An Introduction to SingularityNET and Its AGIX Token
Rank: 138
SingularityNET is a decentralized, open-source platform that brings artificial intelligence (AI) and blockchain technology together.
The platform allows developers to create and deploy AI applications, while also providing users with a marketplace where they can discover and access a wide range of AI services.
One of the key features of SingularityNET is its token, AGIX, which is used to power transactions on the platform.
AGIX is an ERC-20 token, meaning that it is built on the Ethereum blockchain. As such, it is fully interoperable with other Ethereum-based tokens and can be stored in any wallet that supports ERC-20 tokens. The token is used as a means of exchange on the SingularityNET platform, allowing users to pay for AI services or to receive payment for providing these services.
One of the unique features of AGIX is its ability to facilitate the creation of AI services that are modular and interoperable. In other words, developers can use the platform to create individual AI components, which can be combined and recombined to create more complex applications. This approach makes it easier for developers to create and deploy AI applications, as they can leverage existing components and build on top of them.
Another key feature of AGIX is its use in the SingularityNET reward system.
When a user provides an AI service on the platform, they can earn AGIX tokens as a reward. This incentivizes developers to create high-quality services that meet the needs of users. In addition, the reward system helps to build a network of AI services that are easily discoverable and accessible to users.
The SingularityNET platform is designed to be highly decentralized, meaning that it is not controlled by any single entity. This is achieved through the use of blockchain technology, which allows for transparent and secure transactions without the need for a central authority. As a result, SingularityNET is able to provide a level of trust and security that is not possible with traditional centralized platforms.
Along with Dr. David Hanson and Simone Giacomelli, the SingularityNET team is led by Dr. Ben Goertzel, a prominent figure in the AI and blockchain communities. Dr. Goertzel has been involved in the development of AI technologies for many years, and has also worked on a number of blockchain projects. His expertise in both of these areas has been instrumental in the development of SingularityNET.
The SingularityNET platform has already seen a number of real-world use cases. For example, the platform has been used to develop an AI-based conversational agent, which has been integrated into a mobile app for the hospitality industry. The conversational agent is able to provide guests with personalized recommendations and assistance, improving their overall experience.
In addition to its use in the hospitality industry, SingularityNET has also been used to develop AI services for a wide range of other industries, including finance, healthcare, and transportation. These services include things like fraud detection, risk management, and predictive maintenance, among others.
What Is SingularityNET’s Price Today?
As of February 20, 2023, SingularityNET’s (AGIX) current trading price stands at $0.38309 USD, showing a decrease of -3.69% compared to the previous day. In the last 24 hours, the platform has experienced a trading volume of $89,533,817 USD. Ranked as the #93 cryptocurrency by market capitalization, SingularityNET has a current market cap of $461,288,636 USD.
What are the uses of AGIX?
AGIX is a token that is supported on both Ethereum and Cardano, with the potential for future support on other blockchains. Its primary use is on SingularityNET, where it serves a variety of purposes.
One important function of the token is staking. AGIX holders can stake their tokens during a 7-day window every 30 days to earn rewards for the following staking cycle. After the cycle, they can either hold their funds (which will remain locked for rewards) or withdraw them along with the earned interest.
AGIX holders also have the opportunity to participate in the platform’s governance by voting on proposals related to protocol changes or other modifications.
Moreover, AGIX is used as a means of transaction on SingularityNET DApps. For example, users can buy access to AI solutions offered on the AI Marketplace using AGIX tokens.
What is the tokenomics of SingularityNET (AGIX)?
SingularityNET has a supply-capped token called AGIX, with a maximum supply of 2 billion and a total supply of 1.2 billion. Initially, the platform minted 1 billion of the original AGI on Ethereum, which was later replaced with AGIX in late May 2021. This replacement was accompanied by an airdrop of new AGIX tokens to all AGIX token holders at a 1:1 rate.
Additionally, SingularityNET developed a hard fork to Cardano, which introduced an additional supply of 1 billion AGIX tokens on the Cardano chain.
Where to buy SingularityNET
SingularityNET can be found on 38 markets, with the highest trading activity occurring on Binance, Gate.io, and KuCoin within the last 24 hours. The most frequently traded SingularityNET pairs within this time period are AGIX/USDT, AGIX/BUSD, and AGIX/BTC.
Final Words
SingularityNET and its AGIX token are poised to play an increasingly important role in the development and deployment of AI technologies. The platform’s unique approach to creating modular and interoperable AI services, combined with its decentralized and trustless architecture, make it an ideal solution for a wide range of use cases. As the adoption of AI technologies continues to grow, it is likely that SingularityNET will become an increasingly important player in this space.
