SingularityNET is a project that has been gaining significant attention in the field of artificial intelligence recently. Let’s delve deeper into SingularityNET and uncover what makes this project so intriguing.
Continuing our series of articles on Coins and Tokens. Today, AZCoin invite you to discover more about the SingularityNET (AGIX) coin!
What is SingularityNET (AGIX)?
SingularityNet is a blockchain-based marketplace for trading AI products and services. It enables developers to easily release and monetize their AI algorithms through public APIs and a decentralized trading platform.
How does SingularityNET work?
SingularityNET is constructing a functional and scalable system that is less reliant on Ethereum. In order to achieve this, SingularityNET has developed tools to facilitate quick and easy integration of AI services such as Daemon and SDK.
Daemon
Daemon is a sidecar proxy service that interacts with Ethereum smart contracts and payments, as well as various other blockchain tasks, to enable developers to focus on AI-related tasks.
Its main services include payment support and translation requests. For payments, Daemon interacts with the Multi-Party Escrow smart contract to verify user signatures and ensure there is enough funds for successful transactions.
Once payment requests are processed, the background process translates them into a format readable by AI.
Registry & Multi-Party Escrow
SingularityNET utilizes Ethereum to store two crucial smart contracts for the network’s operations. The first one is the Registry, a decentralized database compliant with ERC-165 where AI service providers register and provide necessary details about their products.
The second one is Multi-Party Escrow, a smart contract-based payment system that holds payments from both end-users and developers in escrow.
SingularityNET has also begun transitioning to phase 2 of the project, which includes moving from Ethereum to Cardano and building Layer 2 networks. Layer 2 networks will enable tools to operate with lower gas fees on Ethereum.
Who is the founder of SingularityNET?
SingularityNET was founded in 2017 by Dr. Ben Goertzel, Simone Giacomelli, and Dr. David Hanson. Dr. Goertzel, a respected figure in robotics and AI, serves as the CEO and Chief Scientist of SingularityNET. Giacomelli, an entrepreneur and investor, previously worked for the cryptocurrency consulting firm Cryptodex. Dr. Hanson, the third co-founder, has been involved in robotics since 1998, working with Disney.
What is the issue that Singularity aims to address?
Singularity has identified current global AI issues that need to be addressed:
- The current state of AI is quite fragmented, with each AI system worldwide existing independently. There is no easy way for them to communicate and collaborate with each other.
- AI systems are predominantly developed by large tech companies or governments for military use. However, many potential AI applications that could benefit society remain unrealized due to the socio-economic nature of the AI industry.
- While many specialized AI solutions perform tasks well, there is a lack of Artificial General Intelligence (AGI) or “AGIX”.
What makes SingularityNET (AGIX) stand out?
Artificial Intelligence (AI) and Blockchain are both hailed as revolutionary technologies that will forever alter industries and human lives. However, it’s rare to see these two technologies mentioned together. This is where Singularity stands out from other Blockchain projects.
Singularity is one of the few projects pioneering the integration of Blockchain and AI, two of the most advanced technologies today. This article will delve into the SingularityNET (AGIX) ecosystem and its operational mechanisms.
Singularity aims to create a marketplace for AI-related services.
Specifically, the development team has focused on three distinct AI areas:
- Cloud robotics
- Biomedical research
- Cybersecurity
Basic information about SingularityNET (AGIX) token
- Ticker symbol: AGIX
- Smart contract address: 0x8eb24319393716668d768dcec29356ae9cffe285
- Decimal: 8
- Built on the Ethereum blockchain
- Token standard: ERC20
- Token classification: Utility Token
- Consensus mechanism: Proof of Reputation
- Total token supply: 1,000,000,000 AGIX.
AGIX token allocation
AGIX token distribution chart:
- Private, Pre-sale, and Public Sale: 50%
- Reward Pool: 20%
- Key team members: 18%
- Future project development: 8%
What is the purpose of the AGIX token?
- It serves as a payment method on AI Marketplace.
- Rewards for AGIX token holders who participate in staking to secure the platform.
- Voting on project governance decisions.
AGIX token storage wallet
Since AGIX is an ERC20 token, you have plenty of wallet choices to store this token. You can opt for the following types of wallets:
- Exchange wallets
- Common ETH wallets: Metamask, Myetherwallet, Mycrypto
- Cold wallets: Ledger, Trezor.
How to earn and own the AGIX tokens
- Buy directly on supported exchanges.
- Staking to receive rewards.
Where to buy and sell the AGIX tokens?
Similar to FET and GRT, AGIX is traded on many different exchanges with a total daily trading volume of about 400 million USD. Exchanges listing this token include: Binance, Kucoin, Gate.io, MEXC Global,… Check out the best crypto exchanges 2024 to choose platform for trading.
Summary
SingularityNET is a long-standing project. However, the recent emergence has attracted investors’ attention and caused the project’s token AGIX to grow by over 1000%.
Through this article, you should have gained some basic information about the project to make your own investment decisions. To ensure a secure investment, review the Evaluation Process on AZCoin. Wishing you success and profits in this promising market.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
