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Key Takeaways
- SingularityNET (AGIX) is a blockchain-based platform that aims to democratize access to Artificial Intelligence (AI) services.
- It functions as a globally accessible AI marketplace where users can browse, test, and purchase various AI services using the platform’s native token, AGIX.
- Conversely, AI developers can publish and sell their AI tools and track their performance in the marketplace.
What Is SingularityNET (AGIX)?
SingularityNET (AGIX) aims to democratize the accessibility of Artificial Intelligence (AI) services through its blockchain-powered platform. Launched in 2017 by Dr. Ben Goertzel, the platform functions as a globally accessible marketplace where users can browse, test, and purchase a wide variety of AI services using AGIX.
The project also aims to facilitate the development of Artificial General Intelligence (AGI), a hypothetical type of AI capable of understanding and learning any intellectual task that a human can. This ambitious goal is tied to the concept of a “technological singularity,” a theoretical moment in time when advancements in AI lead to an intelligence explosion that surpasses human capabilities.
How Does SingularityNET (AGIX) work?
SingularityNET (AGIX) is a blockchain-based platform that aims to democratize access to Artificial Intelligence (AI) services. Here’s a summary of how it works:
Marketplace
SingularityNET functions as a decentralized marketplace where anyone can create, share, and monetize AI services. This allows AI developers to publish their AI tools and users to browse, test, and purchase them using the platform’s native token, AGIX.
Transactions And Governance
AGIX serves as the utility token that facilitates transactions within the marketplace. AGIX holders also participate in decentralized community governance, meaning they can vote on proposals that influence the platform’s development.
Additional Functionalities
SingularityNET operates as a decentralized, self-organizing cooperative. This means it allows AI agents to interact with each other and with paying users through smart contract templates. The platform also prioritizes user privacy by providing them with control over their data.
SingularityNET (AGIX) Token And Tokenomics
Tokenomics
AGIX plays a crucial role in the ecosystem, facilitating various functionalities and incentivizing participants. Here’s a breakdown of the key aspects of AGIX and its tokenomics:
- Access AI services – AGIX is used to access and pay for AI services on the SingularityNET marketplace.
- Stake and earn – Users can stake AGIX to earn rewards and participate in governance decisions.
- AI development – Developers can use AGIX to build and monetize their AI services on the platform.
Token Details
Total Supply 2,000,000,000 AGIX
Circulating Supply 1,276,753,615 AGIX
Current Price $1.30
Market Capitalization $1,660,023,621
This information is current as of March 12th, 2024. Please note that the token’s price, market value, and available supply may fluctuate.
Distribution
- Initial Coin Offering (ICO) – 50% of the total supply was sold during the ICO in 2017.
- Team and Advisors – 15% is allocated to the team and advisors with a vesting schedule.
- SingularityNET Foundation – 15% is allocated to the SingularityNET Foundation for ecosystem development and long-term sustainability.
- Staking Rewards – A portion of the remaining tokens are distributed as rewards for users who stake their AGIX tokens and contribute to the network.
- Ecosystem Airdrops – 5% of tokens from future spin-off projects within the SingularityNET ecosystem will be airdropped to AGIX holders.
- Future Use – The remaining tokens are reserved for future use cases as determined by the SingularityNET community.
Where Can I Buy SingularityNET (AGIX)?
- Binance: Another major exchange with a wide range of cryptocurrencies. Binance offers multiple ways to buy crypto, including using credit cards, debit cards, and peer-to-peer (P2P) trading.
- Bybit: This exchange is known for its derivatives and margin trading features, but you can also use the platform for spot trading.
- KuCoin: A smaller exchange is known for its competitive fees and support for a large number of cryptocurrencies.
Still struggling to find AGIX? Head over to CoinMarketCap, search for “SingularityNET (AGIX),” and explore the “Markets” tab. This will reveal a list of exchanges where the token is actively traded, allowing you to compare options and find the one that best suits your preferences.
Is SingularityNET (AGIX) A Good Investment?
Whether SingularityNET (AGIX) is a good investment for you will heavily depend on your investment goals and risk tolerance. Here’s a quick overview:
Pros:
- Democratize AI – SingularityNET aims to make AI services accessible to everyone, not just large corporations. This could lead to faster innovation and development in the field of AI.
- Transparency and Trust – Blockchain technology ensures transparency and trust in the transactions and interactions on the SingularityNET platform. This is important for building trust in AI, which is often seen as a black box.
- Strategic Partnerships – SingularityNET has formed partnerships with major players in the AI and blockchain space, such as Cardano (ADA). This could help to accelerate the adoption of the platform.
Cons:
- Technical Challenges – Developing a decentralized platform for complex AI services presents significant technical challenges.
- Highly Ambitious Goals – SingularityNET’s mission, including achieving the technological singularity (a hypothetical moment in time when artificial intelligence surpasses human intelligence), is highly dependent on significant advancements in AI technology and may not be achievable in the foreseeable future
- Competition – SingularityNET faces competition from other AI and blockchain projects with similar goals, such as Fetch.AI (FET).
Ultimately, investing in this asset class is inherently risky. Do your research, understand the risks, and never invest more than you can afford to lose.
Final Thoughts
Before considering any investment in AGIX, thoroughly research the project, understand the associated risks, and invest only what you can afford to lose. The future of SingularityNET and its token heavily depends on its ability to overcome technical hurdles, achieve its ambitious goals, and outmaneuver competitors in the rapidly evolving AI and blockchain space.
Remember, this guide provides a general overview, and it’s not financial advice. Always conduct your due diligence before making any investment decisions.
Via: 2Usethebitcoin.com
