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Jun 06, 2024
Written by TechFlow
The intersection of Crypto and AI is the central theme in this year's crypto market.
With AI technology rapidly advancing, numerous AI-related projects have quickly emerged in the crypto space. Amidst the impressive gains of these projects, it can be easy to feel overwhelmed by the sheer number of options:
What do these AI projects actually do? Which category do they belong to? How can we assess their value?
Though AI is just a two-letter acronym, when combined with blockchain, it encompasses a vast range of business areas far beyond its simple abbreviation.
Understanding the full landscape and subdivisions of Crypto X AI can help us quickly identify projects with significant narrative value and potential.
This guide aims to categorize and outline the various business models formed by combining Crypto and AI, highlighting noteworthy companies and projects in
First, it's crucial to recognize that AI is fundamentally a form of productivity, relying on three key elements:
Computing Power, algorithms (models), and data
On the other hand, Crypto or blockchain acts more as a framework for production relationships, providing an optimal environment to foster AI development.
How does this environment influence the three AI elements? Different answers lead to different directions for crypto projects:
Optimizing Computing Power: Providing decentralized, efficient computing resources to reduce single points of failure and improve overall computational efficiency.
Optimizing Algorithms: Promoting the open-source sharing and innovation of algorithms or models.
Optimizing Data: Ensuring decentralized storage, contribution, usage, and secure management of data.
Focusing on these aspects, we can divide the AI landscape into six primary directions. Each direction optimizes one or more of these key elements:
Below, we'll dive into each direction, detailing the business models and highlighting notable companies and projects.
These platforms utilize blockchain technology to create distributed computing networks, enabling global sharing and use of idle computing resources for AI model training and inference tasks.
By distributing tasks across multiple network nodes, these platforms enhance computational efficiency and reduce the risk of single points of failure.
In this framework, computing power is the main element being optimized.
Ritual
Aims to create an incentive network to power distributed computing devices and serve machine learning inference workloads. Users can build and host ML models and deploy them to Infernet nodes within Ritual.
Completed a $25 million Series A funding round on November 8, 2023, led by Archetype, with participation from Accomplice and Robot Ventures.
Akash Network
A distributed peer-to-peer marketplace for cloud computing, providing a secure platform where users can send data and develop.
Benefits from Cosmos integration, enabling seamless communication with other blockchain platforms, providing developers and organizations with affordable distributed cloud computing resources.
Render Network
A renowned decentralized GPU rendering solution provider, connecting users needing rendering jobs with those having idle GPUs to handle the rendering.
Bittensor
An open-source protocol whose TAO token has repeatedly reached new highs.
Utilizes cryptocurrency incentives to encourage network participants to share their computing resources, data, and AI models, allowing global machine learning models and algorithms to learn and improve from each other.
Recommended reading: "Understanding Bittensor (TAO): The Ambitious AI Lego Making Algorithms Modular"
io.net
A decentralized computing network supporting the development, execution, and scaling of ML (machine learning) applications on the Solana blockchain, leveraging the world's largest GPU cluster for cost-effective access to distributed cloud service computing power.
Hyperbolic
Aims to create a computing power platform that everyone can participate in, where people can share and access computing resources.
Gensyn
Connects idle computing devices worldwide capable of machine learning (e.g., consumer GPUs, custom ASICs, and SoC devices capable of training neural networks) into a global supercluster, significantly enhancing available machine learning computing power.
Completed a $43 million Series A funding round on June 11, 2023, led by a16z, with participation from CoinFund, Canonical Crypto, Protocol Labs, Jsquare, Eden Block, and other angel investors.
Prime Intellect
A decentralized AI platform that commodifies computing and intelligent goods, offering developers more affordable distributed computing and sustainable business models for open-source models.
Inference Labs
The trustless execution layer for AI, focusing on interoperable AI inference on blockchain. The project believes this is a crucial step towards building AI accessible to everyone without counterparty risk.
Nosana
A decentralized GPU grid developed and customized for AI inference workloads, offering costs up to 85% lower than traditional public clouds, providing new solutions for organizations and individuals seeking massive computing power without significant expense.
Lilypad
A verifiable, trustless, and decentralized computing network aimed at facilitating mainstream adoption of web3 applications. By extending unrestricted access to global computing capabilities, Lilypad collaborates strategically with decentralized infrastructure networks like Filecoin to create a transparent, efficient, and accessible computing ecosystem.
Prodia
An AI inference API aiming to make AI accessible to everyone, providing a fast and easy-to-use API for image generation.
Hyperspace
A new type of supercomputer powered entirely by blockchain within a browser.
Vanna Labs
Supports on-chain AI/ML inference while being compatible with EVM (Ethereum Virtual Machine). Vanna also supports native, zkML secure inference directly on-chain for secure, verified calculations and protections.
Arbius
A decentralized open-source network for machine learning. Participants can utilize GPU computing power to generate new coins and provide a way for model creators to earn income.
CUDOS
Combines cloud and blockchain to support enterprises in AI, Metaverse, HPC, Web3 nodes, and startups, unlocking new possibilities in the digital realm.
Operates on a delegated proof-of-stake (DPoS) consensus model, where validators verify transactions and provide computing cycles for DAPPs.
Flux
A decentralized cloud computing platform helping build more flexible, scalable, and censorship-resistant decentralized applications, also providing computational resources for AI inference and operations.
AIOZ Network
A comprehensive infrastructure solution for web3 storage, decentralized AI computing, live streaming, and video on demand (VOD).
Aethir
A cloud computing infrastructure platform revolutionizing the ownership, allocation, and use of enterprise-grade GPU. By eliminating traditional centralized models, Aethir deploys a scalable and competitive framework for sharing distributed computing resources, catering to the needs of enterprise applications and customers in various industries and regions.
Fulence
A decentralized serverless platform and computing market driven by blockchain economics.
Allows developers to build and deploy applications to a network of computing providers, ranging from professional data centers to household computers. Providers compete in terms of price and performance and receive compensation and rewards.
iExec
Connects cloud resource sellers with cloud resource buyers, fostering an ecosystem for decentralized, autonomous, and privacy-preserving applications.
NetMind.AI
Offers two products: NetMind.Power (a distributed computing platform) and NetMind.Chat (a customizable chatbot for personal and enterprise use).
OpSec
A decentralized physical infrastructure network provider utilizing advanced AI technology to build, maintain, and operate blockchain infrastructure, ensuring the security and privacy of blockchain applications.
This category focuses on managing and verifying data and AI model sources in a decentralized manner.
Specifically, it emphasizes ensuring the authenticity, transparency, and traceability of data in AI development and the fairness and verifiability of model training. In this framework, data becomes the critical element being optimized, as high-quality, trustworthy data is the prerequisite for training effective AI models.
Blockchain plays a role by using immutable distributed ledgers to record data and model source information, providing a transparent and secure environment where data providers, model developers, and users can verify the authenticity and integrity of data and models.
Additionally, blockchain can automate data usage and model training agreements through smart contracts, ensuring data use complies with the original owner's intentions while promoting legal data sharing and utilization.
Rainfall
A privacy-preserving intelligent platform that uses Edge-AI and Web3 technology to unlock economic value from user data while protecting data privacy, reshaping data monetization.
Numbers
An open and decentralized network ensuring that all digital media created by humans and AI have exact data sources, protecting digital media origins through a decentralized ecosystem and blockchain technology, similar to version control systems like Git.
Grass
The flagship product of Wynd Network, providing applications that execute data contribution operations in the background of mobile or computer devices, enabling AI labs to directly acquire web data for training their AI models and provide datasets directly.
Koii Network
A distributed cloud computing platform where anyone with a computer can become a node and earn passive income. Using community-supported data to train models is better for everyone and more cost-effective to maintain.
Flock
An integrated on-chain decentralized machine learning platform providing secure and efficient solutions for fine-tuning and inferring AI models. The system rewards individuals for providing and verifying data.
Hyperspace
Dedicated to building a world with millions of community large language models available to billions of people daily for free.
Ocean Protocol
A privacy-preserving data sharing protocol for AI and the new data economy, enabling people to buy and sell private data while protecting privacy, used for data sharing in scientific or technical environments.
Syntropy
A data layer protocol for providing and accessing blockchain data, allowing anyone to become a provider in the Web3 data open market. Token holders decide which providers are reliable based on the quality and overall performance of the data they provide.
This model uses cryptocurrency tokens as incentives to encourage users, developers, and other participants to contribute to AI projects and platforms.
Through token rewards, the community is motivated to actively participate in providing data, developing algorithms, offering computing resources, or training and optimizing AI models. Tokens serve not only as a reward mechanism but also as a medium of exchange within the platform, used for purchasing data, computing power, or professional AI services.
In this model, algorithms and models are the core elements being optimized. The collective effort and resource integration of the community can accelerate the development and iteration of AI algorithms while improving the quality and adaptability of AI models. Additionally, token incentives promote data collection and sharing, as participants can earn token rewards by providing high-quality data, indirectly optimizing the data element.
MyShell
A platform for creating Web3 and AI-based voice chatbots. Users can choose their favorite characters to start voice chatting instantly and improve their language skills quickly by discussing topics of interest.
ImgnAI
A consumer-oriented AI application providing model quality and user experience similar to text-to-image products like Midjourney, enabling users to create stunning artworks with simple text commands. User growth and revenue drive the value accumulation of the $imgnAI token, benefiting token holders from the growth of the imgnAI product suite.
MyPeach
An AI-powered companion app where users can customize their companion's attributes like race, hair color, hair length, eye color, and body type, and then engage in conversations with their customized companion as in the real world.
Artificial Liquid Intelligence
A decentralized protocol for creating intelligent avatars that use AI to interact with humans. The platform introduced a new NFT standard called intelligent NFT (iNFT), embedding AI animations, voice synthesis, and generative AI capabilities in NFTs.
IQ.wiki
Aiming to create an AI assistant for blockchain knowledge, becoming the Wikipedia of the crypto world. Users can get answers to everything about crypto and blockchain-related projects, knowledge, and tokens by asking questions like using GPT.
CharacterX
A new generation decentralized synthetic social network aimed at connecting humans and AI entities. The platform allows users to create their AI identities and interact with other users (AI or human) beyond time and space constraints, offering personalized, authentic, and secure privacy-enhanced social experiences.
DeepSouth AI
Achieves superior computing power and efficiency through a combination of neuromorphic computing algorithms, including spike-timing-dependent plasticity (STDP), direct training schemes based on backpropagation, supervised time learning, ANN-to-SNN conversion strategies, reservoir computing, and genetic algorithms.
KIP
The KIP protocol enables AI value creators to connect their expertise - whether in data production, model training, application design, or other areas - and enjoy transparent accounting and revenue sharing.
Each component is encapsulated in an ERC-3525 semi-fungible token (SFT), allowing economic value to be transferred in real time, easily and at low cost, among components, and users can interact with them.
On-chain AI agents and security involve deploying AI agents on the blockchain to enhance the security and credibility of AI applications.
These AI agents can automatically perform tasks such as transactions, data analysis, and automatic decision-making, with their operations being transparent, traceable, and tamper-resistant when deployed on the blockchain, thereby enhancing the overall system's security.
In this framework, computing power and algorithms/models are the critical elements being optimized because secure AI agents require reliable computing resources to execute complex algorithms and models.
Furthermore, on-chain AI agents can share and utilize data and resources across platforms while ensuring privacy, as ZK (zero-knowledge) related technologies can verify the validity and integrity of data without revealing sensitive information.
Recommended reading: "The Rise of AI Agents: Which Projects Are Worth Watching Early On?"
AI Arena
A blockchain game integrating human x AI collaboration where players design, train, and battle AI-driven NFTs in a global competition. Researchers drag and drop their machine learning models onto the platform to compete with other researchers' AI models. Top-performing researchers earn native AI Arena tokens as rewards.
Operator.io
A protocol for creating decentralized agent networks that standardize the exchange of information and value between users, protocols, and AI agents. Users can build and deploy their own agents and offer them to the world.
Fetch.ai
An AI application public chain founded in 2017, with its mainnet launched in December 2019. Currently integrated with Cosmos' IBC protocol, allowing interoperability with other chains in the Cosmos ecosystem. It can be seen as blockchain + AI infrastructure, with the underlying layers mainly being consensus networks, smart contracts, and machine learning libraries, while the upper layers realize various AI functions and applications through skill modules.
Modulus Labs
Combines ZKML and AI to effectively check that AI providers have not manipulated their algorithms on-chain, allowing dApps to gain robust AI features without sacrificing decentralization security and taking on centralized risks.
Announced the completion of a $6.3 million seed round of financing on November 1, 2023, led by Variant and 1kx, with participation from Inflection, Bankless, Stanford, and others.
Delysium
An AI-driven open-world framework providing a simplified architecture to support advanced AI agent networks and supporting ecosystems, focusing on security, scalability, and high-speed communication. The ecosystem's structure is simplified into two primary layers: the communication layer (also known as the foundational layer) and the blockchain layer. The broader ecosystem, including the community, development, and interaction of AI agents, is integrated into these layers.
Related reading: "Exclusive Interview with Delysium Co-Founder: Addressing Future Communication and Collaboration Challenges Among AI Agents"
Agent Protocol
Aims to enable gamers worldwide to train their own AI agents from gameplay fragments, creating a new on-chain asset class supported by decentralized GPU computing.
Morpheus
Aims to incentivize a personal general AI peer-to-peer network where AI can execute smart contracts on behalf of users. Regular users can interact with their smart agents using natural language, making it understand problems and take actions based on their intentions/approval.
Autonolas
A unified network using AI agents for off-chain services such as automation, oracles, and co-owned AI. The project provides a composable stack for building these services and incentivizes creating protocols to run complex logic in a decentralized manner, autonomously and continually interacting with on-chain and off-chain data.
Test Machine
An AI platform designed to help developers and projects identify and fix vulnerabilities in smart contracts at lightning speed. It offers instant access to a suite of industry-standard tools for smart contract compilation, optimization, testing, and real-time security analysis, providing instant reports.
DAIN Protocol
An AI agent network on Solana, with the official website still under development, recently attracting attention from multiple KOLs.
Oraichain
A mechanism similar to Band Protocol and Chainlink, enabling smart contracts to securely access external AI APIs. AI helps enhance smart contracts.
Oraichain is also an L1 specifically designed to carry AI-driven dApps and AI agents.
AI-driven blockchain marketplaces and learning platforms leverage AI technology to enhance blockchain applications, particularly in market trading and online education platforms.
These platforms use AI algorithms to analyze market data, predict trends, provide personalized learning experiences, or automatically match buyers and sellers. AI integration not only improves platform efficiency but also offers users more precise and efficient services.
In this category, algorithms and models and data are considered core elements because AI's effectiveness depends on large, high-quality datasets to train accurate models and provide intelligent services. For example, AI can help analyze and understand user behavior, offering more personalized recommendations in blockchain markets or customized educational content on learning platforms.
Bagel Network
A decentralized data platform planning to solve data monopoly issues by creating a marketplace allowing data scientists and AI engineers to exchange and license verifiable datasets cost-effectively while protecting privacy. The project aims to develop a decentralized data platform supporting machine learning (ML) models.
Completed a $3.1 million Pre-Seed funding round on January 23, 2024.
SingularityNET
An AI services marketplace helping match AI service developers with users. Developers can publish their services on the SingularityNET network to earn income; users can integrate services into their websites, applications, or other products through the SingularityNET trading platform.
FedML
A decentralized collaborative machine learning platform for decentralized and collaborative AI at any scale, allowing the training, deployment, monitoring, and continuous improvement of machine learning models while protecting privacy through collaborative efforts on data, models, and computing resources.
Completed a $6 million seed funding round on March 28, 2023.
Numerai
A new type of hedge fund established using a network of data scientists and AI technology. Its core advantage is a free dataset composed of high-quality financial data that has been cleaned, normalized, and obfuscated.
Allora
A self-improving decentralized AI network enabling applications to leverage smarter and safer AI through a network of self-improving ML models. It combines crowdsourcing mechanisms (peer prediction), federated learning, and cutting-edge research in zkML.
Upshot
Initially attempted to predict asset prices using crowdsourcing. After continuous development, it created AI models capable of analyzing over 400 million assets and a trustless, self-improving decentralized AI network.
Launched Upshot Machine Intelligence Network to crowdsource financial alpha generated by machine learning models, supported by the "Proof of Alpha" reward mechanism.
Model verification in the realm of blockchain and AI integration involves using blockchain technology to confirm and ensure the performance, security, and transparency of AI models.
This process leverages the immutable and transparent record-keeping properties of blockchain to verify the training data, algorithm logic, and performance metrics of AI models. The goal of model verification is to establish user trust in AI models, ensuring the decision-making process of the models is traceable and auditable, while safeguarding against malicious tampering or deviations from the intended design.
In this category, algorithms and models become the core elements being optimized. Recording the detailed process of model training and operation on the blockchain provides a transparent evidence chain for every decision made by the AI models, thereby enhancing the models' credibility and reliability.
Additionally, model verification involves using cryptographic technologies like zero-knowledge proofs to protect data privacy while validating model outputs without revealing the internal logic, further enhancing the model's security and privacy.
Giza
Building a trustless protocol to decentralize the process of machine learning inference computation while powering an open economy for open-source AI. Giza allows AI developers to easily generate zero-knowledge proofs for AI models.
EZKL
A system supporting verifiable AI with zero-knowledge encryption. It can prove the authenticity of AI/ML models, generating a zero-knowledge proof that a model produced specific results without revealing the model itself.
This guide does not cover every AI project within these categories due to space and expertise limitations. However, understanding the subdivisions of the AI track can help investors and researchers quickly determine the business scope of new projects they encounter, providing more reference points for decision-making.
May every crypto enthusiast reap the rewards of their insights in the AI wave.
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