The global AI market is expected to grow to $191 billion by 2024. But much of the revenue generated will be captured by Big Tech. This brings inherent dangers such as bias in algorithms and problems like smaller developers not standing a chance to market their algorithms. Usually, accumulating control over AI, which plays an increasingly important role in our lives in the hands of just a few, isn’t the best approach to making it inclusive and fair.
SingularityNet is working on providing an AI network that’s decentralized, secure, and accessible. It’s focusing on facilitating the global distribution of AI and offers an AI as a service marketplace. Its most famous connection might be that Singularity Net was created by the team at Hanson Robotics. The company that is behind Sophia the Robot.
The AI blockchain-based out of the Netherlands has already partnered with companies like Domino’s Pizza. Instead of building fences to fight off competition, SingularityNet embraces the approach of collaboration. In 2019 they worked together with Deep Brainchain — a NEO-based AI project.
In mid-2019, the team launched an accelerator to encourage individuals to work in AI and make a change. But what exactly does SingularityNet offer?
SingularityNet is an ambitious blockchain-driven AI marketplace that started running on Ethereum. SingularityNet enables developers to publish and monetize their AI algorithms easily with its public API and decentralized marketplace.
Anyone can start running a node on SingularityNet, known as an AI agent in the network. AI agents execute smart contracts and can autonomously interact with other agents to exchange data and supply results. Thanks to custom AI tooling to end-users who can contract out single AI agents, businesses can access AI at a fraction of the cost they’d have to pay Big Tech for similar services.
A specific AI algorithm also tracks all interactions on the platform to ensure that it becomes more efficient and eventually creates a first artificial reflection of human neural networks.
Several components make the system work:
- registry: is a smart contract that forces AI developers to describe the nature of the AI services they provide to participants, who can then analyze them in regards to compliance
- Multi-party escrow: is another smart contract that governs transactions in the marketplace. It uses unidirectional atomic channels to ensure fast settlements.
- Daemon: is an off-chain side proxy that checks if the escrow conditions are met and validates requests.
The mission of the AI blockchain platform is to:
- create a protocol that functions across any blockchain
- speed up the development of AI
- create a regulatory compliant marketplace for AI
- lay a robust foundation for beneficial AI.
Ultimately, the goal is to lay the foundation for a “global brain. SingularityNet deploys a reputation system laying out the principles on how governance and economics work on its chain to keep all participants in check.
Agents are rated on a scale from 0–5, depending on their performance analyzed based on their consumer ratings, financial transaction trails, and escrow patterns. Every agent with more than 2 as a rating can participate in on-chain governance.
Native token AGIX
While initially launched on Ethereum with a utility token called AGI, the SingularityNet team earlier this year took all AGI out of circulation and replaced them with their new token: AGIX.
This was part of a bigger initiative of moving the ecosystem to the Cardano Blockchain. The complicated infrastructure bringing together AI and Blockchain can more easily be built with Plutus — the smart contract language of Cardano. Consequently, the new AGIX token is Cardano-compatible.
As AI and Big Data markets continue expanding, SingularityNet has created various solutions to cater to the needs of industries such as finance, healthcare manufacturing, and more — putting them in a good position to capture a share of the market.
AGIX is now trading on Bitcoin.com Exchange with BTC pair.