SingularityNET

<blockquote>The AI frenzy brought by ChatGPT recently has swept many AI projects, and SingularityNET is one of them. Its transaction volume has grown nearly 700x compared to 3 months ago. What is SingularityNET? What makes it special? Let&#39;s find out together.</blockquote><h2 id="header-0">What is SingularityNET?</h2><a href="https://tokeninsight.com/en/coins/singularitynet/overview" rel="noopener noreferrer nofollow">SingularityNET</a> is a decentralized <a href="https://tokeninsight.com/en/cryptocurrencies?tag&#61;AI" rel="noopener noreferrer nofollow">AI</a> service marketplace built on <a href="https://tokeninsight.com/en/coins/ethereum/overview" rel="noopener noreferrer nofollow">Ethereum</a> and <a href="https://tokeninsight.com/en/coins/cardano/overview" rel="noopener noreferrer nofollow">Cardano</a>. Its creator is <a href="https://goertzel.org/" rel="noopener noreferrer nofollow">Dr. Ben Goertzel</a>, one of the core developers of the famous intelligent humanoid robot Sophia.SingularityNET is a marketplace for AI service developers and users. Developers can publish their services on the SingularityNET network to earn income, while users can integrate services into their own websites, applications, or other products through the SingularityNET marketplace. Services cover multiple areas such as images, videos, speech, text, and bio-AI and are priced by developers. Most services offer free demos and a limited number of free API calls. SingularityNET does not charge any fees. Currently, there are 76 services published on SingularityNET.SingularityNET is based on AI-Domain Specific Language (DSL) and OpenCog Hyperon.<ul><li>AI-Domain Specific Language (DSL) is an AI agent network with deep organizational capabilities. It can help SingularityNET read/manage task instructions and autonomously execute them. For example, if a user&#39;s request is to summarize embedded videos on a webpage, DSL would send requests to service A and service B. Service A is responsible for analyzing and transcribing the video, while service B is responsible for summarizing the text. Then, DSL would pay A and B to execute the task, thus fulfilling the user&#39;s needs.</li><li>OpenCog Hyperon is an open-source general artificial intelligence (AGI) system based on OpenCog and is also one of the core technologies of the SingularityNET network. It has different AI strategies and methods such as Neuro Symbolic AI, Evolutionary Learning systems, Machine Learning, etc. These AI strategies can collaborate with each other to help SingularityNET execute complex transactional commands.</li></ul><h2 id="header-1">What Is TokenInsight&#39;s Rating for SingularityNET?</h2>TokenInsight has rated SingularityNET&#39;s current performance with a BBB and a stable outlook. It ranks top on the list of AI-related projects. Ratings of other AI-related projects: <a href="https://tokeninsight.com/en/coins/fetch-ai/overview" rel="noopener noreferrer nofollow">Fetch.ai (B)</a>, <a href="https://tokeninsight.com/en/coins/ocean-protocol/overview" rel="noopener noreferrer nofollow">Ocean Protocol (BBB)</a>, etc.The breakdown of the rating results is scored as follows.<ul><li>Underlying Technology &amp; Security 74.85%</li><li>Roadmap &amp; Progress 78.33%</li><li>Token Economics 51.67%</li><li>Token Performance 66.4%</li><li>Ecosystem Development 52.85%</li><li>Team, Partners &amp; Investors 77%</li></ul><img src="https://tokeninsight.feishu.cn/space/api/box/stream/download/asynccode/?code&#61;NWJhNzRiYjc5N2YxNTgzYTMyMjA2OTM3MDBmZWY4YTZfY2sySlp5U1o2MUM1bUhoOGhtY0I1bm9DNFBRa1RnamNfVG9rZW46Ym94Y24xdHlFV0Z0R1RoU1lqM2pUSWNNWWdjXzE2NzgwNjg4NDE6MTY3ODA3MjQ0MV9WNA" /><img src="https://tokeninsight.feishu.cn/space/api/box/stream/download/asynccode/?code&#61;ZGU2OTVjY2Y3NWExNmUxNDNkODZjMjU5MTg3YjIzZjlfYXBONnBCYUFnQUJ5dHBTOWFsbjJnNDdycGZqcVplRzRfVG9rZW46Ym94Y25vWXFHQnB1WHFCczEzTVg3T091cHlkXzE2NzgwNjg4NDE6MTY3ODA3MjQ0MV9WNA" /><h2 id="header-2">Underlying Technology &amp; Security (74.85%)</h2>SingularityNET has publicly released its official code repository on <a href="https://github.com/singnet" rel="noopener noreferrer nofollow">Github</a>. The open-source code includes smart contracts, service interaction command-line interface (CLI), service adapter daemon, and other related technical documentation.As of March 2023, SingularityNET has conducted two <a href="https://consensys.github.io/blockchainSecurityDB/projects/singularitynet/" rel="noopener noreferrer nofollow">code audits</a>, including its platform smart contract code and service request code. Both reports were completed by Solidified. However, these two audits occurred in February 2019, which was four years ago. According to the report results, one major security vulnerability and five minor security vulnerabilities were discovered during the audits, and the current fixing status is unknown.Additionally, SingularityNET has also <a href="https://hacken.io/network/hacken-joins-singularitynet-to-enhance-ai-powered-cybersecurity-ff602897a0c6/" rel="noopener noreferrer nofollow">partnered with Hacken to launch a bug bounty program</a>. As of March 2023, SingularityNET has not experienced any security crises yet.<h2 id="header-3">Roadmap &amp; Progress (78.33%)</h2>SingularityNET officially <a href="https://blog.singularitynet.io/the-birth-of-decentralized-ai-bb82f638a497" rel="noopener noreferrer nofollow">launched the beta version of its mainnet</a> on March 1, 2019, and <a href="https://medium.com/singularitynet/the-singularitynet-publisher-portal-open-beta-41eba3bee56e" rel="noopener noreferrer nofollow">opened the platform developer portal</a> in April 2020. SingularityNET has announced its project milestones since 2022 and the future development roadmap for 2023 on its official website, along with quarterly operational updates. According to its roadmap, SingularityNET&#39;s plans for 2023 mainly involve technology and the ecosystem. The planned activities include technical optimizations, collaboration with Cardano to develop more service use cases and establishing partnerships with more AI services.<img src="https://tokeninsight.feishu.cn/space/api/box/stream/download/asynccode/?code&#61;ZWQyZGJmNDY2MDQyZjVlZjMzYTU5ZTJjNjIwMWJjY2FfQWdJbTBUbE9QRmI1aUR2UU1YVkxGaUZKRnhDS251SHRfVG9rZW46Ym94Y241ZXNPa3dpMGdDeXR0cG5Xd21xZ1FlXzE2NzgwNjg4NDE6MTY3ODA3MjQ0MV9WNA" /><img src="https://tokeninsight.feishu.cn/space/api/box/stream/download/asynccode/?code&#61;MTM3MWIyZDVmMDYwOTk3MWE2ZGZhMDZhYzBjZjkxODRfeXkzblNEbGRwQ0RleHVCMUUzblV3UXBlVnVINmg4dk5fVG9rZW46Ym94Y25BbTFUcU5OMFFMMk1PWndXekptMDJkXzE2NzgwNjg4NDE6MTY3ODA3MjQ0MV9WNA" />Source: <a href="https://singularitynet.io/roadmap/" rel="noopener noreferrer nofollow">SingularityNET Roadmap</a><h2 id="header-4">Token Economics (51.67%)</h2>The original native token of SingularityNET, $AGI, was launched on Ethereum in January 2018 with a maximum supply of 1 billion. In May 2021, SingularityNET announced <a href="https://blog.singularitynet.io/singularitynet-phase-ii-launch-sequence-activated-agi-token-to-be-hard-forked-to-10ede4b6c89" rel="noopener noreferrer nofollow">a hard fork of $AGI into $AGIX, which is compatible with Cardano</a>, and increased the maximum supply to 2 billion. $AGIX was airdropped to all $AGI holders at a 1:1 ratio. As of now, all $AGI has been converted to $AGIX and is no longer traded.According to SingularityNET, there are 2 main usages for $AGIX:<ul><li>Payment for services: Developers use $AGIX as a service fee to earn income.</li><li>Staking: $AGIX holders can stake their tokens to earn staking rewards. The staking session is 30 days. After 30 days, users can choose to continue staking their tokens or redeem them together with the rewards.</li></ul>According to SingularityNET&#39;s distribution plan, 50% of the initial supply of $AGI will be distributed through token public sales. 46% will be distributed to core team members, early contributors, partners, and SingularityNET Foundation. The tokens allocated to the core team will be fully unlocked after 2 years. The remaining 4% will be used for future bug bounty programs. The specific distribution and vesting plan are as follows:<img src="https://tokeninsight.feishu.cn/space/api/box/stream/download/asynccode/?code&#61;MTMzMDMyMzc3OTllNTZhYjBiNjQ3NWY2YTMxODViMDBfdEZhenB5TlpVZUsxaldmV1NZcVdQVGpUUjhzSE5pOFVfVG9rZW46Ym94Y25kd3FzTFBYM01XelhRNExhUXNDMG9kXzE2NzgwNjg4NDE6MTY3ODA3MjQ0MV9WNA" />$AGIX Distribution Plan, Source: <a href="https://tokeninsight.com/en/coins/singularitynet/tokenomics" rel="noopener noreferrer nofollow">SingularityNET&#39;s details page on TokenInsight</a><h2 id="header-5">Token Performance (66.4%)</h2><a href="https://tokeninsight.com/en/coins/singularitynet/overview" rel="noopener noreferrer nofollow">$AGIX</a> (formerly $AGI) was officially launched in January 2018. As of March 2, 2023, $AGIX has been listed on multiple exchanges, including <a href="https://tokeninsight.com/en/exchanges/binance" rel="noopener noreferrer nofollow">Binance</a>, <a href="https://tokeninsight.com/en/exchanges/gate-io" rel="noopener noreferrer nofollow">Gate.io</a>, <a href="https://tokeninsight.com/en/exchanges/kucoin" rel="noopener noreferrer nofollow">Kucoin</a>, and <a href="https://tokeninsight.com/en/exchanges/uniswap-v3" rel="noopener noreferrer nofollow">Uniswap V3</a>. According to data from TokenInsight, the 24h volume of $AGIX is around $200 million, with $AGIX on Binance accounting for the highest volume 70% of the total trading volume.The price of $AGIX reached a high of $0.95 in the early days of its launch. However, its price trended downwards over the following months, hitting a low of $0.01 in 2020, representing a drop of almost 98% from ATH. In January 2023, the price of $AGIX rapidly rose due to the AI craze sparked by ChatGPT and is currently stable at around $0.55, with an increase of almost 13x compared to 3 months ago.In terms of trading volume, the 24-hour spot volume of $AGIX has risen from $700,000 (as of December 2, 2022) to a maximum of $500 million (as of February 28, 2023) over the past 90 days, with an increase of almost 700x compared to 3 months ago.<img src="https://tokeninsight.feishu.cn/space/api/box/stream/download/asynccode/?code&#61;MjU4OGJjZTQwZDE2YzA2OWYwZjE5ZTY2NzIwMmMyNzRfeFRhQjV2cWdmTExPSWJ4OG9EeVFKRGNFQ1VuRk0wTDhfVG9rZW46Ym94Y25OcDZacXlXem1MUzBlTXlKZWJIUVVjXzE2NzgwNjg4NDE6MTY3ODA3MjQ0MV9WNA" /><h2 id="header-6">Ecosystem Development (52.85%)</h2>SingularityNET currently operates accounts on multiple social media platforms such as Twitter, Telegram, Discord, and Reddit. It has the largest number of followers on Twitter, with about 100,000 people. According to its tweet dynamics, SingularityNET&#39;s average number of likes on Twitter is around 200, and the tweet frequency is relatively high, making it relatively active.According to the information disclosed on the SingularityNET official website, there are currently 13 AI spin-off projects in <a href="https://singularitynet.io/ecosystem/" rel="noopener noreferrer nofollow">SingularityNET ecosystem</a>, including DeFi, Robotics, Biotech, Gaming/Media, Arts/Entertainment, and Enterprise-level AI. These projects provide AI services and $AGIX use cases for SingularityNET.<img src="https://tokeninsight.feishu.cn/space/api/box/stream/download/asynccode/?code&#61;NDBhYjMxZTVlNjc2YzM3ZThjODdjNmNiM2QxOWM3MmZfS0JyTm1YRUVmc1dDRnI2WXFLT0x3MkZSckk4TVIybExfVG9rZW46Ym94Y25BZWFOS1lHY3BQdmRmc2FqRjRyS2JiXzE2NzgwNjg4NDE6MTY3ODA3MjQ0MV9WNA" />Source: <a href="https://singularitynet.io/ecosystem/" rel="noopener noreferrer nofollow">SingularityNET Ecosystem Overview</a>SingularityNET has established a funding program, <a href="https://deepfunding.ai/" rel="noopener noreferrer nofollow">Deep Funding</a> for projects within its ecosystem. Currently, nearly 60 AI-related projects have participated in this funding program. According to the disclosed information of the program, SingularityNET has completed one round of funding, with a total funding amount of $1 million and 12 projects receiving awards. The second round of funding started on December 14, 2022, and is currently ongoing. The total planned funding amount is $500,000 and comes with a community reward of 100,000 $AGIX.<h3 id="major-projects">Major Projects</h3>NuNetNuNet is a decentralized distributed computing network that provides computing and storage capabilities to blockchains. SingularityNET developers can use NuNet&#39;s API to provide computing and storage support for their services.HypercycleHyperCycle is a Layer2 blockchain that exists as a sidechain of Cardano. It is built using Cardano&#39;s Hydra sidechain framework and SingularityNET&#39;s Proof Of Reputation-PoR consensus mechanism, providing scalable infrastructure services for artificial intelligence applications on SingularityNET.Rejuve.AIRejuve.AI is an AI-driven decentralized medical data network. Researchers can share medical data and models used for medical research on Rejuve.AI and earn revenue by providing them. Rejuve.AI can analyze users&#39; data and evaluate their health status using AI systems to provide them with medical advice.<h2 id="header-7">Closing Thoughts</h2>In general, SingularityNET has a relatively mature technology background and development experience among many AI projects. Its core technology, the OpenCog Hyperon AI system, was established in 2008 and has had nearly 15 years of development time. SingularityNET, as an AI service marketplace built on the basis of OpenCog Hyperon, has strong transaction command analysis and execution capabilities. Its zero transaction fee feature has also attracted many AI service providers and users. Additionally, SingularityNET&#39;s ecosystem is relatively complete, with AI spin-off projects covering multiple fields that can provide support for the SingularityNET network.On the other hand, while SingularityNET&#39;s native token $AGIX has risen rapidly due to the previous AI boom, its price volatility is high, with the ATH price differing by almost 98% from the lowest price. The trading volume of $AGIX also rose rapidly due to the previous impact, but it has remained relatively low for the past 4 years, and liquidity is relatively poor. Therefore, it is questionable whether SingularityNET can maintain an upward trend after the AI crazy subsides. Moreover, in order to stand out among many AI projects, SingularityNET may need to increase the uniqueness of its products and add more use cases to attract more liquidity in the future, in addition to focusing on the development of its technology and ecosystem.Based on the above information, TokenInsight has assigned SingularityNET a BBB rating with a stable outlook.Read the original article at: https://tokeninsight.com/en/research/analysts-pick/what-is-singularitynet-unleashing-the-power-of-ai-ratings-analysisShare it if you found our content insightul&#x1faf6;&#x1f3fe;Follow us for more and stay ahead in crypto&#x1f3ce;️

What is SingularityNET? Unleashing the Power of AI - Ratings & Analysis

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