What is SingularityNET? An ultimate guide

In recent years, the proliferation of artificial intelligence (AI) technologies has reshaped numerous industries, enhancing sectors like healthcare, finance, and transportation. As AI usage expands, the need for secure and decentralized systems to manage the vast amounts of generated data has intensified.

Blockchain technology emerges as a solution, offering a secure and decentralized framework for data storage and sharing. This is crucial for maintaining data integrity and privacy within AI systems. Cryptocurrencies complement blockchain by incentivizing collaboration among developers and facilitating transactions within decentralized marketplaces.

SingularityNET (AGIX) exemplifies this convergence of blockchain and AI. It's a decentralized platform empowering developers to share, collaborate, and monetize AI services. Through blockchain and cryptocurrencies, SingularityNET (AGIX) seeks to democratize AI, fostering a more accessible and decentralized marketplace for AI services.

What is SingularityNET (AGIX)?

SingularityNET (AGIX) was established in 2017 by Dr. Ben Goertzel, an AI researcher and entrepreneur, alongside a skilled team in AI, blockchain, and robotics. Recognizing the potential of AI to transform industries, they identified centralized control by tech giants as a barrier to democratizing these technologies.

To address this hurdle, they conceived a decentralized platform where developers could share and profit from their AI services while retaining ownership. Leveraging blockchain for security and transparency, they launched an ICO in December 2017, raising $36 million for platform development. By 2018, the beta version was released, enabling developers to create AI services.

SingularityNET has since collaborated with various entities like Hanson Robotics and the Ethiopian government to deploy AI solutions across sectors. In 2021, it partnered with Cardano to enhance capabilities and broaden its user base.

Today, SingularityNET remains committed to democratizing AI and fostering a decentralized marketplace for AI services.

How does SingularityNET work?

As previously mentioned, SingularityNET's platform is dedicated to fostering the development of Artificial Intelligence (AI) services. To streamline this process, they have introduced tools like the daemon and SDK, aimed at facilitating seamless integration of AI services.

The daemon serves as a versatile tool designed to enhance platform scalability. It interacts with Ethereum smart contracts and payments, ensuring smooth transactions. By engaging with the Multi-Party Escrow smart contract, it validates user signatures and verifies the availability of sufficient funds. Subsequently, the daemon translates payment requests into a format that AI systems can comprehend.

Complementing this, the SDK encompasses a suite of APIs (Application Programming Interfaces) enabling developers to tap into SingularityNET's decentralized network of AI services. With the SDK, developers can effortlessly create new AI services, incorporate existing ones into their applications, and swiftly deploy these applications onto SingularityNET's network.

The SingularityNET Registry, an ERC-165-compliant smart contract on the Ethereum blockchain, serves as a repository for organizations, services, and type repositories. Developers utilize this registry to showcase their services, while consumers rely on it to discover the services they require. It facilitates tagging of services and types for improved search and filtering functionalities. Moreover, SingularityNET's Request for AI portal enables customers to commission new AI tools, offering developers the opportunity to earn AGIX tokens by fulfilling these requests.

The platform has embarked on Phase Two, transitioning from Ethereum to Cardano and establishing Layer 2 networks to support tools with reduced gas fees. SingularityNET aims to create a scalable and versatile system that is chain-agnostic and less dependent on Ethereum.

In summary, SingularityNET is a pioneering platform providing developers with seamless access to AI tools and libraries, while buyers can trial AI services prior to payment. Through its Registry, Request for AI portal, and daemon, SingularityNET has developed a robust and scalable infrastructure, less reliant on its current Ethereum blockchain host. Transitioning to Phase Two and implementing Layer 2 networks will enhance accessibility and scalability, aligning with SingularityNET's long-term vision of being chain-agnostic and positioning it as a frontrunner in the future of AI services.

Potential applications of SingularityNET

SingularityNET offers various products and services to democratize access to AI technologies. These include an AI marketplace, AI-as-a-Service, developer tools, research, and governance.

• AI marketplace: A decentralized platform for buying and selling AI services.
• AI-as-a-service: Offers AI services like natural language processing and machine learning algorithms.
• Developer tools: Provides tools like SDKs and APIs for building AI applications.
• AI research: Facilitates collaboration among AI researchers for cutting-edge projects.
• AI governance: Ensures ethical AI development aligned with human values.

What is the AGIX token?

AGIX serves as the native utility token for the SingularityNET protocol, utilized on its blockchain platform. With a maximum supply of 2 billion units, 60% of AGIX tokens are already in circulation as of March 2023. It emerged following a hard fork of the AGI token, allowing compatibility with both SingularityNET's native blockchain and Cardano's blockchain. Consequently, AGIX facilitates transactions and operations on both platforms.

The token functions as a medium of exchange within the platform. Developers earn AGIX tokens by creating and deploying AI services, while users utilize AGIX tokens to access these services.

Initially built on the Ethereum blockchain as an ERC-20 token, SingularityNET has contemplated transitioning to a different blockchain in the future, with Cardano being a potential candidate. This prospective move would entail migrating SingularityNET from its current blockchain to Cardano's blockchain.

SingularityNET ecosystem

The SingularityNET ecosystem encompasses various tools, applications, and collaborative projects aimed at facilitating the creation, deployment, and management of AI services and AGIX tokens. Among these are:

• Sophia: Developed by Hanson Robotics, Sophia is an AI robot designed for human interaction and learning. SingularityNET collaborates with Hanson Robotics to integrate Sophia with the platform, enabling developers to deploy AI services for Sophia.
• OpenCog: An open-source framework enabling the creation of autonomous intelligent agents capable of learning and reasoning, OpenCog is integrated with SingularityNET. This integration empowers developers with a robust tool for building AI services.
• NuNet: A joint initiative between SingularityNET and Ocean Protocol, NuNet establishes a decentralized network for training and deploying AI models. It allows developers to train AI models using diverse data sources while upholding privacy and security.
• SingularityDAO: SingularityDAO endeavors to establish a decentralized autonomous organization (DAO) to govern the SingularityNET ecosystem. Through SingularityDAO, community members can engage in ecosystem governance and contribute to its development

Should one consider SingularityNET as a worthwhile investment?

SingularityNET shows promise in democratizing AI service development and deployment. With partnerships with notable organizations like Hanson Robotics and Ocean Protocol, as well as active involvement in AGI research, it's positioned for growth. However, thorough research and caution are advised before considering it as an investment.