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AI Crypto Tokens – In A Nutshell Guide

AI Crypto Tokens – In A Nutshell Guide

CAIZ
BlockchainCrypto
February 22, 2024
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The convergence of blockchain and artificial intelligence is leading to transformational changes in several industries, including the crypto space. This exciting development is giving rise to innovative digital assets, such as AI crypto tokens. 

Unlock the power of AI tokens with this beginner’s guide. Discover what they are, learn how they work, and explore the world of the most prominent AI cryptocurrencies in the market.

 

What Are AI Crypto Tokens?  

 

AI tokens are digital currencies that are used to support AI-based projects, applications, and services in the blockchain ecosystem. These tokens help fund the development and growth of innovative technologies.

 

AI tokens play a crucial role in enabling seamless transactions within AI-powered platforms. They offer users a convenient way to access platform services, pay for data, and participate in various activities.

Moreover, AI tokens play a critical role in facilitating protocol governance. Specific tokens grant governance privileges to their owners, providing them with the authority to engage in decision-making procedures that determine the future course and growth of the AI project or platform.

Lastly, users are encouraged to actively participate in the development of the AI protocol/project by contributing valuable data, providing computational resources, or even developing innovative AI applications. As a token of appreciation, these contributions may be rewarded with tokens, which can further promote the growth of the project.

 

How Do AI Crypto Tokens Work?  

 

Understanding how AI crypto tokens operate is crucial for anyone interested in investing in cryptocurrencies. Here are some of the ways in which AI crypto tokens typically function:

1. Genesis:

  • Token Creation: Projects birth their tokens on blockchains like Ethereum or BNB Smart Chain, adhering to standards like ERC-20 or BEP-20.
  • Smart Contract Deployment: These automated agreements dictate how tokens function within the AI ecosystem.
  • Initial Offering: The project issues tokens through a token sale or genesis block, marking their entrance into the market.

2. Acquisition and Utility:

  • Token Distribution: Users acquire tokens via exchanges, staking, or platform participation.
  • Access and Fees: Tokens unlock access to AI services, facilitate fee payments, and enable governance involvement.
  • Integration with AI Platforms: Tokens connect with platforms offering AI functionalities, allowing users to access machine learning models, data analysis, and more.

3. Decentralization and Incentives:

  • Distributed Governance: Many projects strive for decentralisation, empowering token holders to participate in crucial decision-making.
  • Incentivisation: Certain projects utilise tokens to motivate contributors who share resources like computing power or data.

 

How Do I Buy and Sell AI Tokens?  

 

If you’re interested in buying or selling AI coins, there are a few steps you’ll need to take. These include setting up an account on an exchange, funding your account, placing orders, and keeping track of your holdings. To help you get started, we’ve put together a general guide on how to buy and sell AI coins:

How To Buy AI Coins: 

 

  • Select a cryptocurrency exchange: Choose a reputable cryptocurrency exchange that accepts your desired AI coin. Binance, Coinbase, Kraken, and Bitfinex are popular examples.
  • Open an account: If you don’t have an account yet, create one on your preferred exchange. Provide the required personal information and follow the exchange’s guidelines to confirm your identity. For extra security, set up two-factor authentication (2FA).
  • Deposit funds: Add funds to your exchange account. Most exchanges accept deposits in fiat currency or well-known cryptocurrencies. Follow the exchange’s instructions to fund your account.
  • Find the AI Coin: Use the ticker symbol to quickly find the AI coin you want to buy on the trading platform of the exchange.
  • Make a purchase: You have two options for placing orders to buy the AI coin. The first option is the market order, which allows you to buy the coin immediately at the current market price. The second option is a limit order, which involves setting a specific price at which you want to buy the coin. The order will only execute if the market reaches your specified price.
  • Review and confirm: Before finalizing your order, double-check the quantity of AI coins and the total price to ensure accuracy, and then validate the order.
  • Wait for execution: A market order will be executed immediately, while a limit order will be executed once the market reaches the set price.

 

How To Sell AI Coins: 

 

  • Access your exchange account: To access your exchange account, use your login information and enable 2-factor authentication (2FA).
  • Navigate to the trading platform: To sell your assets, head over to the exchange’s trading platform and place a sell order.
  • Find your AI coin: In the list of cryptocurrencies, find the AI coin you want to sell.
  • Place a sell order: Just like a Buy Order, you have the option to select either a Market Order or a Limit Order.
  • Review and confirm: Examine your order details carefully, especially the quantity of AI coins to sell and expected revenue. Confirm the purchase order.
  • Wait for execution: The sale will be executed either immediately or once the market reaches the price you set, depending on the order type you placed.
  • Withdraw funds: After completing the sale, you have the option to either keep the funds on the exchange or withdraw them to your wallet or bank account.

 

Examples Of Popular AI Crypto Coins 

Let’s check out a few examples of prominent AI coins in the crypto space:

Fetch.ai (FET)

 

Fetch.ai (FET) is an innovative project that is working towards creating a decentralised machine learning platform. The aim is to connect various devices such as IoT gadgets, AI agents, and other data sources. The ultimate goal of this platform is to enable these agents to share data and services independently to enhance different systems. The project holds immense potential to revolutionise the way we interact with technology and improve our daily lives.

 

DeepBrain Chain (DBC)

 

DeepBrain Chain is at the forefront of developing an innovative blockchain-based decentralised AI computing platform. This platform aims to provide affordable and secure computing resources and training data to AI developers worldwide, enabling them to create cutting-edge AI applications that can transform various industries.

 

SingularityNET (AGI) 

 

SingularityNET is a revolutionary decentralised network for artificial intelligence that offers a seamless platform for developing, sharing, and monetising AI services. The network fosters collaboration and interaction among diverse AI agents by enabling developers to publish their AI algorithms as services on the blockchain. This approach aims to drive innovation and promote fair distribution of AI resources.

 

Injective (INJ)

 

Injective Chain is a dynamic layer-2 decentralised exchange and derivatives trading platform that operates on the INJ token. It offers a wide range of advanced trading tools such as margins/leverage, AI-powered optimized order execution, predictive analytics, and strategy testing, making it an ideal platform for traders who want to make informed trading decisions.

 

The Graph (GRT)

 

The Graph (GRT) protocol offers an efficient way to index blockchain data, making it easily accessible for AI analytics. The decentralized network of nodes (Indexers) is coordinated by GRT, allowing them to stake their GRT and earn the privilege of indexing and serving application data. Overall, GRT is playing a crucial role in streamlining the blockchain data retrieval process.

The Future Of AI Tokens And Blockchain  

 

As the world moves towards greater adoption of blockchain platforms, the power of AI innovations comes into play. These innovations pave the way for unlocking new capabilities and efficiencies. With specialised AI tokens, we can coordinate incentives and collaboration to advance AI in a decentralised context. The potential is tremendous as we witness the tokenisation of ML processes growing on-chain.

Nonetheless, we must recognise that this category is technically complex and volatile, much like most crypto. It is therefore imperative that we exercise investor due diligence before adopting AI tokens. The future holds immense possibilities, and we can pave the way for progress by taking calculated steps towards the adoption of AI innovations.

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      [embedpress]https://www.youtube.com/watch?v=oCHzocLbXyY[/embedpress]

      IFBA Blockchain

      The Islamic Federated Byzantine Agreement (IFBA) has three main innovations over FBA, which provides optimal resilience in decision-making, improves transparency, increases the costs for malfunctioning and ill-behaving nodes, and ensures the blockchain is Fiqh compliant. These innovations ensure the nodes in the network of the CAIZchain can always reach consensus, meaning the blockchain will never stop running.

      The three innovations are:

      I. Introduction of Islamic Supervisory Nodes
      Special type of node which is run by Islamic scholars who are respected leaders in the community

      II. Verified, Public Nodes
      Individuals and organizations must pass identity and compliance verification in order to join the CAIZchain network.

      III. Caiz Consensus Protocol
      It is used by nodes in the network to ensure the validity and Fiqh compliance of statements or ledger updates.

      [embedpress]https://www.youtube.com/watch?v=825NHvXTJjI[/embedpress]

      DeCe by Caiz

      We developed and introduced a new financial architecture that combines the advantages of decentralized (De) and centralized (Ce) systems, giving rise to the distinctive DeCe acronym. Our mission is to secure a safe and inclusive environment that allows our community to capitalize on the opportunities provided by new digital systems. We can offer lower fees and a faster and more transparent framework based on high moral principles by balancing operations and instruments. Importantly, our users always maintain complete ownership and control over their data, deciding what to disclose and when.

      The benefits of our integrated system are self-evident: a more streamlined and efficient financial system that empowers both individuals and enterprises. But that's not all. CAIZ is at the forefront of this exciting transformation as the digital shift toward decentralized systems creates new resources and opportunities. We want to be equipped for the next stage of the global economy.

      [embedpress]https://www.youtube.com/watch?v=5GxItTvSekI[/embedpress]

      Our moral compass

      Our name, CAIZ (jāʾiz), represents our commitment to preserving the values of lawfulness, trustworthiness, and legitimacy in all that we do. We prioritize inclusion, justice, safety, and philanthropy by adhering to Fiqh-compliant financial principles. A Fiqh-compliant financial model is centered on principles such as the prohibition of Riba (interest), asset-backed transactions, and limits on funding Haram (banned) ventures. This approach is decisively different from traditional financial systems and provides countless benefits to investors.

      First and foremost, a Fiqh-compliant financial model protects investors and their assets. Unlike traditional interest rates, a Fiqh-compliant structure allows for equity participation, with investors sharing risks and gains. Likewise, a Fiqh-compliant system emphasizes equity and places itself on parity with investors. Activity screenings are built on clear principles that prioritize social utility rather than solely focusing on profit potential. A Fiqh-compliant financial model has a long-term and positive impact on society and appeals to investors who are increasingly looking for evidence of good intentions. This is possible through a drive for transparent cooperation and the avoidance of industries that can contribute to harm.

      Our ambition at CAIZ is to bring financial instruments to users who do not have access to traditional financial systems, while simultaneously providing a more simplified and congenial model to those who are already in the finance sector.

      CAIZchain

      CAIZchain with the governance API - The CAIZchain is a distributed database solution that functions as the host for CAIZcoin and all related APIs to facilitate decentralized, peer-to-peer transactions. The blockchain operates on a network of federated nodes that approve transactions, governed by a Fiqh-compliant governance layer. To ensure Fiqh compliance, the CAIZchain incorporates innovative methods, such as full KYC requirements for new users to access the ecosystem, and an IFBA protocol, which stands for this protocol offers a more robust consensus mechanism than existing protocols, in that it ensures compliance with Islamic transaction principles.

      CAIZapi

      CAIZapi is a SaaS solution that offers access to our blockchain ecosystem, enabling you to develop apps and leverage on existing denomination to transfer value and assets. Our blockchain ecosystem enables developers to build applications that interact with other users in the network. You can use our APIs to communicate with smart contracts, send transactions and access data from other users’ wallets. We will build a variety of tools that make it easy for developers to start building their own applications using CAIZapi. These include for example a library of code samples and tutorials that show how you can use our APIs in your next projects.

      CAIZwallet

      CAIZwallet - The CAIZwallet is a digital wallet that enables users to store CAIZcoin and various financial products in the CAIZ Ecosystem. It serves as the core element for a user's interaction with the CAIZchain and the financial products offered within the Caiz Ecosystem. Integrated into the CAIZapp, the CAIZwallet can be downloaded by users on their mobile devices. Prior to utilizing the CAIZwallet and CAIZapp, users must complete a Know-Your-Customer (KYC) process, which includes identity verification and several checks to ensure compliance with anti-money laundering regulations. Furthermore, the CAIZwallet offers additional features, such as confirming transactions that are compliant with Islamic law as well as allocating a percentage of funds to Zakat.

      CAIZapp

      The CAIZapp serves as the centerpiece of the extensive CAIZ Ecosystem. With the App, you can maintain complete control over your digital assets and access all the features of the ecosystem. Check your transaction history and stay up-to-date with the latest market value of Caiz. It can be downloaded onto a mobile phone or accessed via a webpage. The CAIZapp will be consistently enhanced with new features as they become available.
      Caiz
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