What is SingularityNET, the Decentralized Marketplace for AI Services?

Introduction to SingularityNET

2023 has been quite a year for Artificial Intelligence (AI) so far. Since the release of Open AI’s ChatGPT, there’s been a Cambrian explosion in the AI space. AI-related blockchains and cryptocurrencies have also come to prominence, with many understandably gaining attention and exploding in price over the past number of weeks. However, while most of these price increases have obviously been driven by speculators jumping on the AI bandwagon hoping to make a quick buck, we wanted to take a look at what some of these blockchains are actually doing and who are the teams and developers behind them.

One of the projects that caught our attention was SingularityNET – principally due to the founding team behind the project.

Who are the Founders of SingularityNET?

SingularityNET was founded in 2017 by two well-known figures in the AI space – Dr. Ben Goertzel and Dr. David Hanson. Hanson is the founder of Hanson Robotics, the company responsible for Sophia the (slightly creepy) humanoid robot who became famous following her media tour circa 2017. Goertzel is a prominent futurist who has authored over 25 scientific books and more than 150 technical papers on topics such as artificial general intelligence, natural language processing, and machine learning. He also worked on developing Sophia’s little robot sister, Grace. So since we’ve established that SingularityNET is headed by two of the foremost experts in AI and robotics, let’s take a look at the network itself and how it works.

What is SingularityNET?

SingularityNET is a decentralized platform that provides access to AI services via blockchain technology. This platform allows developers to publish their AI services on the network and make them available to sell to anyone with an internet connection. These services can be used for a wide range of applications, including image and video analysis, speech recognition, text analysis, bio-AI, network analysis, and more.

SingularityNET was originally developed on Ethereum, however, it has migrated to the Cardano network.

Developers also have the opportunity to monetize their services on SingularityNET’s AI marketplace with the platform’s native cryptocurrency.

AGIX: The Native SingularityNET Crypto Token

This brings us to AGIX, the native crypto token of SingularityNET (and the way in which developers can monetize their AI services). As well as earning AGIX by charging for their AI services, users can also stake the token and earn even more AGIX.

What is the SingularityNET Ecosystem?

SingularityNET appears to have a growing ecosystem, with applications spanning a wide range of use cases and industries. Some of the applications in the SingularityNET ecosystem include:

• SingularityDAO is a Decentralized Autonomous Organization (DAO) that aims to bring decentralized finance (DeFi) to the masses.
• Rejuve.AI is a decentralized longevity network that aims to use the power of AI to extend healthy human life.
• Jam Galaxy is an AI-driven tokenomics music platform that aims to transform the global music industry by creating a decentralized ecosystem for musicians, producers, fans, and other music communities.

There are lots of other interesting projects being built as part of the SingularityNET ecosystem. Keep up to date on the latest by visiting their website.

Who is SingularityNET partnering with?

SingularityAI lists a number of high-profile partners on their website, including Cardano, Ocean Protocol, Hanson Robotics, Cisco, LDA Capital, Binance Connect, and TradeFlow Capital Management. These partnerships demonstrate the wide range of applications that SingularityNET can be used for and the significant interest it has generated within the tech community.

SingularityNET: Final Thoughts

SingularityNET is an exciting platform that brings together AI developers and those looking for AI services using the power of blockchain technology. The AGIX token plays an important role in allowing developers to get paid for their work and earn additional tokens (while supporting the network) through staking. As more organizations and individuals discover the need for AI and embed the technology into their businesses and workflows, it will be interesting to see how SingularityNET grows to meet demand.

See Also

What is Algorand?

Confidence in the project is bolstered by the fact that it is led by some of the most prominent names in AI and robotics, Dr. Ben Goertzel and Dr. David Hanson.