SingularityNET is a decentralized AI (Artificial Intelligence) marketplace running on the blockchain.
Before we dive in, it’s important to note our thoughts on AI and blockchain in general…
With its boom in 2022, ChatGPT showed the world what Artificial Intelligence is capable of. Whilst AI itself is incredibly exciting, this doesn’t (yet) translate to crypto.
Pro tip: when deciding value in crypto, ask yourself: “Why does this need to be in crypto? What does it do better on-chain than off?”
The answer for all existing AI projects is: either it can be done better off-chain, or it’s overly ambitious and currently impossible…
To put it bluntly, blockchain and AI don’t mix.
With that said, let’s take a brief look at SingularityNET…
What is SingularityNET?
SingularityNET is an AI marketplace designed to allow anyone to “build, share, and monetize” Artificial Intelligence services.
It was once an Ethereum-based AI network under the ticker AGI, before undergoing a hard-fork and migrating to the Cardano blockchain under the current ticker, AGIX.
It is designed to connect and repurpose existing AI tools to suit the purchasers’ needs. These tools can be shared, bought and sold on SingularityNET’s decentralized marketplace.
According to the team: “Off-the-shelf AI generally isn’t fit for purpose, and only tech giants can hire teams of engineers to customize the software. SingularityNET is building an automated process that allows any business to connect existing AI tools to build the solution it needs.”
What is AGIX?
AGIX is SingularityNET’s utility token. It is used for:
- Accessing AI services on the SingularityNET network.
- Decentralized community governance (AGIX holders can participate in decision-making).
- Staking to provide liquidity and receive rewards.
