SingularityNET (AGI) Review (UPDATED 2018): A Beginner’s Guide | VKOOL

886 Review(s)
AVG Rating: 8.8/10

Blockchain applications are diverse and quickly multiplying. There's a blockchain platform for nearly anything these days, it seems, from medical care and file sharing to buying energy and data storage. Now there's a new application to learn about: Artificial Intelligence. SingularityNET is a blockchain platform that aims to connect businesses who want to use AI in their operations with the developers who have what it takes to develop them.

With this handy guide you'll learn what SingularityNET is, how it works, and what its plans could hold for the future of not only the field of artificial intelligence, but blockchain technology as a whole.

And if you think SingularityNET is compelling, you ought to check out our new list of the best altcoins of 2018.

The SingularityNET: How It Works

In essence, SingularityNET is a marketplace, one where you buy and sell AI development services. Currently it's all user run, but one day the SingularityNET team hopes to have AI programs run the network themselves.

In the marketplace developers who work on AI offer their services in exchange for AGI, the SingularityNET token (they can also receive other services in kind), all utilizing smart contracts for the transactions. The marketplace has a voting system whereby users can vote on how the platform operates and develops, and possession of AGI tokens grants the rights to participate.

One feature of SingularityNET is the Agent. This is the word they use to refer to the nodes in the network that do the transactions. They can be ranked according to a number of different criteria, like whether they successfully execute contracts or whether they're owned by a company with a good reputation. They can lose some of their tokens in each stake if their rating falls too low, giving an incentive to be trustworthy.

Like we mentioned above, Singularity's ultimate goal is to have AI actually run the marketplace themselves, using the OpenCog Foundation's resources. These AI Agents will be able to coordinate with each other to perform complex actions by breaking down individual actions (speech-to-text, pattern analysis, content generation) and having each AI Agent work on one of them, producing a result. One day the AI Agents are even supposed to create new Agents themselves, which adds another layer of complexity and scalability to the mix.Another important part of the platform is ownership. Parties on the platform own their own data, with no one else getting any rights to copy, reproduce, or use without permission.

The AGI coin is an ERC-20-compliant token at the moment, meaning it's compatible with ERC-20 wallets. However, this could change, as community votes could end up moving the platform to a new network. AGI is used for paying for services in the marketplace, and as we said above, gives Agents voting rights on the network. There were 1 billion AGI minted at the beginning of the project, with no sign that more will be created.

It's also not clear if you will ever be able to mine them, or if that could be a later option.

The Team Behind SingularityNET

This is one of the bigger teams we've seen in the blockchain community. While most teams consist of maybe 10 to 20 developers, SingularityNET can boast a team of over 60, with backgrounds mainly in artificial intelligence. The founder is Dr. Ben Goetzel, an AI developer who also heads the OpenCog Foundation and Artificial General Intelligence Society.

The team also features Dr. David Hanson of Hanson Robotics, the company behind noted AI robot Sophia (who's been featured on CNBC and Jimmy Fallon).

In another unique turn of events, the company lists Sophia the robot itself as a team member, in the role of “Chief Humanoid.” References have been made to her being a part of the network in its alpha stage, interacting with AI Agents to fulfill different functions for her in order for her to process a desired transaction for a specific result. While it's up for debate exactly how “really” artificially-intelligent Sophia is, it has to be admitted that including it as a part of the SingularityNET team is great PR for the platform.

Right now the platform is in alpha stage, and the beta is planned for release later in 2018. It'll have some competition, though, as you'll see on our list of the best altcoins of 2018.

Trading AGI

This is a brand-new company, so it hasn't had that much time to get going yet. With its trading beginning in January of 2018, it went from $0.54 to $1.85, before settling down closer to $0.40. The price is likely going to depend on announcements for similar projects (like DeepBrain), or new developments from the team, such as the release of the public beta. Another positive will be if SingularityNET announces any new partnerships, events that will make them look more competent and trustworthy with each new alliance.

Buying AGI

Most tokens that are just starting out can be hard to find, before they get picked up by major exchanges. Right now the best place to get AGI is at KuCoin, but you'll only be able to get it by trading for Bitcoin or Ethereum. You can also get it at IDEX and Tidex.

Storing AGI

Right now, since AGI is an ERC-20-compliant token, you can store it on any wallet that supports the ERC-20 protocol. That includes MyEtherWallet, one of the more popular online options. It's free of charge, too.

If you want a more secure option, you can buy a Ledger Nano S or a Trezor, both hardware wallets that can be disconnected from the internet, making them safe from network shutdowns or intruders.

If the SingularityNET platform decides to move off the Ethereum blockchain, it will likely mean their tokens are no longer ERC-20 compliant. At that time, it's likely that they'll offer new native coins to be redeemed for the current AGI.

SingularityNET vs DBC (DeepBrain Chain)

These platforms are somewhat similar. Both are focused on creating a platform for products that use artificial intelligence, as a way to connect developers to the businesses that might want these programs or tools at their disposal. Both have an in-house token that's used to pay for transactions on their respective platforms. There are some differences, though. DBC is meant as a network of nodes that can be used by AI programs for processing power, so that the costs of operating AI can be reduced, and allows mining for its coins. SingularityNET is more of a marketplace, and it's not clear whether mining is a part of its feature set.

Frequently Asked Questions

  1. What's the price of SingularityNET?
    The token was recently trading around $0.39.
  2. Is SingularityNET an exchange?
    No, it's going to be a marketplace for exchanging services for tokens.
  3. What was the SingularityNET ICO price?
    That information is not known at this time.
  4. Is there a place for SingularityNET coin on Reddit?
    Yes, there's a community of people discussing it there.
  5. Is SingularityNET on CoinMarketCap?
    Yes.
  6. Does SingularityNET have a Twitter?
    Yes, they have a Twitter, where you can read updates and announcements of upcoming developments.
  7. Where can I read a review of SingularityNET?
    You can probably find on on Medium, on Reddit, or on a blog specializing in crypto news.
  8. What is the SingularityNET coin?
    It's called the AGI, and you can get it at KuCoin, IDEX, and Tidex. As the technology enters its beta stage, it could end up being traded on more and bigger exchanges.
  9. What was the SingularityNET ICO date?
    It happened December 15th, and reportedly sold out within 60 seconds.
  10. How do I buy SingularityNET coin?
    You have to have Bitcoin or Ethereum at your disposal, and use it to purchase AGI at KuCoin (or IDEX and Tidex).
  11. Can I get SingularityNET tokens on EtherDelta?
    It's not exactly clear. When we checked the list of exchanges that trade in it, EtherDelta was listed as trading its own currency for Ethereum, instead of AGI.
  12. What is SingularityNET?
    It's a platform for not only connecting AI developers and businesses, but also for allowing developers to host AI algorithms and services that can be used by the network as a way to provide AI computing and processing power for people who use the network.
  13. Can I buy SingularityNET on Binance?
    No, unfortunately right now it's not available there. It soon could be, though.

Conclusion

As artificial intelligence emerges from the fog of science fiction and gradually takes shape in the real world, the problems of using it will need to be addressed, in particular the costs involved and the resources necessary. By offering a place where people can connect and trade services for some sort of currency in exchange, SingularityNET is one of the only platforms out there that's really trying to solve the problems that keep AI solutions from being adopted on a larger scale, and by doing so may be hastening our approach into the future. While some think there are still some huge philosophical problems (or even dangers) associated with artificial intelligence, for the time being there's a lot of good that people and businesses could get out of AI work, and SingularityNET could help bring more of that good to the world.

Want to see if SingularityNET made our list of the best cryptocurrencies of 2018? Click here to read it and see what made the cut.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

No comments yet.

Your email address will not be published. Required fields are marked *

Advertising Disclosure

Displayed content is offered by businesses which have been compensated. There is a potential effect on how, what, and where products may appear. All effort is made into providing full transparency, not all available products or companies are highlighted. Published material is offered without any slant or bias no matter what affiliation there is with sponsorship or association.