Everything You Need to Know About SingularityNET
In recent years, artificial intelligence (AI) has emerged as a revolutionary technology that promises to transform various aspects of human life, including healthcare, education, finance, and transportation, to name a few. But developers often face problems sharing their products with the general public.
They often need to rely on third-party applications to interact with consumers. AI’s growth can be accelerated by integrating it with crypto. Many blockchain projects are designed to meet the rising demands in this industry. SingularityNET is one of the leading projects in this category designed to offer a unique combination of AI and blockchain technology.
What is SingularityNET?
SingularityNET is a decentralized platform that aims to create a global marketplace for Artificial Intelligence (AI) services. The platform is designed to enable AI developers and users to discover, share, and monetize AI algorithms and services in a collaborative and decentralized manner.
The SingularityNET platform utilizes blockchain technology to create a transparent and trustless environment where AI services can be traded without intermediaries. This enables the creation of a decentralized AI ecosystem that is open and accessible to everyone.
The ultimate goal of SingularityNET is to create a global network of AI agents that can work together to solve complex problems and accelerate the development of artificial intelligence technologies.
Understanding the Features of SingularityNET
AI Marketplace
The developers can list their AI products and services on SingularityNET’s AI marketplace. The users can directly interact with these services without having to deal with a third-party service provider. The marketplace provides an easy-to-use interface to interact with AI. The users can connect their standard wallet (PayPal) or MetaMask wallet to purchase services within the marketplace.
The platform has designed the Multi-party Escrow system to avoid fraudulent activities within the AI marketplace. The platform enables users to request a demo of the service before purchasing it.
AI Publisher
As it’s discussed earlier, SingularityNET is dedicated to accelerating the growth of AI technologies. AI Publisher is designed to simplify the publishing process for developers who want to publish their AI Algorithms on SingularityNET. It offers a range of advanced AI apps to allow developers to create, test, and deploy their AI services with just a few clicks.
The users can either develop new AI services using different features of this tool or they can upload their pre-trained AI models there. The developers can also take advantage of the beta testing tools to thoroughly test their AI services before publishing them. Furthermore, the AI usage analytics tool enables developers to track the performance of their AI services.
They can track real-time data including revenue, usage statistics, customer feedback, and more. It ultimately helps with making informed decisions about the services they’re offering.
AGIX Staking
The AGIX token holders can help with securing the AI Marketplace by staking their AGIX tokens for a certain period of time. They can receive rewards for their contribution. After 30 days, the users can either withdraw their tokens with the rewards or they can roll over their tokens to continue with the staking process.
How Does SingularityNET work?
SingularityNET is committed to establishing the fast and simple integration of AI services. It offers a set of tools to provide a scalable and functional platform for developers.
Daemon
Daemon is primarily designed to facilitate payments and request translation. This tool validates the availability of funds and the user’s signature with the help of a Multi-Party Escrow smart contract. Daemon translates the data into an AI-readable format after completing the payment process.
Registry
The developers need to register their products and services with the ERC-165-compliant decentralized database recognized as Registry. They need to provide pricing information along with the rest of the information to register their products. It makes it easier for consumers to search for their desired products within the AI marketplace.
Multi-Party Escrow System
As it’s discussed earlier, the Multi-Party Escrow system provides peace of mind to the developers so they may continue focusing on AI-related tasks. It uses atomic unidirectional channels to quickly complete the transactions with reasonable fees. The system is designed to hold payments from both the consumers and the developers.
What are the Use Cases of AGIX?
AGIX is the native token of SingularityNET. Initially, the platform used the AGI token for several transactions. Later on, they introduced the AGIX token to make it compatible with Cardano.
- Transactions – The most important use of the AGIX token is that the users can purchase AI services from the AI marketplace. The users are also required to submit a small amount of AGIX tokens as transaction fees.
- Rewards – As it’s discussed earlier, AGIX token holders can lock their tokens within the platform to secure the AI Marketplace. They can then receive rewards in the form of AGIX tokens after 30 days.
- Governance – The AGIX token holders can vote for several operations within the SingularityNET ecosystem.
With a circulating supply of 1.2 billion tokens, AGIX has a market cap of $383 million. It has a total supply of 2 billion tokens that will be released through a rewarding process. It ranks among the 100 best cryptocurrencies in terms of market cap.
Conclusion
SingularityNET is a leading blockchain platform that provides a secure environment for AI-related products and services. The developers can list their products/services on this platform to save the amount they usually pay for launching their services.
SingularityNET is currently limited to Ethereum but the developers are working on moving it to Cardano to provide a fast transaction facility to the users.
If you need more information about how SingularityNET works, feel free to get in touch with us.