Maria Irene
The advent of the digital age has seen many revolutions, but none as transformative as the convergence of blockchain and artificial intelligence (AI). Blockchain, the technology behind cryptocurrencies like Bitcoin and Ethereum, is now catalyzing a new wave of innovation in the AI space, breaking down barriers, and enabling a new decentralized world of machine learning and data processing.
Several pioneering projects are at the forefront of this AI-powered blockchain revolution:
The Graph (GRT) is democratizing data indexing and querying on blockchains, analogous to how Google organizes information on the web.
SingularityNET s building a marketplace for AI services. Here, developers can monetize their AI solutions without building end-to-end applications, or acquire AI models for their applications.
Fetch.ai (FET) is all about automation, harnessing AI and machine learning to automate business tasks like data processing and trading. Its native cryptocurrency, FET, is utilized to pay for transactions on the network.
Ocean Protocol (OCEAN) provides a platform where businesses and individuals can exchange and monetize data and data-based services. Its vision is to democratize access to data, making it available to researchers and startups without relinquishing control from the data holders.
iExec RLC (RLC) allows users to monetize their computing power and access on-demand cloud computing resources. The platform’s native cryptocurrency, RLC, is used to pay for services on the platform.
Numeraire (NMR) takes a unique approach by acting as a blockchain-based hedge fund. Using AI and machine learning, it makes investments in global stock markets.
Artificial Liquid Intelligence (ALI), is an intriguing project that is creating ‘intelligent NFTs’ or iNFTs. These are digital avatars that use artificial intelligence to interact with people.
Each of these projects offers a glimpse into the future of blockchain and AI, illustrating the transformative potential at the intersection of these technologies. They are solving some of the most pressing challenges in the AI sector, such as data access, security, compute resources, and model training.
Consider the case of Ocean Protocol. Their platform specializes in data collection and storage, offering a secure platform for data providers to store and monetize their data using the project’s native token. Meanwhile, SingularityNET offers data labeling and cleaning services, an essential part of data preparation in AI, which can be paid for with their native AGI token.
Golem offers a decentralized marketplace where anyone can share their compute resources to process data, while iExec provides a marketplace for cloud resources for AI model training, and Fetch.ai deploys AI models to automate tasks, with their FET token used to pay for network services.
These blockchain projects are not just reshaping the AI landscape; they’re also aiming to disrupt the status quo of technology giants. The cost of training large AI models has been increasing by about 3,100% every year for the last 10 years, creating a bottleneck around computing power and pushing smaller firms and startups out of the AI race.
But blockchain projects offer a solution. They are developing decentralized machine learning computer networks that allow anyone with hardware like a GPU or CPU to lend their computing power to help facilitate the development of AI models. In exchange, these providers will be rewarded with correlating cryptocurrency.
This innovative approach could be up to 90% cheaper than cloud providers like Amazon Web Services, making AI development more accessible and affordable than ever before.
As the use cases for these blockchains grow, demand for these tokens will also increase, creating a new economic model for AI development that rewards participation and democratizes access to resources.
We are witnessing the dawn of a new era where blockchain and AI converge to create a more decentralized, inclusive, and efficient digital world. As these pioneering projects demonstrate, the blockchain-AI revolution is well underway, and its impact will be transformative and far-reaching.
Stay tuned, as the crypto world continues to unleash intelligence on the blockchain!
