AI technology and big data is one of the fastest growing industries along with other trending categories such as Web3, metaverse, NFTs and DeFi. This ecosystem carries a total trading volume of around $270,774,359. In this article, let’s take a look at the top 5 AI altcoin projects to watch in August 2022, from analyst Will Izuchukwu’s list.
Top 5 AI altcoin projects to watch in August
Streamer (DATA)
Streamr (DATA) is a decentralized platform and open source project based on encryption rather than trust. Platform and tools for a new data economy are hosted in real-time data infrastructure on the Streamr platform. Its technology consists of a platform for buying and selling data and a scalable real-time communication network (pub/sub) hosted on computers worldwide.
According to its website, Streamr offers a layer that allows users to connect their data to the rest of the world. One of the main goals of Streamr DATA token is to build a user-friendly and intuitive data exchange network based information platform. Streamr price is currently trading at $0.03096. It lost more than 10% today on the sell-off threshold on Aug.
Phala Network (PHA)
Cloud computing provider Phala Network provides anonymity as well as computational capacity equivalent to other services. The PHA native utility token is used for:
- Reliable Computing Resources, Data Exchange Fee, Security Guarantee and Management.
As a parachain member of the Polkadot cross-chain ecosystem, Phala will be able to support the computing needs of other Blockchain applications while protecting the data layer. Thus, it will open up opportunities such as privacy-protected DeFi trading positions and trading history, co-computing DID confidential data, and more.
DxChain Token (DX)
Launched in 2018, DxChain is a Blockchain network built to support machine learning and comprehensive data processing. The primary purpose of DxChain is to enable its users to securely share large datasets and perhaps profit from advanced analytics based on that data.
The platform bases its DX token generation on the value and caliber of the data users provide there. DxChain provides users with a secure environment for machine learning experiments and testing, thanks to its decentralized data storage. DxChain is one of the safest interfaces data scientists can use to work with, share and retrieve datasets because of the inherent security and fraud prevention of Blockchain.
DxChain’s data trading platform allows users to trade private datasets without worrying that it will be leaked or shared without their permission. Additionally, the computing bandwidth provided by DxChain makes it easy for data scientists to deal with the datasets they purchase from the platform.
SingularityNET (AGIX)
Launched in 2017, SingularityNET is a blockchain-powered platform that makes it easy for anyone to create, share and sell AI services. This is done through the globally accessible AI marketplace. Users can browse, test and purchase a wide range of AI services through the SingularityNET marketplace using the platform’s native utility token AGIX. In addition, the marketplace serves as a venue for AI tool developers to publish and market their products while simplifying performance monitoring. According to its website, SingularityNET brings frameworks and technologies for Shift AI and offers Blockchain.
Fetch.ai (FET)
Launched in 2107, Fetch.ai is described as a machine learning network with a crypto economy. It offers easy-to-use technology for developing DApps with token and liquidity management frameworks. This allows users to concentrate on building and monetizing their DApps. Optimization of DeFi commerce services, transportation networks (parking, micro-mobility), smart energy grids and travel are just some of the use cases on which the Fetch.AI model is based.
Essentially, this includes any complex digital system that depends on large data sets. It uses autonomous artificial intelligence to perform tasks that leverage the vast global data network. Fetch.ai’s service token FET is a key component of the platform’s smart contracts and oracles and is used to identify, create, deploy and train digital twins.
