What is SingularityNET (AGI)?
Future of AGI Cryptocurrency and know how to buy AGI

#1 – What is SingularityNET?

SingularityNET: The Basics

  1. SingularityNET, hailed by many as the “future of AI”, is a platform which aims to bridge the rather wide gap between AI services and the businesses who wish to use them.
  1. Starting off as a decentralized open market for Artificial Intelligence or an AI-as-a-Service marketplace, SingularityNET aims to evolve into a completely self-organized and autonomous AI network powered by blockchain technology.
  1. The team plans to make the system so independent that the AI Agents in it would outsource work to each other and develop together to further improve the system.
  1. SingularityNET also helps small and large businesses alike connect with AI developers and solutions which best suit their individual needs, giving everyone a personalized AI solution to use.

SingularityNET Development

  1. The SingularityNET website lists a team of over 50 members, including their Executive Team, Tech Team, Leadership Team, Marketing Team and others. Additionally, the platform also has 8 notable advisors.
  1. CEO and Chief Scientist Dr. Ben Goertzel is a veteran in management as well as software development with nearly 30 years working with various ventures. He started his career teaching Computer Science, and later became part of the Managing Board of various companies like Biomind LLC, Humanity+, Genescient Corp and many others.
  1. Chief AI Officer Cassio Pennachin has almost 2 decades of experience in Software Development and AI. He was the VP of AI Development at Webmind Inc., founder and CEO of Vetta Technologies and Vetta labs, etc. prior to joining SingularityNET as the CAIO.
  1. Other members include VP Solutions Hilen Amin, head of Business Development Simone Giacomelli, Developers, the Marketing Team, members of the Mozi Health Team, those of the iCog Lab Team and also the Hanson Robotics Team.
  1. Notable advisors include Angelvest co-founder and Hanson Robotics Director & CFO David Chen, Accelerate Venture Partners General Partner Edward Vali, BigChainDB CTO Dr. Trent McConaghy and others.

 

#2 – What are the advantages of SingularityNET?

SingularityNET Features

  1. Interoperability: The network is capable of interfacing with different blockchains.
  1. Scalability: Since both private and public contracts are hosted on SingularityNET, scalable, resilient applications can be built on top of it.
  1. Data Sovereignty and privacy: The privacy of the data is in the control of the user, and smart contracts are used to validate the access, making it secure.
  1. Modularity: The network capabilities are flexible, enabling users to create custom topologies and much more.

SingularityNET Technology

  1. SingularityNET, at its core, consists of a set of smart contract templates which AI agents within the network as well as external non-AI agents can use to request AI work, supply the results of the work and to exchange data.
  1. The smart contracts include an API which exchanges information among AIs, including advertisements and negotiation deals, mechanisms to exchange AGI for AI services on the platform, and democratic governance on issues.
  1. AI Agents are nodes on the SingularityNET platform which execute the smart contracts and request and/or fulfil AI tasks while simultaneously interacting with other nodes.
  1. AI Agents rate each other after each exchange to maintain validity on the network, on a 0 to 1 scale. Completing a task or sending a payment would usually warrant a rate of 1.
  1. Other factors that affect an Agent’s rating include AGI token staking (wherein an agent would lose portions of their stake if their rating falls below a point), benefit ratiing (specific to tasks an Agent performs to benefit the ecosystem as a whole) and external validation (wherein Agents receive rating bonuses if they prove ownership by a reputable company through KYC).
  1. The platform runs on its native token AGI, which is used for the purchase of any AI-related service on the platform.
  1. The smart contracts are augmented with OpenCog’s Atomese, which allows declarative representation of smart contracts, which are easier to verify and audit and less prone to obscure errors and security vulnerabilities.
  1. In the long run, SingularityNET plans to use a consensus mechanism called “Proof-of-Reputation”, which would use machine learning to get an optimum combination of parameters like stake, contribution to the network, specific rating aspects like benefit rating and other such factors.

Use Cases

SingularityNET plans to focus on three specific market areas during the first two years of its development:

  1. Cloud Robotics: Using robot intelligence as a service.
  1. Biomedical Research: This would include genomics and clinical medicine analysis.
  1. Cybersecurity: The focus would be on cybersecurity of blockchain-based businesses.

 

#3 – How to buy and store SingularityNET tokens (AGI)?

How to buy AGI

SingularityNET tokens (AGI) are available for exchange on nearly 10 platforms, including Binance, Tidex, Liqui, Ide and many others. Most exchanges accept Bitcoin, Ether or both, but some also accept Tether, DAI, WETH, etc.

As of July 2018, there is only one exchange which accepts the payment of any fiat currency to buy the SingularityNET tokens (AGI) , which is Ethfinex, accepting US dollars in exchange for AGI tokens.

  1. These are just platforms where you can buy or sell AGI tokens, but help is often needed to decide which one to buy from. This help is what CoinSwitch, one of the best cryptocurrency exchanges provides, by displaying the prices at the exchanges it’s sold in, all at one place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with your AGI token, and CoinSwitch will help you decide the best one for you!
  2. What’s more - with CoinSwitch, you need not rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

AGI Storage

  1. SingularityNET is on the Ethereum blockchain, so the AGI token can be stored in any of the numerous wallets compatible with Ethereum.
  2. Hardware wallets are the most secure, and Ledger Nano S as well as Trezor work for ERC20 tokens.
  3. Exodus and Mist are desktop wallets which store Ether and tokens on the Ethereum blockchain. They are both compatible with Windows, Linux and Mac operating systems.
  4. Jaxx, another Ethereum wallet, functions as a desktop wallet for Windows, Linux and Mac PCs, a mobile wallet for Android and iOS phones, as well as a web wallet through Chrome and Firefox extensions, making it one of the most versatile wallets around.
  5. MyEtherWallet is its most popular Web wallet, and ETHAdress is one of the paper wallets storing ERC20 tokens.

 

#4 – What is the future of SingularityNET?

Also Read: Complete Analysis of SingularityNET | Live SingularityNET (AGI) Price Charts And Predictions

Market Cap and Global Acceptance

  1. The SingularityNET ICO was held in December 2017, selling 500 million AGI tokens and raising 32.8 million USD through the token sale. The funds generated were distributed as follows:
    1. 32% was used for business development
    2. 26% went into the development of the SingularityNET platform and its blockchain
    3. 20% went into the development of the AI of the platform, and
    4. The remaining 22% was used for the IoT development on SingularityNET.
  2. The total supply of the AGI tokens is 1 billion, which have been distributed as follows:
    1. 50% of the tokens were distributed to the public. This includes the pre-sale event and the main token sale
    2. 20% went into the reward pool
    3. 18% of the tokens were reserved for the SingularityNET Core Team members
    4. 8% AGI tokens were kept aside for future development, and
    5. The remaining 4% went into the bounty rewards.
  3. The circulating supply of SingularityNET is about 539.67 million AGI tokens. SingularityNET has a market cap of about $ 43.21 million USD, with an individual price of about $0.08 USD per token.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 30, 2018

0.087035

0.087237

0.081691

0.084009

22,37,090

4,69,70,680

Jul 01, 2018

0.109263

0.115676

0.109263

0.115009

18,35,740

5,89,66,320

Jun 01, 2018

0.15251

0.160758

0.151349

0.157487

3,63,174

8,23,05,576

May 01, 2018

0.22439

0.225466

0.202636

0.211937

3,96,013

12,10,97,112

Apr 01, 2018

0.126594

0.130854

0.106828

0.11462

4,01,546

6,60,45,596

Mar 01, 2018

0.33185

0.368763

0.330557

0.357597

5,76,275

15,28,34,384

Feb 01, 2018

0.67976

0.737812

0.503635

0.587177

30,38,610

30,10,21,920

Jan 19, 2018

0.539288

1.7

0.534627

1.52

1,74,65,100

-

Trends so far

  1. It is difficult to predict the trends of a cryptocurrency like SingularityNET, which is barely 6 months old. It was launched with a value of $1.52 in January 2018, which showed a decreasing trend. Its minimum value is about $0.079, which was reached in July 2018.
  2. The high circulating supply of the AGI tokens puts it at a relatively high rank among cryptocurrencies worldwide in terms of market cap despite their low individual price. SingularityNET is currently ranked 164th in global market cap rankings, as of July 2018.
  3. The high ranking of the AGI token in the crypto space can be taken as indicative of the great potential and scope of the SingularityNET project. AI is the future of technology and SingularityNET’s goal of bridging the gap between AI developers and users is a great one, indicating a bright future for the token.

 

#5 – What makes SingularityNET different from other cryptocurrencies?

  1. SingularityNET is the first cryptocurrency, and actually the first platform which takes up AI solutions and bringing the cutting-edge technology to the masses. Its adoption of emerging technologies and attempt to integrate them with the current market scenario is impressive.
  2. SingularityNET’s ultimate goal of making an independent AI network in which the AIs on its platform feed from each other and evolve together by mutual learning seems far-fetched and fantastical, but is about to become reality with the amalgamation of machine-learning and blockchain technology. This is another thing that sets it apart from other cryptocurrencies.

 

#6 – Should you invest in AGI?

  1. SingularityNET has an encouraging rank in global market cap rankings and also a great idea which is still developing.
  2. Its goals are big but achievable and a large and capable team is backing the project wholeheartedly. The uniqueness of the project in itself makes it a good investment, although it may not give high returns in the short term.
  3. The demand for AI is growing, along with the development in the technology, and a rise in demand for the tech will certainly mean an appreciation in the value of the AGI tokens.
  4. Of course, the fact that the tokens are quite cheap as of July 2018 makes it a great investment opportunity, because the risk of losing a lot of money is almost non-existent in this case.
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