This article introduces SingularityNET which was founded by Dr. Goertzel, who holds a PhD in mathematics. Dr. Goertzel has published over 25 scientific books ranging from artificial intelligence, language processing, and machine learning to gaming and parapsychology [1].
Welcome to SingularityNET
I would like to start by thanking our community for the engagement and growth over the last month. Our new website aims to provide a high-quality user experience whether on PC or Mobile. This article is in response to a twitter poll, readers have voted for more Ai content, if you have a moment please follow us on [Twitter]. On Twitter we let you know when our articles are live, and our founders share news and market movements sometimes long before articles are formulated. The team page has Justin and Patrick’s twitter tags if you are interested.
SingularityNET aims to create a general artificial intelligence through open-source code. The network focuses on decentralization, democracy, and inclusiveness. These three core principles will keep the network free from the “narrow goals” of a single entity [1]. The main product for the network is their open marketplace and publisher. The marketplace allows users to search for, test, and use artificial intelligence services created by a community of builders.
Once a service is developed, it can be posted on the Singularity blockchain, developers can then select a service cost in Agix tokens.
Below is directly from the website [2]
“Services can provide inference or model training across myriad domains such as image, video, speech, text, time-series, bio-AI, and network analysis. The services can be as simple as wrapping a well-known algorithm, a complete end-to-end solution for an industry problem, or a standalone AI application. Developers can also deploy autonomous AI agents that interoperate with other services on the network.”
The marketplace has a familiar user-interface that is approachable. Users can browse by using the search function, categories or display names. After utilizing an application users can leave a review based on the 5-star model. The open-source nature allows builders to work on projects they like or believe they can help with. This creates an intrinsic supply and demand structure within the platform itself. Since the Agix token is integrated into the marketplace this potentially drives the future price action of the potential investment.
SingularityNET: AGIX Token
The marketplace services are built on top of the blockchain network. The network is proof-of-stake (PoS) which is a low energy output mechanism. Users are offered the choice of using Agix tokens directly or a cash onramp which makes the services very approachable. Agix tokens are always used on the backend to keep the network secure through the PoS mechanism. SingularityNet has partnered with Paypal to help make this possible. This mechanism carries out the crypto to fiat transactions on the blockchain but the front-end user never experiences this directly. This is how you onboard users into crypto!
Investors who are bullish on Agix can purchase the tokens and delegate them to the foundation which manages the network. In return for locking tokens for 30 days at a time, investors will receive a reward in more Agix tokens, this is the staking APY. Users can either compound and continue staking or withdraw at the end of the 30 days. Currently Agix is on Ethereum, Cardano and Sora. The token is on Binance, Kucoin and Uniswap.
Agix staking also allows businesses to utilize the Ai services through paypal which will increase Ai and crypto adoption simultaneously. As an example, Singularity has created a stylized image creator. This allows users to take one image and recreate it with the style of another image, this is perfect for book covers, website landing pages and more.
If you are interested in more Ai articles check out our some of our other articles, we recommend [this one] to get started. In part II of this article I will review the token economy that SingularityNET has created with the Agix token. I will analyze the token supply, incentives to holders, and ecosystem. As always we like to be unapologetically transparent about which networks we like, and which token economies could use some work. Remember none of this is financial advice, and thank you for reading!
