The Singularity Net (AGIX) is a blockchain platform built to cash in on artificial intelligence.
To elaborate, the Singularity Net serves as a decentralized marketplace for artificial intelligence products. They claim AIs can run on Singularity Net’s blockchain.
The goal of the Singularity Net is to decentralize AI and Artificial General Intelligence (AGI). To explain, an artificial general intelligence is an AI that can learn, understand, and perform any intellectual task in the same way humans do. In other words, AGI is an AI that thinks like a human.
Artificial Intelligence for Everybody
For example, an AI that can understand the meaning of a fictional work or a legal opinion. Such an AI could be lucrative because it could theoretically perform some of the same tasks as humans. For example, an AI in a self-driving car could decide which route to take.
However, experts think it will take decades to develop an AGI that thinks like a person, Scientific American speculates. To elaborate, today’s AIs can perform complex tasks but they understand the tasks.
Interestingly, one of Singularity Net’s goals is to develop AGI and decentralize it. Hence, to make AGI available to everybody. In particular, they want to create a foundation for the emergence of decentralized human-level intelligence. Moreover, they want to open source the creation of Artificial General Intelligence.
An Ever Growing Library of AI Algorithms
Singularity Net’s primary product, the AI Marketplace & AI Publisher, is an ever-growing library of AI algorithms.
The core of the AI Platform is an AI Marketplace. Developers can buy AI from the platform and build and sell AI through the platform. Users pay for the AI with the AGIX token.
Additionally, they hope to build an AI training feature. To explain, AI must be “trained” to perform many tasks through machine learning.
The AI Publisher allows AI developers to publish artificial intelligence algorithms on the AI Marketplace. Hence, the developers can profit by selling AI through the marketplace. Singularity Net offers a public infrastructure AI teams can use to develop and publish new products.
Singularity Net offers an AI-Domain Specific Language (DSL). The DSL defines the format of the input and output of services. It could also determine costs, speed, and reliability.
AGIX Token Tools
Singularity Net (AGIX) token holders can support the project by staking AGIX tokens. Users stake tokens through a portal for 30 days.
AGIX users can earn rewards and participate in platform operations and governance. They hope staked tokens will allow businesses and individuals to buy Singularity Net AI with fiat currency such as US Dollars.
The Singularity Net Bridge allows users to transfer AGIX tokens to other blockchains. However, it currently only supports Ethereum and Cardano blockchains.
They have another token they call the NTX, which can operate on both the Ethereum (ETH) and Cardano (ADA) blockchains. Hence, the Singularity Bridge allows users to buy AI with Ethereum request for comment (ERC-20) tokens and Cardano.
In Phase Two, users could swap AGIX tokens one-to-one across the Ethereum and Cardano Chain the Singularity Net Bridge, will allow the swaps and seamless conversion of tokens.
The OpenCog Hyperion is a scalable open-sourced general intelligence system built with OpenCog principles. To elaborate, OpenCog is an open software effort that is trying to build artificial general intelligence.
They hope OpenCog Hyperion can support different AI strategies and methods. In particular, they want to use Evolutionary Learning, Machine Learning, and Attention Allocation. The hope is to use many AI strategies to make money through the marketplace.
What Value Does the SingularityNet (AGIX) have?
Mr. Market puts a little faith in the Singularity Net. For example, AGIX was CoinMarketCap’s 18th most trending cryptocurrency on 11 December 2022.
Conversely, CoinMarketCap ranked AGIX the 301st cryptocurrency and gave it a 5.421₵ Coin Price on 141 December 2022. CoinMarketCap gave Singularity Net a $61.737 million Market Capitalization, a Fully Diluted Market Cap of $108.377 million, and a 24-Hour Market Volume of $5.902 million on 14 December 2022.
They gave Singularity Net a $5.818 million Centralized Exchange (CEL) Volume and a $97,961 Decentralized Exchange (DEX) Volume on 14 December 2022. CoinMarketCap bases those numbers on a 1.139 billion AGIX Circulating Supply, a Maximum Supply of two billion AGIX, and a Total Supply of 1.227 billion AGIX.
In contrast, CoinGecko gave Singularity Net (AGIX) a 5.538₵ Coin Price, a $61.322 million Market Capitalization, an $5.712 million 24-Hour Market Volume, and a Fully Diluted Valuation of $107.698 million on 14 December 2022. They base those numbers on a Circulating Supply of 1.139 billion AGIX, a 1.227 billion AGIX Total Supply, and a two billion AGIX Maximum Supply. Singularity Net was CoinGecko’s 332nd ranked Cryptocurrency on 14 December 2022.
What Value could Singularity Net (AGIX) Accrue?
Singularity Net (AGIX) is a highly speculative cryptocurrency because artificial general intelligence is a purely speculative idea. Nobody knows if we can build AGI or when it could appear.
However, there is money in artificial intelligence. For example, Fortune Business Insights estimates the global artificial intelligence market was worth $387.45 billion in 2022. Fortune Business Intelligence projects the global AI market could grow to $1.394 trillion in 2029.
Conversely, Grandview Research estimates the global artificial intelligence market was worth $93.5 billion in 2021. The global AI market could grow by 45% between 2022 and 2030, Grandview Research claims. Hence, I calculate Grandview Research’s data shows the global AI market could grow to $561.80 billion in 2030.
Artificial intelligence is a growing business, but nobody knows how much money AI can make. Thus Singularity Net is a speculative cryptocurrency I think most investors and speculators should avoid.