What is SingularityNET?
SingularityNET is a blockchain-based project that has the goal of being the world’s decentralized artificial intelligence (AI) network. They plan on doing this by gathering knowledge provided by a large array of AI experts into a single decentralized marketplace for AI services which is accessible and open to anybody. By gathering together a network of specialists, participants can pay for access to AI programs and data-driven services, with the specialists being rewarded for their input, who can in turn review each other in an attempt to help the overall value of the network grow. It allows open source AI developers to monetize their algorithms while simultaneously allowing the whole world will to be able to use them.
History of SingularityNET
The idea for SingularityNET was formed in 2017, started by project leader and CEO Dr. Ben Goertzel. Its team includes a number of engineers, scientists, researchers, entrepreneurs, and marketers. The head office for the project is located in Hong Kong, with satellite offices in Russia, Belo Horizonte, Brazil, India and Ethiopia. The SingularityNET ICO ran for one day only, in December 2017, during which $36 million in cryptocurrency was raised. The AGI token opened for trading in February 2018 and retains consistent popularity in the markets, traded on the major exchanges Binance and KuCoin. The Beta Platform of SingularityNET is scheduled for release in early 2019.
How SingularityNET Works
The SingularityNET protocol is both open source and decentralized and uses the Ethereum platform to run the operations of its AGI token, which connects to the Ethereum Network via its DApp. It is constructed using the Python programming language and developed specifically to allow for scalability, load balancing, and distribution across multiple regions around the globe. SingularityNET uses a multi-party escrow contract and payment channels to facilitate payment for its services, allowing anybody around the world access to it through payment in the form of its system native token, AGI. The project’s Developer Portal allows anyone to interact with the SingularityNET platform from a builder or consumer’s viewpoint, allowing them to learn the fundamental procedures of the network, as well as to connect with other developers and learn to build services.
As far as Ethereum-based platforms are concerned, SingularityNET is focused on the accomplishment of a highly original goal: helping to usher in an era of artificial superintelligence that has the ability to activate runaway technological development. Some of its essential features include:
Cooperative AI development in an open source, decentralized manner. Scientists, developers and businesses have the chance to work together to achieve common goals of developing next-level artifical intelligence technology.
Open to the public. By paying fees using SingularityNET’s system native token, any business or individual around the world can have access to the highest level data driven AI technology and software by using its decentralized marketplace. Anybody also has the chance to participate as a stakeholder by purchasing AGI tokens.
Beneficial to humanity. Two of the main goals of SingularityNET are to ensure that the technology it produces is “benevolent according to human standards,” meaning that it will not be used to do harm, and that its network is designed to continue incentivizizing and rewarding those who contribute positively to its platform.