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What is SingularityNET (AGIX)?
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
What is SingularityNET (AGIX)?
The SingularityNET platform leverages blockchain technology to mine artificial intelligence and generate a decentralized AI marketplace where users can create, share, and monetize AI services. AGIX is the native token of the SingularityNET platform that allows for the exchange of AI services. It will enable developers to get compensated for their efforts and encourage the development of high-quality AI tools.
The project and its token were launched in 2017 by chief scientist Dr. Ben Goertzel, CEO of Hanson Robotics Dr. David Hanson, and Simone Giacomelli who previously worked with crypto consultancy Cryptodex. These AI scientists created this platform intending to develop and deploy decentralized AGI.
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How Does SingularityNET AGIX Token Work?
The AGIX token is critical to the SingularityNET ecosystem because it enables flawless network transactions. SingularityNET initially issued a circulating supply of 1,000,000,000 AGI tokens on the Ethereum platform. It was eventually hard forked to create the AGIX token to be cross-chain compatible with Cardano. Let’s look at the four primary mechanisms responsible for the functionality of AGIX tokens.
Transactions
SingularityNET is an open-source protocol and smart contract collection for a decentralized market of coordinated AI services. Anyone can upload a machine learning or AI service to SingularityNET for use by the network. They will receive network tokens in exchange for their AI services. Due to its transactional and bookkeeping benefits, blockchain technology is suitable for handling network transactions on SingularityNET.
Settlements
Without access to the AGIX token, AI agents have to rely on native tokens of other platforms to get access to services. When various goods, services, and agents are integrated, this gets extremely complex. Network users can utilize the AGIX token to transact on the market with hundreds of contracts, technologies, and protocols in real time. All transactions are recorded on a single, publicly auditable ledger.
Incentives
AGIX tokens are distributed as rewards for network utility contributions. The focus of SingularityNET on the AI curation market has two main benefits. It allows for the discovery of valuable agents and it pushes token holders to start staking, contributing to the network’s growth.
Token holders can stake their tokens to a specific agent to increase their stake rank. This design increases the ability of holders to earn AGIX tokens as they are rewarded with new tokens for promoting the discovery of high-quality AI Agents.
Governance
Market transactions can occur between AI Agents in the network or between AI Agents and external entities. The network operations are funded democratically through unanimous decisions of the SingularityNET community. The team set up the SingularityNET enhancement proposal in October 2022, which allows token holders to vote on changes to the network operations. Users can decide if they want to direct a portion of newly created tokens toward improving network infrastructure, specific services, and associated tools.
How are SingularityNET AGIX Tokens Created?
The SingularityNET AGIX tokens are created through the process of token minting. Let’s review some of the steps involved in the process.
Creating the Token
The SingularityNET team behind the platform is typically responsible for creating AGIX tokens. They determine the first price and maximum supply of tokens and create them on a blockchain platform that allows token creation, such as Ethereum or Binance Smart Chain.
Smart Contracts
The AGIX token’s rules and functionality are defined using smart contracts. This includes information such as total circulating supply, current price, divisibility, ownership, and any extra features or capabilities the token may have, like staking and governance.
Initial Distribution
Some AGIX tokens are reserved for a private sale. During this stage, early investors, strategic partners, and institutional backers typically offer coins at a discount. Another portion of the max supply of AGIX tokens is made available to the general public via an Initial Coin Offering (ICO). Market participants can buy tokens from the project team during an ICO.
Secondary Market
The secondary market is the platform or exchange where individuals or entities buy SingularityNET AGIX tokens. Secondary market prices are determined by supply and demand dynamics. Market sentiment, trading volume, circulating supply, and overall demand influence the token’s price.
Which Blockchain Does the SingularityNET Token Use?
SingularityNET differs from other artificial intelligence marketplaces in that it is built on top of two leading blockchains, Ethereum and Cardano. Through our team’s direct experience and analysis, we have determined that as a decentralized platform, no single entity has control over the AGIX currency.
This promotes fairness, transparency, and accessibility to a global audience. SingularityNET fosters a secure and trustless environment for all stakeholders by utilizing smart contracts. SingularityNET eventually ported a significant portion of its decentralized protocol from Ethereum to Cardano.
How To Buy SingularityNET AGIX Token
As AGIX is the utility token for the SingularityNET network, it is crucial to acquire it to access any specific services or benefits on the platform. The process can seem intimidating, from setting up a crypto wallet to buying the token. However, we have listed down simple steps for you to follow to make the job easier.
Create a Cryptocurrency Wallet
When selecting a cryptocurrency wallet, consider compatibility with your operating system, user interface, and community support. As hardware wallets store your private keys offline, they provide the highest level of security. Software wallets are helpful, but only download them from official sources to avoid malicious software.
Acquire Ethereum
Even though there are multiple ways to get Ethereum, the most common option is cryptocurrency exchanges. They accept various payment methods, including bank transfers, debit cards, and other cryptocurrencies. Peer-to-peer marketplace platforms directly connect buyers and sellers, allowing for a broader range of payment options.
Select a Crypto Exchange
Look for exchanges with a solid security track record, features like two-factor authentication (2FA), and cold storage for funds. When choosing an exchange, consider its trading volume, fees, available trading pairs, liquidity, and user reviews.
Deposit Ethereum
Check that you are sending your Ethereum to the correct wallet address provided by the exchange before making a deposit. Some exchanges may require additional information, such as a payment ID, so read their deposit instructions carefully.
Place Order For AGIX
When placing an order, understand the distinction between market and limit orders. Limit orders allow you to specify the price at which you want to buy AGIX. In contrast, market orders are executed immediately at the current price. Examine the order book to understand the current market, buy and sell orders, and recent trade history.
Withdraw to Wallet
Keeping your cryptocurrencies in a personal crypto wallet rather than on an exchange is generally advised. Enter your wallet address on the chosen exchange to transfer AGIX into your wallet. Make sure you enter the right address to avoid any loss of funds. Some transactions may necessitate an additional confirmation step via email or 2FA.
How to Store The SingularityNET AGIX Token
By leveraging our expertise in crypto wallets, we observed that the best crypto wallets for AGIX include Coinbase, Metamask, and Trust Wallet.
Set up the wallet, save the recovery phrase, and check for ERC-20 token support.
Using the contract address, add AGIX to your wallet.
Withdraw your AGIX after purchasing it on an exchange.
Update the wallet software regularly, enable security features, and keep private keys private. To ensure proper setup, test the wallet with a small transaction before handling more significant amounts. These steps improve the security of your AGIX storage.
The Best Place to Stake AGIX
SingularityNET has a dedicated AI portal for staking on the platform. To receive rewards, holders can lock their tokens. Holders of AGIX contribute to the security of the platform’s AI Marketplace by staking.
After 30 days, AGIX tokens can be redeemed to receive the earned rewards, and those who wish to continue staking can roll their tokens over into the next staking period. The AGIX staking portal is currently available on the Ethereum blockchain. The network is working to make staking capabilities available on the Cardano platform as well.
SingularityNET Price Predictions
After our direct and extensive analysis, we have noted that based on SingularityNET price variations at the start of 2023, our crypto experts predict an average AGIX rate of $$0.234 in November 2023. Its lowest and highest price paid is projected to be $$0.215 and $$0.253, respectively.
Cryptocurrency specialists have predicted the price of AGIX in December 2023. This month, the lowest trading cost might be $0.185, and the maximum could be $0.236. On average, the value of SingularityNET is projected to be approximately $0.211.
Conclusion
AI is rapidly taking over the technological world. SingularityNET’s decision to combine it with blockchain technology is a strategic one. With the switch from Ethereum to Cardano, the maximum supply of tokens increased from 1 billion to 2 billion AGIX. The total circulating supply of AGIX as of March 2023 was 1,205,321,857. The AGIX token also aided in the cross-chain interoperability of the two platforms through the SingularityNet Bridge.
SingularityNET also intends to move toward fully decentralized governance. In addition, the project is working to upgrade to OpenCog Hyperon, which will implement a highly scalable and open-source AGI. All of these developments lead us to believe that SingularityNET has the potential to increase in value over time, making it a good investment.
FAQ
Most frequent questions and answers
SingularityNET is not a layer 1 blockchain as it is built on existing blockchain systems, with Ethereum and Cardano as its major partners. SingularityNET benefits from the security and decentralization features inherent in already-established blockchains.
AGIX tokens are available for purchase on many cryptocurrency exchanges. Binance and KuCoin are two notable platforms that have traditionally enabled AGIX trading. Users can trade AGIX straight from their Ethereum wallets using Uniswap, a decentralized exchange (DEX) on the Ethereum blockchain.
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