By implementing a token-based incentivization system, projects intend to foster a more collaborative and cooperative AI ecosystem in which developers can collaborate to solve complex problems.
Everyone has heard about Chat GPT-3 since its launch back in late November of 2022. But who could’ve thought that the wave of AI hype would actually get to the crypto industry?
Well, in today’s article, we’ll discuss how Chat GPT managed to create a buzz within crypto, pumped some of the tokens of AI-related projects, and made tech companies consider investing multiple billions in the development of this artificial intelligence.
Is Chat GPT That Good?
Chat GPT-3’s ability to generate natural language text is a big reason for its success in the crypto industry. This made it suitable for a wide range of purposes, from content creation to customer service via chatbots.
Another crucial feature is its capacity to process massive datasets and draw valuable conclusions. Because of this, it became a useful resource for crypto traders and investors looking to anticipate market trends and make more educated investments.
Chat GPT-3’s publicity boosted the value of some digital currencies. Investment in projects involving artificial intelligence and natural language processing, for instance, has increased dramatically as investors recognize the technology’s promising future.
The tech industry took notice of Chat GPT-3’s achievements and is planning to spend billions on its further development.
Microsoft Doubles Down on OpenAI
I was delighted to learn of Microsoft’s $10 billion investment in OpenAI. This development emphasizes the growing convergence of AI and crypto, as well as the potential for AI crypto projects to revolutionize the way we use and interact with AI.
This investment’s importance cannot be overstated. Microsoft’s belief in the potential of AI technology, as evidenced by their investment in OpenAI, demonstrates the growing competition among tech companies in the AI space.
This move by Microsoft also emphasizes the growing importance of web search, a market dominated by Google, and the potential for AI to play a significant role in this market.
At this point, you may have a question: how does this relate to crypto?
AI Crypto Projects
While the investment has no direct impact on the crypto industry, it does highlight the potential of AI crypto projects. A number of projects aim to use blockchain technology’s power to improve AI capabilities.
SingularityNET
SingularityNET, an open-source platform that allows for the creation of a decentralized network of AI services, is one such project. The platform employs a token-based incentivization system to encourage developer participation and collaboration, allowing for the formation of a “society of minds” in which various AI models can collaborate to solve complex problems.
This project also enables the creation of decentralized AI marketplaces where AI services can be purchased and sold, thereby opening up new opportunities for AI developers and businesses.
At the time of writing, the project’s token AGIX has seen 70.3% growth (last 30 days).
Fetch.ai
A new smart digital economy is being created by the ground-breaking project Fetch.ai, which seamlessly integrates AI and blockchain technology. Algorithms are used to automate peer-to-peer applications and to power autonomous machine economies for autonomous machines.
The Cosmos-SDK-based Fetch.ai network uses a high-performance WASM-based smart contract language and is an interchain protocol (CosmWasm). As a result, the Fetch.ai network can serve as both an interchain bridge to the rest of the blockchain community and a layer-1 network for Ethereum.
At the time of writing, the project’s token called FET has seen 114,3% growth (last 30 days).
Ocean Protocol
Another project, Ocean Protocol, aims to create a decentralized data exchange that allows AI models to securely share data. Ocean Protocol addresses the issue of data privacy and security that is frequently associated with centralized AI systems by providing a secure and transparent way to share data.
This project seeks to create a more open and equitable data economy in which data providers are fairly compensated for their contributions and data consumers have access to high-quality data without the need for a centralized intermediary.
At the time of writing, the project’s token called OCEAN has seen 30.3% growth (last 30 days).
What’s the Future of AI Crypto Projects?
These are just a few of the many AI crypto projects that are currently in development. The aforementioned projects hope to use blockchain technology to create a more open, fair, and decentralized AI ecosystem in which data providers are fairly compensated for their contributions and data consumers have access to high-quality data without the need for a centralized intermediary.
Furthermore, by implementing a token-based incentivization system, these projects intend to foster a more collaborative and cooperative AI ecosystem in which developers can collaborate to solve complex problems.
It is important to note, however, that not all AI crypto projects are created equal. As with any new technology, there is a lot of hype and speculation surrounding AI crypto, so be cautious and conduct your own research before investing in any project. It is critical to examine the project team, their track record, and the project’s use case.
Final Thoughts
Ultimately, ChatGPT-3 did pump some of the crypto tokens centered around AI technology, but it’s not the thing we should be focusing on.
The fact that major tech companies like Microsoft are planning to invest billions in the research and development of generative AI is a much bigger subject of interest for me personally.
A future where AI and blockchain technology are working in tune is just around the corner!