How SingularityNET (AGIX) is making AI accessible to everyone

While many AI solutions are already available to most people, their capabilities are still severely limited, and more advanced versions of neural networks are only available to a limited number of people for various reasons. This gap is what the SingularityNET project team is trying to bridge in this article.

What is SingularityNET?

SingularityNET is a decentralized marketplace that provides users with access to artificial intelligence-based Web3 applications via blockchain. The platform runs on Ethereum and Cardano blockchains and utilizes the full functionality of smart contracts to enable autonomous transactions on the blockchain without third parties.

The SingularityNET project, founded in 2017, was one of the first solutions to combine the cryptocurrency industry with artificial intelligence. SingularityNET co-founder David Hanson is also the CEO of Hanson Robotics, which released the popular humanoid robot, Sophia, bringing artificial intelligence capabilities to the world for the first time.

The SingularityNET team's global goal is to make AI-based technology accessible to everyone, and cryptocurrencies fit perfectly into this concept.

How does SingularityNET work?

On SingularityNET's marketplace, users can access various AI applications using cryptocurrency. As of March 2024, the SingularityNET marketplace has over 80 decentralized AI-based applications on the SingularityNET marketplace, performing multiple functions ranging from translating text into different languages to generating lyrics for songs.

Users pay a one-time fee to access each app but can also test it in demo mode before purchasing. Users must first register an account to access the platform's functionality and use and purchase AI apps. Access to the application is paid for using native AGIX tokens.

SingularityNET ecosystem

The decentralized AI app marketplace is not the only product of the SingularityNET ecosystem. It also includes solutions such as:

• AI Domain Specific Language (DSL) is a self-organizing network of AI agents operating on the SingularityNET platform. With the help of artificial intelligence functions, AI agents can delegate work to each other and redirect payments. In this way, DSL is a collective artificial intelligence, which is much more potent than AI agents working separately;
• AGIX Token Tools — a tool that grants AGIX token holders various privileges and powers and provides them with multiple bonuses in the form of staking rewards and airdrops (free token distributions to new projects). In addition, AGIX Token Tools provides a cross-chain bridge that allows token transfers between the Ethereum and Cardano networks. It is worth noting that few bridges support both of these networks;
• OpenCog Hyperon is a project that aims to realize a complete, open, and scalable AI system based on OpenCog methods. OpenCog is an open-source platform that enables interoperability between different artificial intelligence strategies and techniques based on public knowledge metagraph technology (Atomspace), such as evolutionary learning systems, machine learning, neuro symbolic AI, and others.

AGIX token

AGIX is the native and master token of the SingularityNET ecosystem, available on the Ethereum (ERC-20) and Cardano blockchains.AGIX acts as both a utility token and a management token.

On the one hand, owners use the AGIX token to access AI-based products and services, and AI application developers monetize their creations in this way.

On the other hand, AGIX holders can use the tokens to stake, earning rewards for doing so and managing the SingularityNET platform. In addition to the basic rewards of staking, AGIX owners also receive free tokens of new ecosystem projects in the form of airdrop and the right to participate in SingularityNET development votes.

However, these are not all the benefits of using the AGIX token. Let's list the others:

1. Financial support for AI projects being launched in the SingularityNET ecosystem;
2. Possibility to use the token in the DeFi market, including outside the Ethereum ecosystem;
3. A system for monetizing AI-based solutions, incentivizing developers to release new products and improve existing ones;

The AGIX token was issued in 2018 and reached its all-time high (ATH) almost immediately after listing on exchanges. After that, its price began to decline rapidly amid the general decline of the crypto market, but it resumed growth at the beginning of 2023. The maximum number (issuance) of tokens is limited to 2 billion, of which approximately 1.27 billion (63.9%) are already circulating on the crypto market.

SingularityNET project prospects

Even though SingularityNET is the first project focused on the AI and cryptocurrency sector, in terms of popularity and capitalization, it has been surpassed by other, later launched projects such as:

• NEAR Protocol,
• Bittensor,
• Render,
• The Graph,
• Theta Network,
• Fetch.ai.

However, SingularityNET still ranks among the top 10 most significant AI-focused projects in the crypto industry in terms of capitalization, which exceeded $1.5 billion as of March 2024.

Given the ever-increasing interest in AI and the active growth of projects related to this sector, SingularityNET has quite extensive prospects. However, these depend on the platform's development. According to VanEck's forecasts, depending on the specific type of solution, such as IaaS or software, the share of AI solutions in the crypto market could reach between 4 and 10% by 2030.