AI and cryptocurrency, both innovative technological concepts, are poised to find synergistic use cases. At the forefront of these two technologies’ mix is SingularityNET, a major AI project in the crypto space with a mission to create an accessible marketplace for AI services and applications. In this article, we'll delve into the details of this unique platform, the leader of its specialised AI niche.
What is SingularityNET?
SingularityNET is crypto platform that operates as a decentralised marketplace of AI services and products. AI developers can make their products, such as image recognition, automatic translation, grammar correction, image generation, and audio scene recognition systems, available via the SingularityNET marketplace for purchase.
Customers can then buy these AI products and services and access them via the cloud. This allows users of the platform to purchase useful AI utilities and products in an affordable and flexible way.
SingularityNET operates on two blockchain platforms – Ethereum (ETH) and Cardano (ADA). The platform’s native cryptocurrency, the AGIX token, is used to facilitate the trade in AI products. Buyers use AGIX to pay for cloud access to the marketplace products.
The AI Marketplace is the backbone of the SingularityNET ecosystem. At the moment, the marketplace operates in a beta version. A total of 8 AI development companies collectively offer more than 80 products on the marketplace.
As the concept of cloud-based trade in AI services grows, it’s likely that we’ll see the project’s marketplace grow substantially larger.
AGIX, the platform’s native crypto, is primarily used for the payment of fees in the marketplace. However, the token also has additional uses – staking and governance. AGIX holders can stake/lock their funds on the platform to earn crypto rewards. They can also participate in the governance decisions and votes concerning changes and the future direction of the protocol.
AGIX is no minion in the AI category of the crypto industry. With a market cap of slightly over $200 million, the token is the 3rd largest AI-related cryptocurrency, behind Render Network’s RNDR and Fetch.ai’s FET, as listed by the popular crypto portal Coingecko.com.
The top 5 AI cryptocurrencies by market cap as of 13 October 2023
Image source: Coingecko.com
However, with all due respect to Coingecko.com, we would argue that Render Network, whose native coin, RNDR, tops the category rankings, isn’t an AI-focused project in the true sense of it, and its presence in this category is somewhat debatable. As such, AGIX may be considered the 2nd largest AI crypto, behind FET. In the sub-niche of AI-based marketplaces, AGIX is by far the largest crypto coin. In fact, very few crypto projects around share SingularityNET’s unique concept – provision of ready-to-use, standalone AI services via the cloud.
Why SingularityNET is Big Deal in Crypto AI?
The AGIX token’s position among the top AI cryptocurrencies isn’t why SingularityNET is a big deal in the industry. It is the project’s unique concept and future-oriented focus that make this platform stand out.
Here are a few key reasons why SingularityNET is among the most topical projects at the junction of AI and crypto:
1. Democratising Access to AI
SingularityNET's foremost impact lies in its ability to democratise access to AI. It serves as a catalyst for making AI accessible to a broader audience, leveling the playing field for both individuals and organisations. Access to AI services needn’t be expensive or reserved only for cashed-up big corporates, something that becomes clear from the platform’s key functional concept. While currently the SingularityNET marketplace is a relatively small hangout joint for less than 10 AI development outfits, the potential growth of the platform can easily turn it into the “eBay of AI services”.
2. Incentives for AI Development
The platform's integration of blockchain and its native token, AGIX, introduce financial incentives for AI developers, including individual developers and small studios. This plays a pivotal role in encouraging innovation and the provision of high-quality AI services. Developers are rewarded with AGIX tokens, which can be traded and used as incentives for further development.
3. Bridging the Gap to AGI
SingularityNET’s team has Artificial General Intelligence (AGI) as one of its key aspirations. AGI refers to intelligent systems that are capable of executing a broad range of tasks from different domains. These systems are often contrasted with AI systems that only specialise in one specific domain. Similar to how humans can write an essay as well as play chess, drive a car, and play tennis, AGI systems should be capable of handling a large variety of tasks. In contrast, AI systems are only trained in one specific domain, e.g., text generation, image recognition, or audio production.
AGI is currently more of a bold vision than a reality. Some in the AI world believe it to be the next iteration of AI systems. With SingularityNET’s team focused on AGI promotion, the platform’s marketplace might just be one of the first places where we’ll see the early prototypes of AGI products.
SingularityNET and its crypto, AGIX, are major contributions to the amalgamation of the AI and cryptocurrency technologies. Offering standalone, ready-made AI services in an accessible way via the cloud, the platform has cemented its place in this interesting and young niche. In the world of crypto, SingularityNET’s functional concept is rare, if not unique. The concept and growth potential are already there. What SingularityNET now needs is more services and products filling up the shelves of its AI marketplace.