Cryptocurrency tokens focused on artificial intelligence (AI) and big data are seeing a surge in interest as tech giants like Google and Microsoft get in on the chatbot craze.
The native token of big data protocol (BDP) has experienced a 1,400% rally over the last week, trading around $0.48, according to CoinGecko data.
Other AI-focused tokens like SingularityDAO (SDAO) and SingularityNET (AGIX) have seen gains anywhere from 170%-200%.
The increased attention surrounding AI chatbots, particularly with the relaunch of Microsoft’s Bing search engine with ChatGPT built in, and Google’s promotion of its Bard bot, has sparked a rush of investment into AI and big data tokens.
These projects offer blockchain-based data analytics and a decentralized infrastructure for supporting AI models and data science.
For instance, SingularityNET incentivizes individuals to contribute data that improves AI models, with compensation in the form of tokens.
Meanwhile, DeepBrain Chain lowers the cost of training AI models by allowing users to contribute data and processing power on a decentralized network.
However, not everyone is convinced of the potential for these crypto projects. Lead developer at Fanton, Andre Cronje, has criticized the sudden influx of projects pivoting into AI, stating that blockchain and AI are not complementary.
He believes that these projects may be running out of ideas and are “dead in the water”. Cronje also raises questions about the feasibility of blockchain handling the kind of throughput required for neural networks, adding that blockchains do not improve AI, and AI does not improve blockchains.
