SingularityNET is a decentralized marketplace for AI. Find out how it works today in our review.
What Is SingularityNET?
SingularityNET, found online at SingularityNET.io, aims to solve major problems with the modern AI market.
Experts estimate that the AI market will increase from $200 billion to $3.1 trillion by 2015. However, serious roadblocks remain in the industry. As the SingularityNET website explains, “AI functionality is expensive, time-consuming, and hard to use.”
To solve these problems, SingularityNET wants to let market forces decide. SingularityNET is releasing a decentralized marketplace for AI products and services. This will lower costs, increase efficiency, and help meet needs in the market.
In late November, SingularityNET announced a token sale. That token sale will begin on December 8, 2017.
How Does SingularityNET Work?
SingularityNET wants to open the AI market to the entire world. It enables AI as a service on a permissionless platform, which means anyone can use AI services more easily than ever before.
Some of the key features of the decentralized marketplace include:
Communication Via AI Wrapping:
SingularityNET wraps each AI algorithm, thereby creating a simple protocol for exchanging data and coordinating processes between AI, solving the communication problem.
A Global AI Economy for All:
SingularityNET aims to create the ideal international AI marketplace, “where any AI service can be discovered and purchased.” It’s a genuine AI to AI economy.
Automation in a Box with AI Linking:
SingularityNET makes it easy for AI services to be linked together. You can buy “automation in a box” at lower costs through the SingularityNET marketplace.
Overall, SingularityNET sees itself as the solution to major problems in the AI world, which will help the market achieve its $3 trillion economy by 2024.
What Problems Does SingularityNET Seek to Solve?
SingularityNET Seeks To Solve All Of The Following Problems:
No AI Discovery:
Today’s market is inefficient because there’s no way to find AI services, nor is there any way to judge the quality of an AI service without using it. This creates unnecessary risk. Buyers need to gamble on each AI service they purchase, not knowing if that service will meet their needs or not.
There’s no way for AI to communicate data to each other and coordinate processing. Everything has to be done manually and at a higher cost. AI exists in siloed structures, and this separation leads to industry-wide inefficiency.
Expensive For Everyone:
There are few people in the world today who create AI, connect it to others, and take it to market. This makes AI too expensive – and too complicated – for most organizations. There isn’t an efficient marketplace where participants can accurately discover prices.
Use Cases for SingularityNET
SingularityNET’s website features one use case for their platform. The website describes how Sophia, “the most advanced humanoid robot” lives in SingularityNET. Sophia was created by SingularityNET’s founding partner, Hanson Robots. It’s the most expressive humanoid robot, and her proprietary software, firmware, and hardware makes her nearly impossible to replicate.
Sophia’s mind has been placed in SingularityNET. That means using SingularityNET, anyone can access Sophia’s mind on demand.
Sophia uses dozens of algorithms – including several algorithms licensed from third parties. Today, integrating external AI resources – like these third-party AI algorithms – is slow, costly, and difficult for most organizations.
As the official website explains, “Soon, Sophia’s entire mind will live on the network, letting her learn from every other AI in the SingularityNET. And the whole world will be able to talk to her.”
Who’s Behind SingularityNET?
SingularityNET is led by Dr. Ben Goertzel (CEO and Chief Scientist), Dr. David Hanson (Robotics Lead), and Cassio Pennachin (CTO). The highly-advanced AI system we mentioned above, “Sophia Hanson”, is listed as the “Chief Humanoid” of the company.
Overall, the team consists of 50+ AI developers and 10+ PhDs. The platform is also powered by some of the leading companies in AI, blockchain, and robotics, including OpenCog, Hanson Robots, Vulpem Ventures, and Novamente.
How Does the AGI Token Work?
SingularityNET is powered by the AGI token. The AGI token also solves the “assignment of credit” problem, which allows the market to quantify the value an AI agent brings to the market. Solving this problem is the first step towards creating Artificial General Intelligence, or AGI, which is where SingularityNET’s in-platform token gets its name.
The Three Core Features of The AGI Token Include:
You can conduct payments globally without censorship or exclusion, buying AI services from anywhere in the world.
The AGI token incentivizes network participants to help the best AI services get discovered and improve the network.
AI to AI Industry:
SingularityNET’s AGI token was designed to make the global AI to AI microservices industry come to life, allowing organizations to buy processing on demand.
50% of the total supply of AGI tokens will be sold during a private pre-sale and token sale. The remaining tokens will be split between a rewards pool (20%), core team members (18%), future development (8%), and bounties (4%).
The SingularityNET ICO
In late November 2017, SingularityNET announced a $36 million ICO to fund its expansion.
If you want to register for the token sale, then you’ll need to sign up for the whitelist on SingularityNET.io before the sale begins.
SingularityNET’s sale is scheduled to begin on December 8.
SingularityNET Review Summary
SingularityNET is a blockchain-based artificial intelligence marketplace in active development. The marketplace seeks to expand the AI to AI microservices marketplace around the world using blockchain technology and a digital token called AGI tokens.
To learn more about SingularityNET and its upcoming token sale, visit online today at SingularityNET.io.