Three of our Top 20 AI cryptocurrencies for 2024, and please note that this article is for educational purposes only and should not be construed as financial advice of any kind. AI cryptos are still largely unproven and can be subject to serious price fluctuations during times of market volatility. Invest with care and always conduct proper research.