What is SingularityNET and its AGIX Token?
Hanson Robotics’ introduction of Sophia, a humanoid robot claiming to want to eliminate humans, made waves around the world. Now their researchers are striving to move their AI research forward by incorporating blockchain technology.
The project is aiming to optimize AI capability through a concept called ‘technological singularity’ by developing a platform that allows developers to collaborate on AI projects in a distributed manner.
SingularityNET is a pioneering effort to combine artificial intelligence and cryptocurrencies. Its AGIX token has been performing well among other AI-based tokens, with its value experiencing an upswing recently.
Let’s discover what SingularityNET is and who it is intended for.
Related: Elon Musk Tweeted SingularityNET Token – AGIX
What Is SingularityNET?
SingularityNET is a project focused on AI which plans to utilize blockchain technology to create a decentralized marketplace for AI with the ambitious goal of open-sourcing Artificial General Intelligence (AGI) in the future. AGI, which is envisioned as an advanced form of the current narrow AI that can only address one issue, has the potential to solve any problem.
In 2017, Dr. Ben Goertzel, who is chief scientist and visionary, and Dr. David Hanson, who is the CEO and founder of Hanson Robotics, came together to start SingularityNET. This network has been created to give a business platform for Artificial Intelligence (AI) decentralized applications (DApps) by allowing better connections between different networks.
SingularityNET is striving to create an open-source, AI-driven platform that utilizes smart contracts to enable developers to develop AI applications for end users without any middleman. Its purpose is to offer a decentralized approach for customers and programmers to reap the rewards of self-evolving AGI (Artificial General Intelligence).
The SingularityNET Foundation is driving the growth of the SingularityNET ecosystem by providing funding and direction to AI-based spinoffs working in areas such as decentralized finance, robotics, gaming, entertainment, and biotech. This will increase the utility of their AGIX token.
The SingularityNET Foundation’s activities are similar to those of a DAO, but the team will have control initially. As the network develops, it is intended to become completely self-governed.
How SingularityNET Works?
In the end, SingularityNET desires to construct a versatile and useful system that is not as dependent on its current blockchain platform, Ethereum, with the ultimate goal of being able to work on any blockchain.
In order to accomplish this aim, SingularityNET has developed resources that enable a straightforward and swift integration of AI services such as the daemon and SDK. Of utmost importance is the daemon, a versatile tool that will help to optimize the scalability of the platform.
Daemon is a sidecar proxy that assists with Ethereum smart contracts, payments, and other blockchain operations so that developers can concentrate on AI-related projects. Primarily, it aids in payments and request translations. When taking care of payments, the daemon engages with the Multi-Party Escrow contract to check the validity of signatures and make certain enough funds are present for a successful transaction. Following this process, the daemon then translates these requests into a format which is interpretable by AI technology.
Registry and Multi-Party Escrow
SingularityNET utilizes Ethereum to maintain two indispensable smart contracts. The Registry, which complies with ERC-165 standards, is a decentralized database where AI service providers can register and supply essential information such as pricing and endpoints for users to access their services.
The Multi-Party Escrow is a payment system that uses smart contracts to store money from both users and developers. This system also enables faster and more cost-effective transactions for AI services through atomic one-way channels.
SingularityNET has also started its progression to the second phase of the project, including its transition from Ethereum to Cardano and the construction of Layer 2 networks. These Layer 2 networks will enable tools that run with lower gas costs on Ethereum to be developed.
SingularityNET Core Products
SingularityNET, a platform based on blockchain technology, provides AI services such as:
SingularityNET’s AI Marketplace, a decentralized application (DApp), allows developers to offer their AI services such as text generation and gene annotation. It provides a convenient way for users to access these services without the need to understand complex technology.
To make payments on the marketplace, you must have either a MetaMask wallet or general wallet (like PayPal) and use the platform’s Multi-Party Escrow feature. Additionally, you can take advantage of the call function on the platform to request a demonstration of any service listed.
The SingularityNET AI Publisher is an interface where coders can conveniently release and control their AI services. All a person needs to do is fill out straightforward forms and give fundamental sign-up information about the service they plan to provide. Publishers on the platform can gain access to sophisticated AI applications, trial testing programs and AI utilization metrics.
The SingularityNET staking portal provides AGIX token holders with the opportunity to lock in their tokens and receive rewards. This helps guarantee the stability of the AI Marketplace.
After 30 days, users can withdraw their tokens along with any earned rewards; alternatively, they can roll over their assets into the following staking cycle. The current implementation of this portal is based on Ethereum’s blockchain, but plans are underway to migrate it onto Cardano in the near future.
What Is AGIX Token?
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
As of January 19th, 2023, AGIX has a total supply of 1.2 billion coins with a circulating supply of 1.18 billion – nearly the same as its maximum amount of 2 billion.
SingularityNET Price Prediction
When the AGIX token began trading in January 2018, its value declined significantly for numerous weeks, falling from around $0.80 to a low of $0.04 in August 2018. The price then traded sideways for the remainder of the year and remained stagnant for much of 2019 and 2020.
But things started looking up for AGIX in January 2021, when its price slowly rose from $0.07 towards the end of that month to reach a peak of $0.52 on Apr 14, 2021.
Soon after, AGIX’s price corrected over the following weeks; however, it began to surge again near the end of May 2021 as the hard fork approached. The price of AGIX dramatically rose on June 8, 2021 from $0.308 to reach a peak of $0.804 the next day.
Afterwards, there was a significant drop in the following months before it slowly increased between August and September 2021.
Since then, the cost has been consistently dropping for most of 2022 until early January 2023 when it experienced an astronomical jump of over 50% within 24 hours with other AI-based tokens doing similar.
DigitalCoinPrice is optimistic about AGIX’s price and forecasts it could reach $0.94 in 2026 and surpass $2 in 2030. PricePrediction has an even more hopeful view of the token, predicting a peak of $1.08 in 2026 which could reach $5.13 by 2030.
Is SingularityNET a Good Investment?
SingularityNET has made a smart decision by incorporating AI into its technological infrastructure. The organization’s transition to Phase Two of the project allows for greater decentralization of its AI services, beginning with the switch from Ethereum to Cardano and the creation of Layer 2 networks. Additionally, the release of AGIX token has enabled communication between both platforms through SingularityNet Bridge.
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SingularityNET is striving to become completely self-governed. According to their Phase Two plans, AGIX token holders and their chosen Supervisory Council will have more control over the SingularityNET Foundation’s decisions. Additionally, they plan on establishing SophiaDAO to bring together the most intelligent machine, Sophia robot, and humans in order to create a self-sustaining environment.
The project is also focusing on upgrading to OpenCog Hyperon, a highly scalable and open-source Artificial General Intelligence (AGI) that includes features such as Neuro Symbolic AI and Evolutionary Learning systems. This upgrade will provide additional value to the AGIX token.
SingularityNET has formed alliances with well-known companies, such as Cardano, Hanson Robotics, Ocean and Cisco, in order to create a robust AI network.
It is evident that SingularityNET is striving to be a top player in the AI crypto scene and to bring us closer to an AI-dominated future. This makes us anticipate that SingularityNET may increase in value as AI develops over time. Nonetheless, we advise thoroughly researching any token before investing as the cryptocurrency market is highly unpredictable.
SingularityNET is ahead of the curve, as many companies are employing both AI and crypto to improve their services. By setting up a network to access AI services in a distributed manner, SingularityNET shows promise for its combination of two cutting-edge technologies that could bring us into the future.