It is a known fact that blockchain technology and artificial intelligence are major catalysts in the growth and development of a number of industries. With blockchain technology and a humanoid robot called Sophia, artificial intelligence has greatly advanced. SingularityNET has been established to ensure that artificial intelligence is provided with a global and decentralized marketplace. Transactions on the AI system will be managed by Blockchain technology. This will ensure that the future of AI will be in the hands of its users.

Blockchain will give users the opportunity to establish a decentralized network comprising of AIs. Here, any user can post their AI online which means their AI can take part in the network process. SingularityNET’s concept is to the effect that AIs have open markets. To ensure this, AIs must have several interfaces.

SingularityNET

Even though they are starting as an AI-as-a-Service marketplace, the goal is to transform to a self-organizing AI network. AI agents present in the network will make use of AI to outsource work to each other. They will develop together to make sure that the network continues on the right track.

a) AI Services Marketplace

After launching as a marketplace for AI services, the team decided to focus on three peculiar areas of AI for its first two years. They are:

Cloud Robotics

Biomedical Research

Cybersecurity

With this marketplace, developers of AI can trade their services and tools for AGI token or other tools and services. To make the process easy, SingularityNET ensures the availability of APIs to include standard AI services into smart contracts. These include image and language processing.

b) Self-Organizing AI Internetworking

SingularityNET’s long-term vision is to create a network that comprises of complex AI Agent interactions with the help of OpenCog Foundation. To understand this, we have to look at Sophia, the humanoid robot.

Sophia makes use of a mixture of AI Agents that include natural language processing and physical motor skills. Alongside Sophia, different AIs will continue to update their own AI with relevant network information. This information will be combined with previous knowledge and experience.

c) AGI Token

This AGI token is generally an ERC20 token, but that might change later on. Voting using the governance model will decide whether the platform will part ways with Ethereum or create its own network. AGIs are normally used by Agents to pay for AI services, but these tokens also give Agents power to make decisions.

At the time of ICO, 1,000,000,000 AGI tokens were minted. They were distributed thus:

500,000,000 for buying public

200,000,000 for the platform’s reward pool

180,000,000 for Foundering team members

80,000,000 reserved for the SingularityNET Foundation

40,000,000 for bounty campaign

Purposes

There are 3 main purposes:

Deliver cheaper and better cloud-based AI services

Create advanced Artificial General Intelligence by creating an ecosystem that embraces AIs that form a rising meta-level intelligent system.

Create an ecosystem that ensures that AI developers can contribute

Conclusion

Blockchain technology and Artificial Intelligence’s alliance has made gym now a lot easier. With this, SingularityNET was established and this project will revolutionize the e-commerce industry. Although very young, it had a $36 million ICO that was sold out in 60 seconds. If the team’s ambitions are fulfilled, then, it’d mean that technology development has gone up a notch.