SingularityNET: Combining crypto and AI

By CoinUnited.io Research Team

20 Jan 2023

2 min read

To achieve its long-term goal of open-sourcing Artificial General Intelligence, SingularityNET is an AI-focused initiative that plans to leverage blockchain technology to build a decentralized AI marketplace (AGI). The ultimate goal of AI development is general-purpose problem solving via artificial general intelligence. It's a step forward from the existing kind of narrow AI, which is limited to dealing with a particular issue at a time. SingularityNET was founded in 2017 by chief scientist and visionary Dr. Ben Goertzel and chief executive officer and founder of Hanson Robotics Dr. David Hanson with the goal of creating a commercial launchpad for artificial intelligence (AI)-based decentralized applications (DApps) by increasing interoperability between networks. Using smart contracts, the ambitious team at SingularityNET is creating an open-source AI-powered infrastructure that will allow developers to build AI products directly for end customers. The initiative's purpose is to offer users and creators a decentralized option for sharing in the advantages and rewards of continuously learning artificial intelligence. The SingularityNET Foundation is fostering an ecosystem of AI-spin offs constructing in DeFi, robotics, gaming, entertainment, and biotech where they can obtain finance and assistance to progress their AGI ambitions and so produce use for its AGIX token. The SingularityNET Foundation functions similarly to a decentralized autonomous organization (DAO), but initially under the direction of the project's staff. When the network is more developed, it will be transitioned to a decentralized autonomous organization (DAO).

SingularityNET's long-term goal is to create a system that is both chain-agnostic (i.e., not tied to any particular blockchain) and highly scalable (able to handle increasing numbers of users). So that AI services, like the daemon and SDK, can be integrated quickly and easily, SingularityNET has developed tools that abstract from blockchain architecture. The daemon is the most important since it is a versatile tool that will help the platform scalability.

Its primary functions are money processing and language translation requests. The daemon communicates with the Multi-Party Escrow smart contract during the payment process to verify users' identities and guarantee there are adequate money for the transaction to go through. After the daemon completes the transaction processing, it will convert the payment requests into a format that can be understood by machines. Records Keeping and Shared Escrow Two smart contracts essential to the functioning of SingularityNET are hosted on Ethereum. The second is called Multi-Party Escrow, and it is a payment system that uses smart contracts to keep user and developer funds in escrow. Through atomic one-way channels, it also expedites and reduces the cost of trading AI services.

SingularityNET's AI Marketplace is a decentralized application (DApp) where programmers may advertise their text-generation and gene-annotation AI services. Payments on the marketplace, which are enabled by the platform's Multi-Party Escrow functionality, need the use of a MetaMask wallet or generic wallet (PayPal). You can get in touch with the platform's support staff using the call function if you'd like to schedule a demonstration of the featured service.

To publish and control their AI services, programmers can use the SingularityNET AI Publisher. Advanced AI programs, beta testing tools, and AI use data are all available to portal publishers.

SingularityNET also provides a staking portal for those who wish to stake their AGIX tokens in exchange for incentives. Staking AGIX provides holders with a stake in the AI Marketplace on the platform. After 30 days, AGIX tokens can be cashed in for rewards, or rolled over into the next staking period if the holder wishes to continue staking. Currently, the staking site is only available on the Ethereum blockchain, but the network plans to release it out on Cardano in the near future. In the SingularityNET platform, the native utility token is the AGIX token. The AGI token's creation after a hard fork that made it interoperable with Cardano's network. It is specifically designed to support up SingularityNET's essential features, which are: There can only ever be 2 billion AGIX in circulation. As of this writing (January 19, 2023), its circulating supply is 1.18 billion, very close to its total quantity of 1.2 billion.

The initial price of one AGIX token, which began trading in January 2018, plummeted for many months until finding support around $0.04 in August of that year. From that point on, the price moved hardly at all over the remainder of the year and remained flat throughout most of the next year as well as the entire year of 2020. However, AGIX's fortunes turned around in 2021, as the price of the cryptocurrency steadily rose from $0.07 at the end of January to a high of $0.52 on apr 14, 2021. Within weeks, the price of AGIX had recovered. At the end of May 2021, however, as the hard fork approached, the price began to rise. On June 8, 2021, the price began at $0.308 and reached a high of $0.804 on June 9. After then, AGIX's price dropped significantly in the following months, until rising little in August and September of 2021. For the rest of 2022, the price has been falling steadily since then. AGIX was one of the AI-based tokens that bubbled strongly in the second week of January 2023, increasing in value by more than 50% in only 24 hours.

When the network moves from Ethereum to Cardano and develops its Layer 2 networks, it enters Phase Two of the project, which enables further genuine decentralization of its AI services. The introduction of the AGIX token has further aided the two networks' capacity to communicate with one another over the SingularityNet Bridge, a cross-chain token. SingularityNET is likewise committed to moving in the direction of fully decentralized governance. According to its Phase Two plans, AGIX token holders and their elected Supervisory Council will have more say in how the SingularityNET Foundation operates. Sophia, their smartest robot, will be at the center of a planned self-governing ecosystem that will also include humans as participants. Upgrading to OpenCog Hyperon, which will construct a highly scalable and open-source AGI that accommodates diverse aspects like Neuro Symbolic AI and Evolutionary Learning systems, is also a major emphasis of the project at the moment. To further build its AI network, SingularityNET has teamed with prominent companies such as Cardano, Hanson Robotics, Ocean, and Cisco. All of these developments show that SingularityNET is working hard to compete at the highest levels of artificial intelligence (AI) crypto and bring us one step closer to the AI future. Due to the extreme volatility of the crypto market, it is imperative that you conduct your own due diligence prior to purchasing any token.

Since many sectors are looking to AI and crypto to improve their service delivery efficiency, SingularityNET's strategy to combining the two is innovative. SingularityNET is an exciting project to keep an eye on since its concept brings together two groundbreaking technologies that will drive humanity into the future by creating an infrastructure to allow users effortlessly access AI services in a decentralized fashion.

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