What Does SingularityNET Mean?
SingularityNET is a decentralized artificial intelligence (AI) marketplace that leverages the power of blockchain technology to provide unrestricted access to algorithms and applications. The main goal of SingularityNET is to create artificial general intelligence (AGI) with far-reaching capabilities.
The SingularityNET platform was co-founded by Dr. Ben Goertzel and Dr. David Hanson in 2017. Hanson is also the founder and CEO of Hanson Robotics, which is best known for developing ‘Sophia’ – a humanoid robot that first introduced the world to the power of AI.
Since SingularityNET is hosted on the Ethereum and Cardano blockchains, developers can publish their creations to be used by anyone, whether that be other individuals or commercial enterprises. The native token of SingularityNET is AGIX, which is used to pay for transactions within the platform.
Techopedia Explains SingularityNET
SingularityNET was one of the first companies to merge the worlds of AI and cryptocurrency. By harnessing the power of the blockchain, SingularityNET seeks to democratize AI and provide a collaborative environment where developers can learn from each other and build better systems.
Over 70 useful AI services are already available on the SingularityNET marketplace, created by developers worldwide. These services include multilingual speech translators, real-time voice cloning, speech command recognition, neural image generation, and more.
SingularityNET’s user-friendly interface makes these services accessible to everyone, regardless of their knowledge of the space. Most services also have a demo functionality, meaning users can test its features before purchasing the complete system.
SingularityNET and Smart Contracts
One of SingularityNET’s key features is that it employs the help of smart contracts to provide a fair environment for all stakeholders. These smart contracts are mainly involved in the exchange process when a user (or users) wants to gain access to a developer’s creation.
Since smart contracts are self-executing, developers can set them up so that users can only access the AI system if they follow specific guidelines. For example, the system may only be able to be used for a certain amount of time or for particular tasks.
The use of smart contracts within the SingularityNET platform is one of the key reasons for its success. Developers can focus on the areas they excel in (e.g. building and iterating systems) without having to deal with the other requirements involved in the exchange process.
These smart contracts also tie into SingularityNET’s decentralized nature. Since there’s no intermediary between developers and users, no one entity can control or take away access. Moreover, the developer sets the price for access to their creation – this price is automatically enforced by smart contracts.
The AGIX Token
AGIX is SingularityNET’s native utility token and has various use cases within the platform. These include:
- Paying for marketplace-based transactions
- Voting on governance proposals
- Staking to boost liquidity
The primary use case for AGIX is allowing SingularityNET’s users to pay for AI services and products on the marketplace. Since AGIX is an ERC-20 token, developers can use their accrued funds on other Ethereum-based decentralized applications (dApps) – or even exchange these funds into FIAT for use in the real world.
Although initially reserved for one blockchain, AGIX now has multi-chain compatibility. This means token holders can use it for transactions on various blockchains, including Cardano, Polygon, and Binance Smart Chain.
Long-Term Goals for SingularityNET
By creating a frictionless platform for developers and users to come together, SingularityNET aims to create a mutually-beneficial environment that will speed up the growth of AI. SingularityNET’s ultimate goal is to create an AGI system that isn’t confined to one set task.
AGI systems function like a human. This means they can perform a wide array of tasks and even adapt to new tasks. Moreover, AGI systems have inherent learning capabilities, which means they can improve themselves without human input.
Many experts believe creating a comprehensive AGI system is still years (if not decades) away, given the technological and moral challenges involved. However, SingularityNET hopes to overcome these challenges through the holistic learning environment offered by its platform.