Artificial Intelligence (AI) is increasingly being adopted across various industries, with 78% of companies using AI technologies, according to a 2023 report by Bain & Co. The report also finds that AI can improve efficiency in 20% of workplace tasks. The growing role of AI extends to the cryptocurrency sector as well.
We will examine three AI crypto projects—Render, Fetch.ai, and yPredict—that show potential for growth.
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Render Network: A Peer-to-Peer Rendering Solution.
Render Network, also known as RNDR, is a decentralized platform focusing on the increasing need for GPU computing power in advanced media production. The network connects those who need GPU resources with those who have surplus computing power, optimizing resource allocation. By repurposing underused GPUs, Render Network offers a cost-effective solution for content creators in need of additional computing power.
Render Network operates on a peer-to-peer system, distributing GPU-dependent rendering tasks across the network. This distribution streamlines the rendering and streaming of virtual content, making it easier for users to engage with three-dimensional environments and objects. The network uses RNDR tokens to encourage nodes to contribute their spare computing power.
The platform isn't limited to just one application; it has a range of use cases. These include visual effects, motion graphics, virtual assets like NFTs, and even artificial intelligence. Other fields that can benefit are virtual production, product design, and architecture. The Render Network is also exploring applications in gaming and augmented reality.
Render Network’s Operational Mechanics.
The functioning of Render Network is fairly straightforward. Content creators send their rendering jobs, along with the required data and specifications, to the network. These tasks could be anything from 3D scenes to high-resolution videos.
The network employs a dynamic pricing model, considering multiple factors such as the complexity and urgency of the job, as well as available resources. This ensures a balanced compensation model for both content creators and GPU providers.
After a job is uploaded, the network's algorithm assigns it to the most suitable GPU providers based on various criteria like type, capacity, and geographic location. Once the rendering tasks are completed, a trustless validation system checks the results for accuracy. Some decentralized algorithms, such as Proof of Render, might also be used to secure the rendering process.
Finally, content creators pay the GPU providers using RNDR tokens. The payment is proportionate to the complexity of the task and the resources used, ensuring a fair distribution of rewards.
The Mechanics of Fetch.ai: an AI Crypto Leader.
Fetch.ai is a blockchain-based platform that integrates artificial intelligence to simplify daily activities like parking and flight bookings. The platform uses a decentralized system to automate transactions on the internet.
For example, instead of manually searching for a flight and comparing prices, Fetch.ai allows you to automate this process. A digital bot, referred to as a 'digital twin,' represents you in the online ecosystem. Your digital twin interacts with other digital twins from airlines and ticket providers to negotiate deals based on your preferences, such as travel dates and budget.
Your digital twin can also interact...
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