The rapid development and growing popularity of artificial intelligence applications have led to platforms like SingularityNET, ChatGPT, and Midjourney becoming increasingly mainstream. With tech giant Microsoft investing a staggering $10 billion in ChatGPT, we can anticipate the continued expansion and mainstream adoption of AI applications in the near future.
Capitalizing on this trend, AGIX, the native token of SingularityNET, has recorded impressive gains since the beginning of 2023.
As we delve into the world of SingularityNET, we’ll explore its background, workings, and key components such as the AGIX token and staking opportunities. Midjourney through this ultimate guide, we will provide a comprehensive understanding of the SingularityNET ecosystem, its contributions to the AI landscape, and its impact on the ever-evolving world of artificial intelligence.
SingularityNET, a brainchild of Dr. Ben Goertzel, was established with the ambitious goal of developing a decentralized, democratic, and inclusive Artificial General Intelligence (AGI) platform. The vision behind SingularityNET is to create an AGI system free from the constraints of centralized control, making it accessible to everyone and not confined to the specific objectives of a single corporation or country.
The team behind SingularityNET is a diverse and experienced group, comprising engineers, scientists, researchers, entrepreneurs, and marketers. This core platform and AI team are further enhanced by specialized groups focusing on various application domains such as finance, robotics, biomedical AI, media, arts, and entertainment.
What is SingularityNET?
SingularityNET, the pioneering decentralized AI market, operates on the Cardano blockchain, taking advantage of its cutting-edge technology. This AI-centric endeavor aims to employ blockchain capabilities to develop a decentralized AI marketplace while working towards the larger objective of open-sourcing Artificial General Intelligence (AGI). The project’s primary focus is the creation of an AGI system that can serve multiple purposes.
At the time of writing, the SingularityNET ecosystem consists of 13 protocols, either under development or already functioning as integral parts of the ecosystem. Based in the Netherlands, this AI blockchain project has established partnerships with notable companies such as Domino’s Pizza. Adopting a collaborative attitude rather than a competitive one, SingularityNET has also cooperated with Deep Brainchain—a NEO-based AI project—in 2019
How Does It Work?
Undeniably complex, SingularityNET began as an AI-as-a-Service marketplace, with plans to evolve into a fully self-organizing AI network. The ultimate goal is for the AI Agents within this autonomous network to use AI to delegate tasks to one another, collectively enhancing the network. To begin, let’s examine the basics.
SingularityNET initially launches as a marketplace for AI services, concentrating on three specific areas of AI development during the first two years:
- Cloud robotics
- Biomedical research
In this open marketplace, AI developers can trade their tools and services for SingularityNET’s AGI tokens or other tools and services. To streamline these transactions, SingularityNET offers APIs that integrate standard AI services, such as image and language processing, into smart contracts.
The platform also employs smart contracts to enable other services, like matching favorable exchanges between Agents and facilitating votes on governance issues. SingularityNET utilizes a DSOC democracy as its governance model.
SingularityNET Agents are the entities executing the smart contracts on the platform, typically functioning as network nodes. To maintain the network’s integrity, Agents rate each other on a 0 or 1 scale after each transaction. Ratings are not mandatory and can be automated. If an Agent marks a task as complete and sends payment, a 1 rating is assumed.
Agent rankings are multifaceted, extending beyond simple transaction reputation. Other factors that contribute to an Agent’s overall ranking include:
- AGI Token Staking: Agents forfeit a portion of their stake if their ratings in certain aspects drop below a specific level.
- Benefit Ranking: A ranking tied to the beneficial tasks an Agent performs, which improve the overall ecosystem without necessarily having monetary support.
- External Validation: Agents earn additional ranking bonuses when they verify ownership by a reputable company through a Know Your Customer (KYC) service.
Self-Organizing AI Internetworking
SingularityNET’s long-term vision involves constructing a network of intricate AI Agent interactions, primarily utilizing resources from the OpenCog Foundation. To better understand this concept, consider their in-house humanoid robot, Sophia.
Sophia employs a variety of AI Agents for tasks such as natural language processing and physical motor control. For instance, if you ask Sophia to summarize a video embedded in a webpage, she sends a request to Agent A. Agent A, through its AI, recognizes that Agent B is skilled at analyzing and transcribing video, while Agent C is adept at summarizing text.
Agent A pays Agents B and C for their services, while Sophia pays Agent A for coordination. Throughout this process, each Agent updates their own AI with the network information obtained from these tasks, combining it with their prior experiences and knowledge. As a result, the system’s collective AI develops faster than any individual Agent could on its own.
The AGIX token is SingularityNET’s native utility token, created after a hard fork of the original AGI token, which enabled cross-chain compatibility with Cardano. The token is designed to support SingularityNET’s core functions. It enables AI agents to interact with each other and external protocols, streamlines payments for AI services within the AI Marketplace, rewards token holders who help secure the platform through staking, and allows token holders to participate in democratic funding for network operations via voting.
The AGIX token has a maximum supply of 2 billion. As of March 26, 2023, its circulating supply stands at approximately 1.21 billion, nearing its total supply of 1.27 billion.
SingularityNET features a staking portal that allows AGIX token holders to lock their tokens in exchange for rewards. By staking AGIX, holders contribute to securing the operations of the platform’s AI Marketplace.
After 30 days, AGIX tokens can be redeemed to collect the earned rewards. Those interested in continuing staking can roll their tokens into the next staking period. The staking portal currently operates on the Ethereum blockchain, with plans to release it on Cardano in the future.
Through the staking portal, community AGIX holders can strengthen the project by staking their AGIX tokens and receiving rewards in the form of additional AGIX tokens.
While the staking portal is currently operational on the Ethereum blockchain, an improved version of the Cardano blockchain is expected to be released soon.
SingularityNET is poised to play a crucial role in the evolution and mainstream adoption of artificial intelligence applications. By providing a decentralized AI marketplace and fostering collaboration among AI developers, the platform aims to advance the development and implementation of Artificial General Intelligence (AGI). The AGIX token serves as an essential component of the SingularityNET ecosystem, enabling transactions, settlements, incentives, and governance within the platform.
As we’ve explored in this ultimate guide, the growth and success of SingularityNET and its native token AGIX exemplify the potential of combining AI and blockchain technology. With its ambitious goals and ongoing innovation, SingularityNET is likely to continue making a significant impact on the AI landscape and contribute to the future of intelligent systems.