SingularityNET aims to establish a decentralized infrastructure for a global AI service market, which is one of the most rapidly advancing sectors in the last decade.
With more and more business integration and with the hundreds of millions of dollars poured into research and development each year, AI is here to stay.
ICO
Interest was high in the SingularityNET’s ICO, which ended up selling $36,000,000 worth of tokens in less than a day.
How SingularityNet works
The general idea behind the project is to allow users to purchase AI services form a number of AI agents on the platform, making it possible for anyone to access AI tech or participate in its development, allowing AI agents to buy and sell goods and services.
SingularityNET makes AIs cooperate and coordinate at a scale, removing the lack of interoperability, which is one of the biggest AI problems of our day.
The Platform
The platform is built on the ethereum blockchain, but with future scalability uncertainty, the team plans to create their own protocol. As per the whitepaper, the platform has the following attributes:
SingularityNET Agents can be run on pretty much any electric device with an operating system.
Token
The AGI token is used for different AI nodes and processors to exchange value. The token’s existence is necessary because it eliminates any barriers that are created by fiat currencies. It ensures fair process to anyone who wants to participate in the network. It also creates a scalable transaction infrastructure, as networks like those of Bitcoin and Ethereum will be unable to support the transaction volume and make it impossible for SingularityNET to sustain the high fees associated with those networks.
The company stands behind the idea that AI shouldn’t be only available to a small number of corporations, but made publicly available to everyone. This, at first glance, sounds like a genuinely good idea, until you remember that AI can be as extremely dangerous as it is helpful.
There are certainly some strong arguments from both sides, but it remains one of the biggest fundamental problems of SingularityNET. Also, the problem of the so called ‘copycat nodes’ exists, which essentially means that many of the AI nodes that operate as black boxes could cause a problem where they copy AI libraries with an open source and re-sell those services through means of cheaper computing power.
All in all, SingularityNET is a strong project, the team has some very reputable names and companies behind it. Development has been very transparent and persistent, with every roadmap goal being tracked on company’s website. The CEO is very experienced in AI and has worked on creating the infamous Sophia android, so whether they’re capable or not is out of the question. We have yet to see how the project expands in the rapidly growing sector of AI.
