SingularityNET (AGIX) is a project that seeks to meld AI (Artificial Intelligence) with blockchain technology. The network bridges the gap between the two technologies in a way that incentivizes participants and expands users’ access to valuable AI data. Users can leverage the system to build, share, and monetize artificial intelligence applications and data.
AI and blockchain technologies have seen considerable adoption over the last few months. SingularityNET seeks to become the core infrastructure provider for the sector. The network’s unique strategy enables it to create value from AI applications.
Notably, the term “singularity” refers to a moment when AI reaches the point it can improve itself without any human intervention. It’s at this point that humans will be, in theory, unable to keep up with technology’s development. SingularityNET doesn’t want to make humans obsolete. However, it does want to leverage AI to improve the lives of billions of people around the planet with the eventual goal of integrating a self-organizing blockchain-based ecosystem.
What Problems Does SingularityNET Attempt to Fix?
SingularityNET seeks to reduce a lot of problems that both AI and blockchain users face. For one, the entire AI industry is very centralized at this moment. The sheer cost of creating AI, until recently, meant that the tech was left to massive firms that had the funding to explore.
SingularityNET envisions a decentralized AI environment. It wants to ease the tight grip that firms like Google and Microsoft have on the technology and open it up to the innovative minds of the community. To accomplish this goal, SingularityNET has created a host of new systems including a helpful interface that streamlines AI data creation processes.
SingularityNET Helps Realign Focus
One of the main issues faced by the AI market is a divergence in needs. On one hand, you have a massive academic sector seeking out how to leverage AI for stuff like virus research and bio exploration. On the other hand, you have businesses seeking AI to improve their systems.
The problem is that the business sector has very little incentive to contribute to any of the academic sector’s current projects. SingularityNET melds the two markets. As such, it could be the missing link required to help get funds to the most impressive academic AI projects off the ground.
Benefits of SingularityNET
SingularityNET provides many benefits to both AI and blockchain networks. For example, the protocol provides an efficient and reliable way for businesses and researchers to tap into the endless earning potential AI solutions offer. Both AI data providers and users enjoy a seamless user experience thanks to the network’s secure API.
Incentivize
Perhaps the greatest benefit provided by SingularityNET is that it incentives developers. Anyone can create and monetize their AI protocols safely using the platform. This incentivization will lead to more participation and innovation moving forward.
Staking
Anyone can earn passive income and help to secure the platform using the staking features. Staking is a popular option in the blockchain sector because it’s low risk and provides consistent returns. Notably, the SingularityNET staking cycle starts every 30 days with a 7-day window.
Creates New Markets
SingularityNET creates an entirely new network for AI data. This new market will help to drive awareness and profitability in the industry. It will also give developers direct and instant access to funding. Interestingly, you can even secure returns by contributing to AI projects.
How Does SingularityNET Work?
SingularityNET operates as an AI infrastructure provider and AI applications and services. The network allows anyone to convert standard AI services into blockchain assets that can be traded or sold on the market.
SingularityNET Market
The SingularityNET market is a core component of the network’s functionality. The system empowers individuals, businesses, and organizations to sell and buy AI services or products. The market has already helped many projects including those in the fields of cloud robotics, biomedical research, and cybersecurity.
Multilayered AI
SingularityNET’s approach is so powerful because it enables developers to integrate multiple different AI algorithms. For example, you could ask an AI to review a document. The first AI could respond, then, the second could research the document. The third could write it, and the last could speak it to you from a human-looking interface.
Agents
One of the most important participants in the ecosystem is network agents. Agents are responsible for securing the network, validating transactions, and executing smart contracts. Interestingly, the SingularityNET agents system relies on a binary review process that ranks each agent following a transaction.
SingularityNet Bridge
The SingularityNET bridge enables you to transfer tokens across supported decentralized networks. Bridges are a vital component of the crypto community. They improve liquidity and performance.
Token – AGIX
AGIX is the main utility token of SingularityNET. Users may pay transaction fees using AGIX. It’s required to build, share, and monetize data. Additionally, it can be traded for services and other digital assets.
SingularityNET Consensus
SingularityNET introduces a DPoS hybrid system that leverages ranking. DPoS systems are more efficient than PoW networks and faster than PoS platforms. Interstingly, third-party firms can become validators but must complete full KYC requirements.
Governance
SingularityNET introduced a new type of community governance called the Decentralized Self-Organizing Cooperative (DSOC). Like a DAO (Decentralized Autonomous Organization), users can put forth proposals for potential upgrades. The community then votes on what changes to implement.
Bottom Line
SingularityNET appears to be ahead of the curve. The network’s approach to AI will improve funding and security for the market. Additionally, the project’s goal to meld business and academic AI is the right approach to promote innovation. You can expect to hear more about SingularityNET in the coming weeks.
