Artificial Intelligence (AI) is a field that has become prominent in recent years as many companies and businesses begin to explore the potential of this future technology. More importantly, when AI technology is linked with blockchain technology through the SingularityNET (AGIX) project. So, what exactly is AGIX coin? What makes it special? Should you invest in SingularityNET (AGIX)? Let’s find out the details in the content of the article below.
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What is AGIX coin, should you invest in it?
What is AGIX coin?
AGIX is the currency of SingularityNET, a project dedicated to services related to artificial intelligence (AI). At SingularityNET, they apply Blockchain technology combined with AI to create a decentralized network, allowing people to create, share, and monetize AI services on various scales.
It can be said that SingularityNET (AGIX) is a project aimed at harnessing the power of AI and Blockchain.
Integrating these two advanced technologies will make AI a more accessible community for many people, where AI can communicate and help humans process work. SingularityNET is expected to usher in a new wave of technology, where users and tech companies around the world can sell their AI-created products and services.
Who are the founding team of SingularityNET (AGIX)?
SingularityNET was founded in 2017 by CEO Ben Goertzel, David Hanson, and Simone Giacomelli. SingularityNET was formed and developed by a team with extensive experience in AI and Blockchain. The SingularityNET development team has over 50 members, among them, Ben Goertzel and David Hanson are two prominent names contributing to the project’s success.
- Ben Goertzel: Dr. Ben leads the development team at SingularityNET and serves as CEO and chief scientist. Additionally, he is the head of the OpenCog Foundation and the Artificial Intelligence Association. Before joining SingularityNET, Ben Goertzel was the chief scientist at Hanson Robotics – the partner company supporting the SingularityNET project to become popular in the market.
- David Hanson: Dr. David Hanson is the founder of Hanson Robotics, leading the Robotics department. Also, David is directly responsible for creating Sophia, delivering the most impressive humanoid robot technology globally.
However, the most distinctive point of the team – as I mentioned above, is that they have created an AI robot called Sophia, one of the first use cases of SingularityNET. The goal is to develop Sophia into a human-level AI.
What makes SingularityNET – AGIX coin special?
Artificial intelligence – AI is one of the most advanced and developed technologies today. However, it still faces many challenges such as:
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The current AI field is quite fragmented, with AI systems around the world existing independently. There is no way for them to communicate and work together easily.
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Today’s AI technology is only built and developed by many large tech companies, by governments, or the military. Thus, it has somewhat hindered AI development and failed to utilize the potential of this technology.
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While many AI solutions perform specialized tasks very well, they lack Artificial General Intelligence (AGI).
To make these changes, the SingularityNET team has applied the power of Blockchain technology combined with artificial intelligence AI, aiming to create the world’s first open market AI-as-a-service.
To achieve this, SingularityNET has taken actions such as:
- Connecting AI from individuals, companies, and organizations with each other, bringing a common voice.
- Helping users or small companies to develop and sell their AI products to others.
- Once connected, AI can work together on the same platform, solving the problem of lacking Artificial General Intelligence (AGI).
- Creating a new wave in technology by combining both Blockchain and AI. Making it more accessible to everyone.
How does SingularityNET (AGIX) work?
Combining blockchain technology and artificial intelligence, SingularityNET can be understood as a very complex project. It is interesting to follow the project because although the initial plan was to become an AI marketplace for applications and services, the long-term goal is to create a self-organizing AI network.
If we delve into how SingularityNET operates, perhaps both you and I do not have enough knowledge to explain it. But in short, SingularityNET will build a platform where machine agents work together to meet user needs while striving to further improve the overall network.
To achieve this, the AGIX team will focus on developing the AI service market. The goal of Singularity is to launch a market for AI-related services. Specifically, the AGIX team has chosen to focus on developing three distinct areas of AI, which include:
- Cloud robotics.
- Biomedical research.
- Cybersecurity.
This market allows AI developers easy access to a platform where they can monetize their creations. Services and tools added to the market can accumulate AGIX tokens or be exchanged for other tools and services if the developer wishes.
About AGIX Token
The AGIX token is the utility token of the decentralized SingularityNET ecosystem. It was issued by SingularityNET Foundation through an ICO in 2017 – a time when many other coins were rising in price and reaching new ATHs. The project managed to reach its token distribution cap in less than 24 hours, selling 500 million AGI tokens (the token before the AGIX hard fork) and raising 32.8 million dollars. Its initial price was $0.10 per token.
Currently, AGIX is running on the Ethereum platform as an ERC20 standard token. AGIX coin is used in a few cases as follows:
- Payment: AGIX is used to pay fees for transactions and services on the platform, such as transaction fees, withdrawal fees.
- Reward: AGIX is used to reward contributors to the SingularityNET ecosystem.
Detailed information about AGIX coin:
- Token Name: Chainlink.
- Ticker: SingularityNET
- Blockchain: Ethereum.
- Token Type: Utility Token.
- Token Standard: ERC20.
- Circulating Supply: 314,198,521
- Total Supply: 1,000,000,000.
Should You Invest in SingularityNET (AGIX)?
Now that you have learned about what AGIX coin is, surely you have evaluated this project to some extent, right?
It can be said, the potential of SingularityNET (AGIX) depends on the future of Blockchain and AI. So, do you think these two technologies can develop further in the future?
Clearly, the developers behind SingularityNET believe that even in its early stages, AI technology is beginning to impact many aspects of work and human life. In today’s age, data is the backbone of all technology, but falsifying that data is not costly and very difficult to detect. How can we assess the authenticity of data in such cases? The experience and knowledge of individuals cannot decipher the fake technology created by AI. But if you add blockchain technology, anything can become tamper-proof, and this may become a fundamental, necessary technology in the near future.
SingularityNET is working on the premise that the future will see an intersection of blockchain technology and artificial intelligence. By combining these two technologies, SingularityNET will direct them towards the most sustainable development possible. Besides, it also allows AI researchers to freely innovate without being controlled by anything. The ability to interact based on blockchain will make it easier than ever for AI systems to connect with each other.
Especially in September 2020, SingularityNET announced that they had started collaborating with IOHK, the technology company founded by Charles Hoskinson and behind the Cardano blockchain. This also laid the groundwork for a hard fork that allows SingularityNET to run on the Cardano blockchain (and the token after the hard fork became AGIX, instead of AGI previously).
This is a significant step forward, as previously SingularityNET was running on the Ethereum blockchain, but SingularityNET wanted its platform to operate on multiple blockchains, starting with Cardano (Of course, they were successful).
Personally, I rate this as a very good project, owning a prominent technology, coupled with the future of artificial intelligence AI, and the creative team itself is very reputable, having successfully created the very famous robot Sophia. Therefore, you can consider long-term investment in SingularityNET (AGIX).
But from the perspective of ordinary profit-making investments, viewed under 1 year, I see that SingularityNET (AGIX) is not particularly outstanding. Because even though the technology is good, the AI field is still quite distant for many people. How long do you think it will take for AI and blockchain to truly become widespread?
In conclusion, investing in AGIX coin – rest assured that this is a good project. However, the roadmap is quite far, so consider it with a small amount of capital, as a bet on this most superior technology system.
This is all the information about AGIX coin and the SingularityNET project. What do you think about SingularityNET (AGIX)? Do you see it as having a lot of potential? If you have any questions, please leave a comment for me to know. Thank you for reading, and I wish you smart and successful investments.
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