SingularityNET

SingularityNET is a protocol which aims to combine AI and blockchain technology to enable AIs to exchange data with one another. According to their whitepaper, "SingularityNET is an open-source protocol and collection of smart contracts for a decentralized market of coordinated AI services." (https://public.singularitynet.io/whitepaper.pdf). The goal of the protocol is to create a decentralized economy where the AGI Token could be exchanged for AI services. This would put the power of AI into the hands of everyone rather than a government, corporation, or a few wealthy individuals. This project was started by world leaders in AI research: Dr. Ben Goertzel (CEO and founder) and Dr. Robert Hanson (CEO and founder of Hanson Robotics). Dr. Goertzel's vision for this project is as follows: "an open platform in which any AI developer on the planet can install their software, enabling it to reach any AI user on the planet. A platform in which AIs carrying out specific functions can work together seamlessly, helping diverse users in various ways and coordinating together into AI networks of increasingly general intelligence." (https://blog.singularitynet.io/how-the-future-of-ai-will-be-owned-by-all-d9751e08df77).

AGI Token

The AGI Token allows for a decentralized economy to exist while enabling the quantification of the value of various AI services. The AGI token influences actors within the economy to promote the best AI services by rewarding the actors who promote these successful AI services with AGI tokens. This allows everyone within the network to benefit from the best AI services being pushed to the top. According to the SingularityNET website, "The AGI token lets anyone transact AI services globally, without censorship or exclusion." (https://singularitynet.io/). This will let everyone around the globe benefit from revolutionary AI services that are created and result in significant increases in quality of life. The initial token sale for the AGI tokens has just recently come to an end.

Growth Potential In The Market

We've seen the market cap for cryptocurrencies recently surpass the $800 billion mark and quickly heading towards $1 trillion. The realization of the potential of blockchain technology to transform every industry is a major driver in the recent growth of the cryptocurrency market. Alongside blockchain, the AI industry is also predicted to experience exponential growth in the coming years. "Over the next decade, Tractica Research projects the AI industry to grow by 5,700%" (https://singularitynet.io/). Even if SingularityNET is just partially successful in achieving the goals the creators set out, there will be massive value behind this project. Not just speculative monetary value as we see in the current cryptocurrency market, but significant value created for the collective benefit of society.

The Importance of Decentralizing AI

Advancements in AI technology and capabilities will undoubtedly generate significant value to society and increase overall quality of life. The question then becomes not whether or not AI will be beneficial, but who will benefit from AI. SingularityNET aims to put the power of AI into the hands of everyone around the world instead of an elite few. As Vladimir Putin understands, "Artificial intelligence is the future, not only for Russia, but for all humankind. It comes with colossal opportunities, but also threats that are difficult to predict. Whoever becomes the leader in this sphere will become the ruler of the world." (https://blog.singularitynet.io/how-the-future-of-ai-will-be-owned-by-all-d9751e08df77). SingularityNET allows everyone to control AI and the direction it will go through democracy in a decentralized network. In a podcast episode of Blockchain Innovation hosted by Frederick Munawa, Dr. Goertzel explains how AI will help shape the future of humanity. He believes the future should be decided by humanity as a whole rather than a few select individuals. (http://blockchain.global/blockchain-innovation/).

Sources

https://singularitynet.io/

https://public.singularitynet.io/whitepaper.pdf

https://blog.singularitynet.io/how-the-future-of-ai-will-be-owned-by-all-d9751e08df77

https://blog.singularitynet.io/exploring-the-utility-of-singularitynets-agi-token-2006639ccd40

https://blog.singularitynet.io/how-decentralized-ai-can-change-the-lives-of-millions-4ac76da2aafe

http://blockchain.global/blockchain-innovation/

Disclaimer: This is strictly my opinion. Do not consider this investment advice. I strongly encourage you do your own research from multiple sources and develop your own conclusions.

Side Note

Thank you for taking the time to read this. Any comments, criticism, questions, or general discussion is strongly encouraged and appreciated. As always, have a marvelous day.

Shane McCabe

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