SingularityNET (AGIX) was developed back in 2017 to democratize the availability of AI technologies. It is a decentralized blockchain platform designed for the development, sharing, and sale of artificial intelligence services at scale. SingularityNET introduces a marketplace for AI developers and businesses to cooperate, exchange AI models, and deploy AI applications.
SingularityNET. Therefore, it would establish an open-source decentralized artificial neural network that allows everyone to contribute to, access, and share in the artificial intelligence services. The native cryptocurrency of the platform, the AGIX token, facilitates transactions within SingularityNET, incentivizes participants, and grants rights to participate in on-chain governance of the platform.
SingularityNET was developed by Dr. Ben Goertzel and David Hanson. Dr. Goertzel, one of the most prominent AI researchers and entrepreneurs, envisioned SingularityNET as a network that would be decentralized but would further collaboration and catalyze innovation in artificial intelligence. Hanson, the founder of Hanson Robotics,’s vision complements SingularityNET well through integrating AI with robotics, notably through Sophia, the humanoid robot powered by AI developed on the SingularityNET platform. Their goal is to allow a decentralized AI ecosystem that empowers developers, researchers, and enterprises together to progress AI technology.
SingularityNET fuses blockchain and AI technologies to create a unique decentralized ecosystem for AI services. SingularityNET hosts a decentralized marketplace where developers can publish their AI algorithms, and businesses can access or buy these services using AGIX tokens.
The platform works on multiple blockchains, leveraging Ethereum and Cardano to ensure scalability, flexibility, and cross-chain compatibility. AI services within SingularityNET can interact with each other, allowing the creation of more complex applications through cooperation among AI agents. Preprogrammed smart contracts maintain payments, transactions, and agreements between AI developers and users in a trustless manner.
AGIX serves as the utility token for the platform, facilitating payments, staking, and governance. Users can stake AGIX tokens to secure the network and be rewarded for supporting AI service operations.
SingularityNET benefits from Ethereum’s base TPS of 15-30 transactions per second (TPS), with future scalability enhanced by integration with Layer-2 solutions and Cardano’s Hydra protocol. On cardano’s blockchain, it currently handles between 200 and 250 transactions per second (TPS)
SingularityNET is shifting the majority of its activities onto Cardano, utilizing the latter’s scalability, lower fees, and high functionalities of smart contracts for its AI marketplace. The collaboration with Hanson Robotics enables the use of complex AI on humanoid robots such as Sophia to showcase practical applications of the technology contributed by SingularityNET.
The partnership with Ocean Protocol integrates decentralized data sharing, enabling AI models on SingularityNET to access high-quality datasets securely. SingularityNET has also collaborated with DeFi projects to explore AI-driven yield optimization, risk assessment, and predictive analytics.
In recent developments, SingularityDAO, a DeFi-focused subsidiary of SingularityNET, uses AI to manage and optimize tokenized portfolios called DynaSets, showing how AI can improve financial decision-making. SingularityNET has promoted new AI models with advanced NLP and computer vision capabilities, hence increasing its service offerings. The platform updated its staking mechanism, increasing rewards for AGIX holders to encourage more participation in network governance.
Integration with Layer-2 solutions like Polygon will enhance transaction speed and lower costs, making it more accessible for developers and businesses. SingularityNET is pioneering the development of decentralized governance models for AI systems, ensuring ethical AI creation and deployment through community participation.
The platform introduced AI-powered NFT creation tools, allowing artists and developers to create unique digital assets with AI-generated features. SingularityNET has also initiated educational programs and partnerships with universities for AI research and awareness, reaching a wider circle of developers and enterprises.
AGIX changes hands at approximately $0.59 as of December 25, 2024. Several factors affect the price changes of AGIX. The migration to Cardano enhances scalability and attracts more developers, thereby increasing the utility of AGIX. The integration of DeFi and AI through SingularityDAO increases demand for AGIX tokens, showcasing the importance of AI in DeFi. Partnerships with robotics and data platforms, such as Hanson Robotics and Ocean Protocol, improve visibility and adoption of the platform.
SingularityNET has innovated the creation and deployment of AI by allowing a decentralized marketplace for AIs combined with blockchain-based governance. With strategic partnerships, continued innovation, and an increasingly broadening array of uses, SingularityNET now empowers developers and companies to harness the power of AI at scale. Bridging blockchain and AI, SingularityNET builds a new way toward greater collaboration in a decentralized future for artificial intelligence.
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FAQs
Q1. What is SingularityNET used for?
- A: SingularityNET provides one with the capability of creating, sharing, and selling AI services through a decentralized marketplace.
Q2. What is the utility of AGIX tokens?
- A: The AGIX token is used in payment, staking, and governance within the ecosystem created by SingularityNET.
Q3. In what ways is SingularityNET unique?
- A: It decentralizes AI development and makes the developer ecosystem strong for further development of advanced AI with ethical AI governance.
Q4. What is a SingularityDAO?
- A: SingularityDAO: A DeFi project from SingularityNET involves AI in the management of tokenized portfolios and also optimization of financial strategies.