SUMMARY

SingularityNET (ticker: AGI) is a decentralized marketplace where Artificial Intelligence application developers can deploy their services to be used by users for a wide array of applications. Users interact with the platform using a blockchain and transactions are processed using smart contracts. The public beta of the platform is built on top of the Ethereum blockchain and services can be purchased using the utility token AGI. A blockchain allows the platform to be decentralized while still retaining security and trustless transactions. The field of artificial intelligence is greatly expanding, and its applications will be greatly utilized across industries.

Team

SingularityNET is a Swiss based company founded in the Netherlands. The SingularityNET team is led by renowned computer scientist and robotics engineer Dr. Ben Goertzel. Dr. Goertzel is known for his work at Hanson Robotics where he created Sophia, the first robot in the world to be granted citizenship [1]. The sophistication of Sophia is a testament to the capabilities of Dr. Goertzel and his profound knowledge of AI utilities.  The team also includes other seasoned engineers, researchers, and business professionals totaling 58 employees at the time of writing [2].  

Sentiment analysis

  • Open source: Yes

  • Github repositories: 71

  • Github commits: 2000+

  • Telegram: 12.3k

  • Twitter: 23.8k

  • Facebook: 6.8k

  • Reddit: 3.3k

  • Blog: High Activity

Utility and Incentives

SingularityNET is creating a decentralized marketplace for AI developers to publish their applications to be used by individuals and businesses via blockchain interactions. Currently, the development of AI applications is trending towards an oligopoly-like market structure. Most AI research is concentrated between corporations, yet the applications of AI research would be utilized nearly everywhere. Currently, AI utility providers and researchers rely on corporations as trusted matchmakers to deploy their services.  The SingularityNET platform creates an inclusive ecosystem where AI services can be deployed and utilized without a trusted matchmaker like a large corporation that would normally control the entry of participants into the ecosystem. SingularityNET recognizes the importance of privacy and protects the identities of their platform participants. However, to create a safe platform, they adhere to regulatory and compliance requirements by implementing their own registry of services available on the platform and a centralized registry for services that has gone through a vetting process for the service creator and service being offered [3]. This registry allows entities that need to adhere to strict data quality standards to utilize AI services.  Furthermore, SingulairtyNET enables AI services to be designed modularly and encourage collaborative interactions with other AI services. By reducing the barriers surrounding current AI general development service, SingularityNET hopes to deliver more practical AI functionality than existing mechanisms.

The AGI token is used to access services on the SingularityNET platform. Currently, users can purchase services using the AGI token. In the future, the AGI token will grant voting rights within the network’s democratic governance system. In the initial phases, the operation of the network will be overseen by the SingularityNET foundation with the goal of the network eventually being operated deterministically through voting on issues using the democratic governance system [3].

AGI is an ERC-20 token and as a result SingularityNET uses the Ethereum network to process its transactions and secure the network. However, the team plans on eliminating their dependencies on the Ethereum blockchain and becoming a blockchain agnostic platform. As AGI is currently reliant on the Ethereum network, it is subject to the Ethereum consensus mechanism. SingularityNET plans to develop their own consensus mechanism titled Proof of Reputation which has proof of stake like reward mechanism. On the SingularityNET ecosystem developers are providing AI services to users. Services on the platform with high reputation will receive a greater amount of AGI as a reward and will be allocated more computational power. To ensure that the infrastructure is functioning as intended, SingularityNET periodically matches reputations against an evolving list of criteria to ensure high quality of service and network security. As the platform grows the team plans on utilizing a neural network to evolve the criteria considered for reputation.

Reputation also has an impact on voting privileges within the network. Agents or users below a certain threshold of reputation will not have their votes counted. With an emphasis on decentralization the ongoing improvement of the SingularityNET platform will rely on the decisions made via its democratic process and bad acting agents should not have any input. The dynamics of the platforms reputation system are still being developed and change as the platform increases in usage. Prospective users or agents would need to purchase the AGI token to use the services currently provided on the beta platform.  

Tokenomics

The SingularityNET ICO sold out on its first day, December 19th 2017, raising approximately $36 million [4].

AGI token distribution is as follows:

 • 500,000,000 (50%) = Distributed to participants of the Token Sale

 • 200,000,000 (20%) = Reserved for the Reward Pool.

 • 180,000,000 (18%) = Distributed to the founders

 • 80,000,000 (8%) = Distributed to the SingularityNET Foundation

 • 40,000,000 (4%) = Distributed to campaign supporters (i.e. bounties) 

AGI currently has a market cap of  $23.9 million and isn’t listed on many exchanges. However it is listed on two very high volume exchanges: Binance and KuCoin [5].

Market Opportunity

Currently the AI services market is fragmented and most AI research is controlled by a handful of organizations. The application of these AI services will provide an estimated between $3.4 trillion and $5.7 trillion value to these organizations [3]. SingularityNET aims to disrupt the market structure for AI services by launching their platform to provide these services in a decentralized marketplace that isn’t limited to the most powerful organizations. As AI services and research increases, the demand for these services will increase. Furthermore, as smaller organizations and individuals begin to integrate AI services into their workflows, the availability of AI applications will be imperative.

SingularityNET provides the eventual architecture that will be necessary for average users to access and utilize AI services. It’s important to note that the overall usage and application of Artificial Intelligence is not readily available but significant progress in the overall field is being made.

Current Status and adoption analysis

The SingularityNET platform has launched a public beta version of their platform. Currently they are focused on developer adoption of the platform and the usage of AI applications. Recently, SingularityNET announced a collaboration with Ping AN, a Chinese conglomerate that is currently the 10th largest public company in the world [6]. They are also releasing an updated whitepaper at the end of Q1 as development of the platform continues. The team’s current progress with platform development is positively indicative of long-term growth of the platform. Users can test out the public beta themselves provided they have the correct wallet software.

References

[1] https://www.hansonrobotics.com/sophia/

[2] https://www.linkedin.com/company/singularitynet/

[3] SingularityNET Whitepaper 2.0, February 2019

[4] https://hackernoon.com/singularitynet-ico-review-4624bc2f18d0

[5] https://coinmarketcap.com/currencies/singularitynet/#markets

[6] https://blog.singularitynet.io/singularitynet-releases-updated-roadmaps-d4aa2c0d7bc7