Report: Analysis of AI Potential Tokens in November 2023

Arthur Hayes delivered a speech at the Token 2049 conference in Singapore, explaining that the combination of AI and cryptocurrency will be an important start to the major bull market in 2024. Due to population issues and national debt, AI technology will also create the biggest bubble in history (Hayes, 2023).

Affected by this, AI tokens surged by 39% that day and their prices rapidly increased in the subsequent month. A price rebound occurred around November 1st.

The speech pointed out two reasons why AI will be combined with cryptocurrency: one is that AI will require a large amount of computing power and storage. The centralization of computing power will lead to high infrastructure costs for AI, and each AI project is unwilling to share its technology, leading to repeated purchases of a large number of GPUs, which caused Nvidia’s stock price to surge by 200%. AI needs to use a large amount of data storage, and this data will not be stored on servers like Amazon or Google, because storing it there means giving the data unreservedly to the giants (Hayes, 2023).

Therefore, the price of STORJ mentioned in the “Research Report: Which Token Will Exceed a 10x Price Increase in Q4 2023” skyrocketed.

Besides decentralized storage, what are some blockchain projects that offer decentralized computing power? This is the focus of this report.

Render Network – Decentralized GPU Computing Power Rental Service

Originally, Render Network provided decentralized GPU computing power rental services for metaverse projects. Anyone can connect their idle GPUs to the network via their software to provide computing power support. Those providing idle computing power will be rewarded with RNDR tokens.

Due to the surge in AI’s potential demand for computing power, the metaverse is no longer RNDR’s biggest client, but AI is. RNDR’s price increased by 100% after October, but due to the recent merger with the SOL network and the resulting selling pressure on SOL tokens, the price has seen a correction.

Undoubtedly, RNDR is a leader in providing decentralized computing power.

Click to view Render Token price prediction

Akash Network

Akash Network is one of the earliest companies to offer decentralized cloud services. Unlike Storj, which only offers storage, Akash Network can deploy websites like WordPress. Starting in October 2023, Akash Network also began to provide decentralized GPU computing power services, offering solutions for AI that require decentralized computing power and storage.

Click to view Akash Token price prediction

Bittensor

If you have used ChatGPT, then bittensor is easy to understand.

ChatGPT is actually a centralized application, with users paying up to $240 per year to use version 4.0. This has generated $4.6 million per month in revenue for ChatGPT and continues to grow. Bittensor is similar to a decentralized ChatGPT, where anyone with a bittensor token TAO in their computer can provide computing power for its model, thus running the AI inside bittensor. For example, a trading bot created using ChatGPT requires computing power to run, provided by ChatGPT’s own servers, so the more people use it, the slower ChatGPT will be. A trading bot created using bittensor consumes TAO tokens for computing power, enriching and perfecting the entire bittensor network.

In summary, the combination of AI and blockchain is unstoppable. Whether it is storage, computing power, or even AI applications, they are gradually becoming decentralized. This trend is expected to continue into 2024 and beyond.

Conclusion

Based on the market’s response to Hayes’ speech and the technological trend towards decentralization, we can see significant potential for projects like Render Network, Akash Network, and Bittensor in the decentralized computing space.

Investors are advised to keep an eye on the developments of these tokens and consider them as potential investments for their portfolios, especially considering the impending bull market that Hayes predicts will be driven by the intersection of AI and cryptocurrency.

In addition, while these projects show promise, investors should still conduct thorough due diligence and remember that the market can be highly volatile. It is crucial to invest wisely and be prepared for any outcome.

For detailed price predictions and further analysis, follow the links provided under each project overview.
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Reference

Hayes, A. (2023). Money Printing, AI, and Crypto: Fueling an Epic Bull Market Mania. Token 2049 Singapore.