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5 Best Cryptocurrencies Based on Artificial Intelligence

Wed, 01 Mar 2023 06:28:06 GMT

Fetch.ai (FET)

Fetch.ai is an open-access decentralized machine learning blockchain-based network that was created with the idea to enable the development and growth of the digital economy without human interference. The network connects devices and services to the Internet of Things, but also facilitates the involvement of other agents, such as people. Fetch.ai network uses three main elements: Autonomous Economic Agents, the Open Economic Framework, and the Fetch Smart Ledger. These three components create the entire network, powered by machine learning and AI.

Fetch.ai creates tools and a suitable infrastructure that can support the development of a decentralized digital economy based on artificial intelligence. The network connects people, devices and services, enabling the sharing of data and cooperation. The Fetch.ai economy is composed of suppliers and consumers, while the economy revolves around different agents and ecosystems with various purposes and use cases.

When it comes to these various use cases, the Fetch.ai dev team emphasizes that the network can revolutionize a great number of industries and sectors. Thanks to the use of AI, Fetch.ai can provide solutions for everyday problems by offering intelligent machine learning and data sharing. Some of the sectors which Fetch.ai can optimize are smart cities, supply chain, transport, smart parking, energy, thermometer agents, smart homes, and collective learning, as well as numerous other use cases.

VeChain (VET)

VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flow for complex supply chains through the use of distributed ledger technology (DLT).

To ensure that business owners can merge their physical transactions with blockchain technology and to promote the use of AI, the VeChain network has developed three major blockchain evolvement phases; Technical Consensus, Governance Consensus, and Business Consensus. The phase of the Technical Consensus was concluded in 2015 and it saw the development of the initial infrastructure protocols.

The platform can be used to track quality, authenticity, storage temperature, transportation medium, and last-mile delivery of a medicine pack or an alcohol bottle right from the manufacturing facility through to the final delivery to the end customer. To accomplish this goal, VeChain uses smart chips or Radio Frequency Identification (RFID) tags and sensors that broadcast key information onto the blockchain network that can be accessed in real-time by authorized stakeholders.

The application of sensors means that all parameters related to the product can be constantly monitored and problems, if any, can be communicated back to the relevant stakeholders. Manufacturers and customers are informed if a drug packet is stored outside a prescribed temperature range, allowing for service improvements and better quality control. One other field of application for the innovative crypto project may be the automobile industry. As such, in January 2023, VeChain announced that Samsung and Mercedes adopted their technology.

SingularityNET (AGIX)

Decentralized AI platform SingularityNET based on two leading smart contract blockchains – Ethereum (ETH) and Cardano (ADA). SingularityNET acts like an incubator providing guidance, funding and expertise to these ventures with the goal of turning the initiatives into a successful and fully independent entity in the true spirit of decentralization. Below you will find an overview of these projects, ranging from new emerging ventures to fully operational and entirely independent organizations.

The platform lets anyone create, share, promote and monetize AI products and services. As a full-stack AI solutions provider, SingularityNET connects developers with consumers on its platform, AI Publisher. Developers can launch and monetize their AI services, while customers can browse and even request AI services at SingularityNET’s AI Marketplace. The creators of Singularity also created the famous citizen robot Sophia Hanson, and this crypto project is their new endeavor.

The crypto platform hosts a number of projects under its roof. SingularityDAO is building a set of DeFi tools to bring financial freedom to the masses. Utilizing advanced Artificial Intelligence created in-house and hosted on SingularityNETs Decentralised Marketplace to maximize Alpha generation for the community and create massive utility for the AGIX token. SingularityDAO is creating not only the launchpad but also the life support system to all other ecosystem offerings as they are birthed into the crypto world, assuring that all these projects have investors and a strong launch backed by increased liquidity.

In the second half of 2022 Rejuve, the company behind Singularity, launched its first app, Longevity, which combines Artificial Intelligence (AI), world-leading research, and blockchain technology to drive breakthroughs in human life extension.

Ocean Protocol (OCEAN)

Blockchain protocol Ocean Protocol allows both individuals and businesses to create, trade, exchange, and monetize data. a Ocean Protocol aims to kick-start a new data economy by giving power back to people and giving researchers the data they need. Data is a new asset class and Ocean Protocol tries to unlock its value. Based on Ethereum, Ocean Protocol provides users with the ability to use datatokens to restrict access to data. These ‘datatokens’ can be redeemed by users in order to gain access.

Token holders can participate in the Ocean Protocol’s decentralized autonomous organization (DAO) governance where 1 OCEAN token is worth 1 vote. The OCEAN DAO, however, is non-binding as the Ocean Foundation has the final say on whether to implement changes to the protocol.

Designed as a decentralized, interoperable alternative to traditional data monetization models and data marketplaces, Ocean Protocol connects data providers to data consumers through an ecosystem that integrates blockchain-based data provenance, privacy, and control.

Notably, Ocean Protocol features include a compute-to-data feature that allows private or sensitive data to be used within artificial intelligence (AI) models without being shared directly, promoting data interoperability in academic research.

The Graph (GRT)

The Graph AI is the science of using Machine Learning on graphs to focus on the relationships between variables to achieve deeper insights. By using specific algorithms like clustering, partitioning, PageRank and shortest path, some problems become easier to solve. These include problems where centrality, connectivity, and path analysis play a key role in the analysis. The Graph AI isn’t reinventing the AI wheel, but it is tuning the engine and fitting alloys.

Essentially, The Graph (GRT) is a protocol for indexing and accessing blockchain data. The Graph indexes blockchain records from networks like Ethereum in the same way that Google indexes the web. The Graph is a global data layer that runs on top of blockchains and storage networks, acting as a uniting and organizing factor for the decentralization movement. In simple terms, The Graph organizes the data and makes it easy to retrieve it from the blockchain.

The Graph seeks to serve as an integration layer for dApps, as applications in the same domain require a mechanism to collaborate and agree on standardized names to query data. Consequently, applications use a query for operations such as filtering, sorting, and grouping to locate data from large data sets. These query executions further necessitate the creation and maintenance of indexes, without which the executions would be unreasonably slow. Therefore, to achieve a balanced ecosystem, all of this needs economic rewards. Accordingly, The Graph aims to provide this infrastructure layer for Web3.

The Graph – How Does It Work?

The Graph is administered by an open network of participants, including indexers, who run the servers that supply data; curators, who organize data; and delegators, who stake their tokens to provide security to the network. These participants feed data to Web3 applications and offer services to the network. Subsequently, consumers interact with the apps and consume the information. As a result, The Graph network aims to build an open marketplace of indexers and curators that collaborate to index and provide all DeFi and Web3 data in a decentralized manner. There seems to be a lot coming for the project as The Graph keeps developing: in 2023, the decentralized network expanded its multi-chain support with 4 new networks.

Conclusion

AI uses machine learning to promote data performance, efficiency, and accuracy, whereas blockchain looks for power and energy to execute and run a network of computers. Combining both blockchain and AI makes the process smoother and more viable, which these top 5 crypto projects aim to prove. We’ll have to wait to see how they develop to find out where hides that perfect crypto niche where artificial intelligence can thrive.

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Top 8 tools every Web3 builder should know about

Wed, 01 Mar 2023 06:24:20 GMT

In the Web3 space, application development often comes with many considerations different from what Web2 demands. These include encryption levels, front-end connections to multiple chains, access to off-chain data, scaling a distributed consensus context and more.

Fortunately, many stand-alone tools, suites, add-ons, plugins and other resources have popped up to address one or more of these concerns. So if you’re planning on starting a Web3 project such as a DeFi app, NFT marketplace, Decentralized Identity, tokenization of real-world assets, or some other service, here are the top 8 essential tools for Web3 builders to consider:

Infura

When building a dApp, you’ll likely need a few pieces like APIs to connect front-ends and other Web 2.0 services to your on-chain assets. You may also need to set up or provision additional infrastructure to host all these linking pieces.

Accordingly, this is where Infura comes in. Infura combines blockchain APIs and other developer tools to provide an environment where you can focus on writing code to link separate software components and spend less time managing infrastructure.

Considering the managed approach, Infura makes it easier to scale your application by requesting more resources. It also offers high availability when accessing various networks, with up to 99.9% uptime.

Truffle

Truffle is a JavaScript-based framework that doesn’t just lean on one major strength but combines several resources. It lets you create smart contracts for EVM chains, run them in test environments, and work on their front-end attributes.

With Truffle, you can also create scripts to automate recurring processes and get better insight into bugs by zooming in on transactions. Another helpful Truffle quality is customizing your test environment to emulate an existing chain.

However, this feature becomes more potent when researching the relationship between dApps and their supporting chains, especially in areas like security and performance. By altering certain characteristics of your test environment and seeing the impact on your dApp, you can learn new ways to make both dApps and blockchains more efficient and secure.

And remember, Truffle ensures that the developer has the best possible experience. They can rely on extensions for end-to-end workflows and barely use the Command Line Interface (CLI). Basically, it can convey the simplicity of a beginner-level tool while packing a host of advanced features.

Hardhat Hardhat is another toolset with a local Ethereum network node and VS Code extension capabilities, but with one slight difference. This kit also has Hardhat Runner, a central component that gives you tremendous automation abilities to easily manage repetitive tasks from a schedule and composition perspective.

Depending on the messages you get when performing actions like debugging, you can restructure some processes and reposition actions within a sequence to reduce the number of problems you run into further down the road and the complexity of solving them.

Substrate This Parity-created framework offers an infrastructure to develop solutions enabling interactions between disparate blockchains. Using Substrate, you can easily integrate mobile and IoT devices, and your blockchain won’t need forking to upgrade. In addition, contributors have touted its simplicity, emphasizing the ability to set up a blockchain within an hour.

It is also a reliable tool for people who like the Rust approach and JavaScript. Substrate offers greater flexibility in handling asynchronous call optionality, encryption and permissions, and governance methods. Furthermore, Substrate is an excellent choice if you’re into the proof-of-authority consensus mechanism.

WatchData

WatchData’s major selling point is the integration of real-time blockchain data with minimal hiccups. Whenever you’re working on a dApp that needs to send on-chain data to another service like a block explorer, a centralized exchange or another dApp, the data may sometimes be in a different form than you’d like it to be.

You’ll need to understand what the receiving entity needs to derive from this data, then gauge the gap in how understandable it is. After that, you’ll have to transform raw or unstructured data into more coherent data sets and, in some cases, further tailor them to the specific recipients. WatchData helps you develop a system for doing this while ensuring data integrity and quality.

Remix

Remix is a browser-based Solidity Integrated Development Environment that allows developers to compile, test, debug and deploy smart contracts. This tool is more straightforward and ideal for people creating dApps or dApp components with simple logic.

Remix has built-in static analysis, and you can set up local chains and do trial runs for your contracts. However, you may need to bring in elements like the Hardhat add-on, which will help you gauge the gas required to run those contracts.

Remix is written in JavaScript and offers project templates and several plugins, so it’s an excellent tool for learning the fundamentals of smart contracts. This is why it has become an industry standard for many Web3 developers.

Foundry

The Foundry toolkit champions portability and modularity, enabling developers to create EVM-compatible dApps in an environment based on Rust. In addition, it comes with Forge, an Ethereum testing framework that makes compiling and testing smart contracts much faster.

Foundry also has Cast, dedicated to sending transactions, retrieving blockchain data and interacting with EVM smart contracts. There’s also Anvil, a local node that helps you get a preview of how your application would blend with the target blockchain. Foundry is very easy to install and allows you to override the VM state, perform fuzz testing and record debug information when testing.

OpenZeppelin Contracts Wizard

This is another tool that focuses on simplifying back-end coding. It enables an interactive approach to building dApps by letting you lay out what you’d like your application to do. Meanwhile, in the background, Contracts Wizard generates the Solidity code for various ERC token standards like ERC-20, ERC-1155 and ERC-721.

Wrapping Up

At the end of the day, to pick the right tools for your Web3 project, you need to ascertain what you want to offer users, the places (chains) where you want to provide it, and how swiftly you want to build it.