What Is SingularityNET (AGIX)?
AGIX is the native token of SingularityNET, which is a blockchain-based marketplace for artificial intelligence technologies. The platform is dedicated to both – AI technology developers, who want to sell their products, and AI enthusiasts, who want to buy them. Besides, it even allows buyers to test the products before paying for them. If you looked at the SingularityNET price chart above, you could see the live AGIX price.
Moving on, the platform offers the Request for AI portal (RFAI). It allows users to request specific types of AI tools, which might not be available on the SingularityNET marketplace. The developers who fill these requests get AGIX tokens as rewards.
The SingularityNET crypto project is especially known for the development of Sophia, which is a human-like robot. Sophia is controlled by a variety of AI Agents. They range from controlling physical motor functions to the processing of natural language. In fact, Sophia is often referred to as the “world’s most expressive robot.”
In order to make Sophia’s AI system as intelligent as possible, SingularityNET utilizes the OpenCog architecture. It's a framework for robot and virtual embodied cognition that describes a set of interrelated components intended to develop artificial general intelligence (AGI). AGI essentially is an AI that reaches human-like intelligence.
The Founders of SingularityNET
The SingularityNET crypto project was founded in 2017 by Dr. Ben Goertzel, Simone Giacomelli, and Dr. David Hanson.
Dr. Ben Goertzel is a cognitive scientist and a well-known artificial intelligence researcher. In fact, he contributed a lot to popularizing the concept of artificial general intelligence (AGI). Apart from being the founder and the CEO of SingularityNET, Goertzel is also a chairman at the OpenCog Foundation, the AGI Society, and Humanity+.
Dr. David Hanson has a degree in film, animation, interactive arts and engineering. He is a roboticist who focuses on developing human-like robots. In the past he worked as a sculptor, designer, and roboticist at Disney, Universal Studios, and MTV. Besides co-founding SingularityNET, he also founded Hanson Robotics, Human Emulation Robotics, and Initiative for Awakening Machines.
Simone Giacomelli has a degree in business administration. He is an entrepreneur and investor. Prior to co-founding SingularityNET, Giacomelli worked as a researcher at the Institute for Data Driven Design. Besides that, he was a partner of Cryptodex and he also founded Vulpem.
The Purpose of AGIX tokens
AGIX is an ERC-20 token that is the driving force behind the SingularityNET platform. The main use cases of the SingularityNET coins are:
- Making transactions within the SingularityNET ecosystem.
- Rewarding users for contributing to the network. For example, as mentioned before, AI developers are rewarded for filling requests on RFAI.
- Participating in the governance process of the SingularityNET project through its Enhancement Proposal (SNEP) feature.
- Staking AGIX tokens in order to generate staking rewards.
AGIX tokens are secured via the Proof-of-Work (PoW) consensus mechanisms. How does it work? Essentially, there’s a network of miners who have to solve difficult mathematical equations in order to confirm transactions and create new blocks.
Besides, don't forget to check out the SingularityNET price chart.
Tokenomics of AGIX
The AGIX tokens are deflationary since they have a max supply of 2 billion tokens. Once the circulating supply reaches the max supply, it’s likely that the AGIX price might increase. Though you must understand that, just as the value of AGIX might increase, it can also decrease. This would usually be the case due to the fluctuations of the whole crypto market, which have an impact on the SingularityNET price alongside many other token values.
The initial coin offering (ICO) of AGIX tokens took place in 2017. During the ICO, 50% of the total AGIX supply was sold generating $36 million. In fact, it only took 1 minute for the ICO to sell all the tokens out. The remaining half of the supply is dedicated to early developers, partners, core team members, security bounties, and the SingularityNET foundation.
