Crypto Analyst Explores The Hype: Are These The Best 2 AI Altcoins?
01 Diciembre 2023 - 9:00AM
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Two AI-focused projects have recently garnered significant
attention: Render Network (RNDR) and Bittensor (TAO). These
projects, while distinct in their objectives and execution, are at
the forefront of integrating artificial intelligence with
blockchain technology. Analyst Crypto Stream has analyzed the
two most hyped AI projects in this cycle and tried to answer the
question: “Which one is the true king of AI coins?” Render Network
(RNDR): A Leap In GPU Rendering Crypto Stream highlights that
Render Network addresses a critical need in the current digital
era: the demand for GPU computing power. Industries ranging from
filmmaking to AI research are constantly seeking more computational
resources, a need that even major tech giants struggle to meet.
Render Network ingeniously tackles this issue by enabling
individuals with GPU resources to monetize their idle computing
power. As Crypto Stream puts it, “Render Network is not just
optimizing resource utilization but is fundamentally changing the
dynamics of GPU computing power accessibility.” Related Reading:
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At The Perfect Time The economic model of RNDR has evolved since
its inception as an ERC-20 token in 2017. Migrating to the Solana
blockchain, the project introduced a burn mechanism, where RNDR
tokens equivalent to the fiat value of GPU power purchased are
burnt, potentially reducing the token supply over time. “This burn
mechanism,” Crypto Stream notes, “is a fascinating aspect of RNDR,
adding a deflationary characteristic to its tokenomics.” Discussing
RNDR’s market performance, Crypto Stream observes that the token’s
peak at over $7 in 2022 and its current price at $3.49 reflect its
substantial growth. With a market capitalization of $1.3 billion
and a fully diluted valuation of $1.8 billion, RNDR has already
experienced a significant 10x increase this year. “We’re not early
in the game with RNDR, but its potential in the AI space still
makes it a project worth watching,” advises Crypto Stream. At press
time, RDNR was trading at $3.56, slightly below the 0.382 Fibonacci
retracement level at $3.60. Bittensor (TAO): Democratizing AI Model
Deployment Bittensor’s aim to decentralize the deployment of
machine learning algorithms stands in contrast to RNDR. It
aims to challenge the dominance of tech giants in AI, such as
OpenAI and Meta, which control the best AI models, by creating a
platform for trading specialized AI models. “Bittensor is opening
doors for smaller research teams globally, allowing them to
contribute and monetize their specialized AI models,” states Crypto
Stream. This specialized focus actively caters to a variety of
needs, including non-English languages and niche industries, often
overlooked by larger players. Related Reading: 3 Bitcoin-Like Proof
Of Work Altcoins That Could Make You A Millionaire In 2024 Crypto
Stream is particularly impressed by Bittensor’s tokenomics, which
are inspired by Bitcoin’s model. “With a total supply mirroring
Bitcoin’s, no premine or ICO, and a halving cycle every four years,
TAO’s economic design is both robust and promising,” he comments.
Approximately 6 million TAO tokens are currently in circulation,
with the token trading near its all-time high of $304. “TAO’s
current market cap of $1.8 billion and an FDV exceeding $6 billion
signify its growing prominence, though much of its supply is yet to
be released into the market,” Crypto Stream added. Which One Is The
Best AI Altcoin? Crypto Stream concludes that both RNDR and TAO
offer unique and complementary solutions to the AI and crypto
sector. RNDR’s focus is on solving the hardware problem by
leveraging unused GPU power, while TAO addresses the software side
by enabling a marketplace for AI models. “It’s hard to declare a
definitive leader in the AI token space,” Crypto Stream reflects,
“as both RNDR and TAO bring innovative solutions to the table.
RNDR’s burn feature and TAO’s Bitcoin-like tokenomics each have
their own appeal, targeting different needs within the AI and
crypto markets.” Featured image from iStock, chart from
TradingView.com
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