Breakdown of SingularityNET: Is The AI Revolution Here?
Mike Harry
Jun 2023
7 min read
Fact checked
Summary: This breakdown dives into SingularityNET where we explore it's technology, token utility, and its potential to democratize AI development and access. Read on to discover if SingularityNET is the one to transform the landscape of artificial intelligence and blockchains!
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SingularityNET History
SingularityNET is a groundbreaking project that aims to create a decentralized marketplace for artificial intelligence (AI) services.
SingularityNET website
The project was conceived by Dr. Ben Goertzel, a renowned AI researcher and the CEO of SingularityNET in collaboration with several other experts in the field.
It was officially launched in 2017 and has since gained significant attention and support from the AI community.
Dr. Goertzel who is also a co-founder of the OpenCog Foundation, brings a wealth of experience in the field of AI and has been a driving force behind the project.
Other notable team members include Cassio Pennachin, the Vice President of Research, and Simone Giacomelli, the Chief Blockchain Strategist.
In 2018, SingularityNET made headlines by launching the first-ever decentralized AI marketplace, enabling developers to share and monetize their AI algorithms.
In 2019, the project announced a partnership with Hanson Robotics, the creators of the humanoid robot Sophia. This collaboration aimed to integrate Sophia's AI capabilities into the SingularityNET platform.
The company has also successfully raised significant amounts of money to fuel its development and expansion. The project conducted an initial coin offering (ICO) in late 2017, which raised $36 million in capital.
In 2020, the project announced a $5 million joint investment from IOHK, the blockchain research and development company behind Cardano, emphasizing the growing interest and support from the blockchain community.
What is SingularityNET?
SingularityNET is a decentralized artificial intelligence (AI) marketplace project that aims to enable individuals and organizations to create, share, and monetize AI services in a collaborative manner.
The project works by creating a decentralized network where AI developers can upload their algorithms and smart contracts, making them available for other users to use.
The marketplace facilitates the exchange of AI services using a native utility token called AGIX. This allows developers to be rewarded for their work and incentivizes the creation of high-quality AI services.
In 2020, SingularityNET announced that it would be transitioning to Cardano, which is a more scalable and efficient blockchain. The transition was completed in 2021, and SingularityNET is now fully operational on the Cardano blockchain.
How does SingularityNET work?
SingularityNET's technology stack comprises various components including smart contracts, the Cardano blockchain and Interplanetary File System (IPFS).
Smart contracts form the backbone of the platform and govern the interactions between users. The Cardano blockchain provides the underlying infrastructure for secure and transparent transactions.
IPFS is used for decentralized file storage, ensuring the availability and accessibility of AI algorithms and related data.
To execute AI services, SingularityNET utilizes a virtual machine called the SingularityNET Virtual Machine (SVM). This virtual machine is designed to execute AI algorithms efficiently and securely.
The SVM supports popular AI frameworks like TensorFlow and PyTorch, allowing developers to leverage their preferred tools.
Scalability is a crucial aspect of SingularityNET, given the potential high demand for AI services.
To address this, the project incorporates various scaling solutions. One such solution is the use of off-chain computation, where computationally heavy tasks can be executed off-chain, minimizing the load on the blockchain network.
Additionally, SingularityNET plans to implement sharding, a technique that partitions the blockchain network into smaller, more manageable shards, enabling parallel processing and increasing throughput.
The consensus mechanism employed by SingularityNET is a variation of the Proof-of-Stake (PoS) consensus called Proof-of-Stake, Reputation Age (PoSRA).
This mechanism combines stake-based participation (PoS) with reputation age, which rewards users based on the quality and longevity of their contributions to the network.
SingularityNET Coin (AGIX)
AGIX stands for SingularityNET AGIX Token. It is the native token of the SingularityNET platform. AGIX tokens are used to power the platform, including staking, governance, and payments.
AGIX tokens can be used for multiple purposes within the platform, such as accessing AI services, incentivizing developers, and participating in governance decisions.
One key feature of AGIX is its utility in accessing and utilizing AI services within the SingularityNET marketplace. Users can spend AGIX tokens to access a wide range of AI tools, algorithms, and models developed by experts in the field.
This creates a marketplace where AI developers can monetize their work and users can benefit from a diverse range of AI capabilities.
Another important aspect of AGIX is its role in incentivizing AI developers and contributors. SingularityNET uses a reputation-based reward system, where the more AGIX tokens a developer holds, the higher their reputation and chances of being chosen to provide AI services.
By holding and staking AGIX tokens, users gain voting rights on platform decisions, such as protocol upgrades, fee structures, and overall governance policies.
SingularityNET (AGIX) Tokenomics
SingularityNET was initially launched with an ERC-20 token named AGI, but after hard forking to the Cardano network, all AGI tokens were replaced with AGIX, making it a multi-chain token that run on both the Ethereum and Cardano blockchains.
AGIX Tokenomics
This shift also doubled the maximum supply of tokens from 1 billion to 2 billion AGIX. As of March 2023, the total circulating supply of AGIX reached 1,205,321,857, which is 60% of the total supply. The rest of the supply will be gradually released over 91 years.
AGIX tokens experienced a significant price increase in early 2023, following large investments in AI by Microsoft and Google. The price of AGIX increased almost 800% since the beginning of the year and reached a high of 0.6 US dollars on February 8, 2023.
At the time of writing on June 2023, the price has decreased to $0.24 dollars with a marketcap of $290 million dollars.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Author
Mike Harry
Mike is a passionate crypto enthusiast who bought his first Bitcoin in 2016. With a natural curiosity and a love for learning and tinkering, Mike is always trying out new DeFi applications. Mike excels at breaking down difficult concepts into easy-to-read guides for beginners.
