In a world where artificial intelligence applications are gaining popularity and becoming mainstream, SingularityNET (AGIX) seeks to combine blockchain technology with AI.
Today we are going to take a look at this innovative cryptocurrency project and try to understand its underworkings. This article will also examine the price performance of its native AGIX token and analyze whether it is a good investment in the long run.
So, let us get started.
What is SingularityNET?
SingularityNET is the world’s first decentralized marketplace powered by artificial intelligence (AI). The project co-founded by cognitive scientist and AI researcher Dr. Ben Goertzel in 2017 is deployed on the Cardano (ADA) blockchain.
The goal of SingularityNET is to build an artificial general intelligence (AGI) program. The network aims to provide a commercial launchpad for AI-based decentralized applications (DApps) and make them interoperable among different blockchain ecosystems.
SingularityNET is working on an open-source AI-powered infrastructure that is said to allow the use of smart contracts for developers to build AI products without the need for intermediaries.
The ecosystem’s growth is driven by the SingularityNET Foundation, which also works on creating utility for its native AGIX token. The Foundation is building out an ecosystem of DeFi, robotics, gaming, entertainment, and biotech products and services to advance their AGI initiatives.
How Does SingularityNET Work?
SingularityNET is working on building a highly scalable and functional blockchain ecosystem that aims to be blockchain-agnostic and less reliant on its current host network, Ethereum (ETH).
For this purpose, the project has created tools that facilitate faster and simpler AI integration such as Deamon, and SDKs like the Registry and Multi-Party Escrow.
Daemon is a sidecar proxy service that interacts with Ethereum smart contracts and payments as well as other blockchain-related tasks in a way that allows developers to fully focus on AI-related tasks. Its main purpose is to facilitate payments and request translation for the AI.
When it comes to payments, the daemon interacts with the Multi-Paty Escrow smart contract to validate the signatures of users and ensure that sufficient funds are in place to successfully perform the transaction. Once the payment request is processed, the daemon will translate it into an AI-readable format.
SingularityNET uses Ethereum to host smart contracts that are critical to its operations. One is called the Registry, which is an ERC-165 standard decentralized database where AI service providers sign up and provide essential details about their products for users to call about their services.
The other one is the Multi-Party Escrow, which is a smart contract-based payment system that holds payments from both end users and developers in escrow. This smart contract can facilitate faster and cheaper transactions through atomic unidirectional channels.
SingularityNET has entered Phase 2 of the project, which includes shifting its base layer from Ethereum to Cardano and the building of AI-powered Layer 2 networks. The SingularityNET L2 will allow applications that use lower gas fees to be built on Ethereum.
What is the AGIX Token?
AGIX is the native utility token for the SingularityNET. The token was derived from a hard fork of the Ethereum-based AGI token, which allowed it to become cross-chain compatible with Cardano.
AGIX is designed to support the core functionalities of the SingularityNET ecosystem, such as:
- Transactions that allow AI agents to interact with each other and external protocols
- Facilitating payment settlements of AI services on the marketplace
- Incentivize AGIX token holders for securing the platform through staking
- Governance of the network’s operations through voting by AGIX holders.
Out of a maximum supply of 2 billion tokens, 1.25 billion AGIX is currently in circulation. AGIX has a market capitalization of $372 million and achieved a 24-hour trading volume of $62.6 million.
AGIX recorded an all-time high of $0.9502 in January 2018, while its all-time low valuation of $0.007472 was recorded in March 2020.
At the time of writing, AGIX is trading at $0.296 – up 9% in the last 24 hours.
AGIX Price Prediction
The price prediction for 2025 for SingularityNET is currently between $0.2427 on the lower end and $0.456683 on the higher end, based on analysis by Coincodex. If AGIX were to reach the upper price target, the token could gain 54% over its current value.
Based on current rates, AGIX is predicted to trade between $0.044224 and $0.341233 by 2030. If SingularityNET were to reach the upper price target, then it would gain 15.64% over its present market price.
Where to Buy AGIX Token?
Here is a list of exchanges where you can buy AGIX:
- Binance
- KuCoin
- Gate.io
- MEXC
- Bitget
- ByBit
- OKX
- HTX
- BingX
- Bitunix
Is SingularityNET (AGIX) A Good Investment?
AI is taking the tech space by storm and it is only logical for a project like SingularityNET to combine it with blockchain technology. The blockchain-agnostic ecosystem allows developers to build out AI-based products and services for the end user.
The ultimate goal of SingulairtyNET is to develop an artificial general intelligence (AGI) algorithm.
The project is currently working on its own Layer 2 protocol while shifting its operations from Ethereum to Cardano, which opens up further decentralization of its AI services. SingularityNET has partnered with industry big shots like Cardano, Hanson Robotics, Ocean, and Cisco to build a strong and scalable AI network.
All things considered, I can fairly say that SingularityNET is a credible cryptocurrency project that has a vital role to play in integrating AI on the blockchain.
However, as is the case with every cryptocurrency token, it is important to do your due diligence before making an investment decision. Always remember that you should only put in money that you can afford to lose.
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