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Hanson Robotics caused a storm globally when they brought the world Sophia, a humanoid robot that claimed it wanted to destroy humans. Now, the scientists want to take their artificial intelligence (AI) development to the next level by integrating blockchain technology into their work.
With a vision to bring superior AI functionality through ‘’technological singularity,” the project is building a platform where developers can share their AI work in a decentralized way.
SingularityNET is a project leading the way when it comes to merging AI and crypto. Its utility token, AGIX, has been ranking well among the AI-based tokens in the market with its price surging recently.
So, what’s SingularityNET, and who’s its target market? Let’s find out.
SingularityNET is an AI-focused project looking to leverage blockchain technology to create a decentralized AI marketplace with a long-term vision of open-sourcing Artificial General Intelligence (AGI). AGI, the vision of how AI will become in the future, can be used to solve any problem. It is the improved version of the current narrow AI, which can solve only a single problem.
Co-founded in 2017 by chief scientist and visionary Dr. Ben Goertzel, and CEO and founder of Hanson Robotics Dr. David Hanson, SingularityNET aims to provide a commercial launchpad for AI-based decentralized applications (DApps) through increased interoperability among networks.
SingularityNET has an ambitious team working on an open-source AI-powered infrastructure that allows the use of smart contracts for developers to build AI products for end users without the need for intermediaries. Its goal is to provide a decentralized option for consumers and developers to share the benefits and rewards of self-improving AGI.
The SingularityNET ecosystem’s growth is driven by the SingularityNET Foundation. To create utility for its AGIX token, the SingularityNET Foundation is facilitating an ecosystem of AI-spin offs building in DeFi, robotics, gaming, entertainment and biotech where they can access funding and guidance to advance their AGI initiatives.
Think of the SingularityNET Foundation’s operations as those of a decentralized autonomous organization (DAO), but with initial stewardship from the project’s team. As the network matures, there are plans to move toward a completely self-governed DAO.
Ultimately, SingularityNET aims to build a scalable and functional system that’s less reliant on its current host blockchain, Ethereum, and also has a long-term vision of being chain-agnostic.
To do so, SingularityNET has created tools that abstract from the blockchain architecture to offer fast and simple integration of AI services such as the daemon and SDK. The most critical would be the daemon, a flexible tool that will aid the scalability of the platform.
Daemon is a sidecar proxy service that interacts with the Ethereum smart contracts and payments as well as many other blockchain tasks to allow developers to focus on AI-related tasks. Its main services are to facilitate payments and request translation. For payments, the daemon interacts with the Multi-Party Escrow smart contract to validate the signatures of users and ensure that sufficient funds are in place to successfully transact. Once the payment requests are processed, the daemon will then translate them into an AI-readable format.
SingularityNET uses Ethereum to host two smart contracts that are critical to the network’s operations. One is the Registry, which is an ERC-165-compliant decentralized database where AI service providers sign up and provide essential details of their products such as pricing information and endpoint locations for users to call about their service.
The second is the Multi-Party Escrow which is a smart-contract-powered payment system that holds payments from both end users and developers in escrow. It also facilitates faster and cheaper transactions for AI services through atomic unidirectional channels.
SingularityNET has also commenced its shift to Phase Two of the project, which includes its shift from Ethereum to Cardano and the building of Layer 2 networks. Its Layer 2 networks will allow for tools that operate using lower gas fees to be built over Ethereum.
As a blockchain-based AI platform, SingularityNET offers the following AI services:
The SingularityNET AI Marketplace is a DApp that lets developers list their AI services such as text generation and gene annotation. It provides an interface for users to interact with these services.
The marketplace is simple to use and takes away the complexities of interacting with AI. You’ll need to have a MetaMask wallet or general wallet (PayPal) to make payments on the marketplace which are facilitated by the platform’s Multi-Party Escrow feature. You can make use of the call feature on the platform to request a demo of the service listed.
The SingularityNET AI Publisher is a portal where developers can easily publish and manage their AI services. All one needs to do is fill in simple forms and provide basic onboarding details about the service they intend to offer. Publishers on the portal can access advanced AI apps, beta testing tools and AI usage analytics.
SingularityNET also has a staking portal where AGIX tokens holders can lock their tokens to receive rewards. By staking AGIX, holders help secure the operations of the platform’s AI Marketplace.
AGIX tokens can be redeemed after 30 days to receive the earned rewards and those interested in continuing with staking can roll over their tokens into the next staking period. The staking portal operates on the Ethereum blockchain, but the network aims to release it on Cardano in the future.
AGIX token is the native utility token for the SingularityNET platform. It was created after a hard fork of the AGI token which allowed it to become cross-chain compatible with Cardano. It’s tailored to support SingularityNET’s core functionality which includes:
Transactional – It allows AI agents to interact with each other and external protocols
Settlements – It facilitates payments of AI services on the AI Marketplace
Incentives – Used to reward AGIX token holders for securing the platform through staking
Governance – The token facilitates the democratic funding of network operations through voting by token holders
AGIX has a max supply of 2 billion. As of the time of writing (Jan 19, 2023), its circulating supply sits at 1.18 billion, close to its total supply of 1.2 billion.
When the AGIX token started trading in January 2018, its price dropped drastically for many weeks from around $0.80 to find support at $0.04 in August 2018. From there, the price traded sideways for the rest of the year and stagnated for most of 2019 and 2020.
However, things began looking up for AGIX in January 2021 when its price gradually increased from $0.07 towards the end of that month to hit a high of $0.52 on Apr 14, 2021.
Immediately after, AGIX’s price corrected in the following weeks. However, the price began to rally towards the end of May 2021 as the hard fork drew near. The price spiked sharply on Jun 8, 2021 from $0.308 to hit a high of $0.804 on Jun 9.
Thereafter, AGIX’s price corrected sharply in the following months but ascended slightly between August and September 2021. Since then, the price has been on a gradual decline for most of 2022.
In the second week of January 2023, AGIX was among the AI-based tokens that pumped hard, surging by more than 50% within 24 hours.
DigitalCoinPrice is bullish on the AGIX price and believes it could hit $0.94 in 2026 and exceed $2 by 2030. PricePrediction has an even stronger positive outlook on the token and forecasts a maximum price of $1.08 in 2026 which could hit $5.13 in 2030.
AI is rapidly taking over the tech space. Combining it with blockchain technology is a strategic move by SingularityNET. The network’s shift to Phase Two of the project opens up further real decentralization of its AI services, starting from its shift from Ethereum to Cardano and the development of its Layer 2 networks. Its launch of the AGIX token further helped facilitate cross-chain interoperability between the two platforms via the SingularityNet Bridge.
SingularityNET also aims to advance toward complete decentralized governance. Its Phase Two plans outline that AGIX token holders and their elected Supervisory Council will have greater autonomy over the SingularityNET Foundation decisions. Additionally, there are plans to create SophiaDAO to bring together their most intelligent machine, the Sophia robot, and humans to facilitate a self-governing ecosystem.
The project is also focusing on upgrading to OpenCog Hyperon which will implement a highly scalable and open-source AGI that accommodates various facets such as Neuro Symbolic AI and Evolutionary Learning systems. The upgrade will add further utility to the AGIX token.
Additionally, SingularityNET has partnered with solid names in the industry that include Cardano, Hanson Robotics, Ocean and Cisco among others to build a strong AI network.
From all these advancements, it is clear that SingularityNET is pushing hard to be among the best in AI crypto and bring the AI future closer to us. This makes us believe that SingularityNET has the potential to grow in value over the long term as AI technology matures. That said, we highly recommend doing your own research before investing in any token since the crypto market is highly volatile.
If you are interested in buying AGIX, the token can be bought on popular decentralized exchanges, like Uniswap and PancakeSwap. It can also be purchased on top centralized exchanges, such as Bybit. When you sign up on Bybit, you can buy AGIX tokens as a Spot pair (AGIX/USDT).
You can sign up for Bybit via email or your mobile device. To sign up by email, simply enter your email address, a password and an optional referral code. Follow through with the necessary verification requirements, including entering a verification code sent to your email address.
Signing up for an account via mobile is equally quick and simple. However, instead of entering an email address, you will need to enter your mobile number.
Once you have successfully created your Bybit account, you can fund the account with USDT and trade it for AGIX.
SingularityNET’s approach to merging AI with crypto is forward-thinking since many industries are turning to these two technologies to increase their efficiency in service delivery. By providing an infrastructure to help users smoothly access AI services in a decentralized way, SingularityNET is one project to watch since its vision puts together two trailblazing technologies that will propel us toward the future.