SingularityNET – The Global Network for Decentralized AI Services

SingularityNET is an AI solution based on the decentralized blockchain platform. The SingularityNET network lets you create, share and monetize the AI based services at very large scale. It is dubbed as The Global AI network. Anyone in the world can take advantage of AI services, agents, and algorithms using the SingularityNET global network.

SingularityNET services provide the extensive scientific research which is useful in the projects that require large datasets to build something. And SingularityNET provides exactly that. They are also building a marketplace for the AI services that will benefit the developers all around the world. SingularityNET is the team behind the human-robot Sophia. Sophia was granted the Saudi Arabian citizenship earlier this year.

Use cases

The use case for this type of service is required for it to be successful on a global scale. There are many use cases for this type of service.

Cloud Robotics – in the field of scientific development cloud robotics is one of the important things which use cloud computing infused with the robotics principles and make the robotic research possible through it.

Biomedical Research – Biomedical research is the most important field today. To develop the new vaccine or the new treatment for a disease, researchers need to process tens of thousands of datasets at once which is not possible with normal computing. So AI based services are very easy to work with these datasets.

Cybersecurity – Nowadays Cybersecurity is the concern for everyone. Privacy is a huge issue for users with AI solutions this can be resolved. Many cybersecurity services can be launched with the help of AI.

How SingularityNET Works?

In the SingularityNET marketplace, the developers of various AI services can lend their tools and services for the AGI tokens. This can be simply achieved by APIs provided by SingularityNET to integrate the AI service with smart contracts. AI services such as image processing and language processing can be integrated with smart contracts using SingularityNET APIs.

The SingularityNET platform has agents whose work is to execute the smart contracts for the users. The SingularityNET network is consist of these agent nodes and these agents rank each other on a scale of 0 to 1. If an agent is doing his work properly and sends the payment after completing the task their ranking can assume 1. It is not necessary to give ranking to each other and this ranking process can also be automated. This ranking system of agents is dependent on these three factors.

  • AGI Token Staking
  • Benefit Ranking
  • External Validation

The vision for the SingularityNET team is built complex networks of carefully crafted AI services which can self-organize and all of this will be built using the resources form OpenFog Foundation. Their humanoid Sophia is built on these principles and they want to give these powers to all developers to build something like that. Sophia is a very sophisticated robot which uses the combination of many AI services such as natural language processing and Physical motor controls.

ICO and token

agi token distribution

SingularityNET ICO was started on 21 Dec and ended on 22 Dec. It was priced at $0.10 USD and they set the hard cap of $32 million USD. The AGI token is based on the Ethereum platform and it is an ERC20 type token. Total of 1 billion tokens was created and 50% of them were available for sale during the ICO. 20% tokens were kept for the rewards pool.

They only accepted Ethereum as the payment for their tokens during the ICO. Now you can exchange the AGI tokens for BTC, ETH or USD and you can also use your fiat currency to trade the AGI.

Team of SingularityNET

singularitynet team

The team of SingularityNET consist of many scientists and AI developers. They have more than 60 members on the team. The 50+ members of the team have extensive work experience as the AI developers and blockchain experts. They have more than 10 Ph.D. professionals in the team. Dr. Ben Goertzel is the leader of the team and officially he is also the CEO of the company. Dr. David Hanson of the Hanson Robotics serves as the Lead of Robotics.

The Most famous invention of Hanson Robotics is the humanoid Sophia. Sophia is the most expressive Robot on the planet and she is also a part of the team of SingularityNET. The team of SingularityNET has vast experience in the field of Robotics, AI, and blockchain technology. Cassio Pennachin serves as the Chief AI officer of the company.

Pricing

The current pricing of the SingularityNET is at $0.11 USD with the trading volume of $2.7 million USD in the last 24 hours. The circulating supply of tokens is around 539 million. To buy any service from the SingularityNET platform users need to purchase AGI tokens. Trading volume of last 24 hours shows that there are a fair amount of users are buying and selling the AGI tokens which means there are a fair amount of users are using the SingularityNET platform.

The current market cap of the SingularityNET is $62 million USD which is good but not significant as it should be. The value of the project is much more than that. In the coming years, AI will be an important tool for everyone and we all will depend on AI for our daily tasks. So it’s safe to assume that SingularityNET platform will become one the pioneers in the field of AI technology.

Conclusion

They have planned many updates to their platform until the release of the mainnet of their platform. dApps and AI marketplace are in the alpha phase of the development and the Beta versions will releasing soon.

SingularityNET has an official GitHub profile where you can find all the development related information and the code of SingularityNET itself. They are also available on Facebook, Twitter, and LinkedIn where they are pretty active and they respond to every query any user throw at them. So finding the details about their project is very easy by just following all their social media profiles.

Overall the SingularityNET project has a lot of potential and it will grow as the team of SingularityNET is very talented and respected in the industry. They are one of the few who is in the development business for more than 20 years before starting SingularityNET. The AI field will grow day by day and it is one of the essentials for the future as our future will be dependent on technology more than anything else.

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