Tuesday, May 11, 2021

SingularityNET (AGI) rallies 1,000% as industries aim to merge AI with blockchain

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The web has reshaped society over the previous 40 years, and consultants are predicting that digital applied sciences and synthetic intelligence will proceed to rework how people work together with knowledge for the foreseeable future.

One AI-focused cryptocurrency challenge that has seen great progress for the reason that starting of 2021 is SingularityNET and its proficient humanoid robot named Sophia.

AI builders can make the most of the SingularityNET platform to create, share and monetize their companies via its AI market, which permits customers to browse, check and buy these companies utilizing SingularityNET’s native AGI token.

Information from Cointelegraph Markets and TradingView reveals that the worth of AGI rose by practically 1,000% in 2021, rising from a low of $0.046 on Jan. 1 to a excessive at $0.50 on April 6, its highest stage since February 2018.

AGI/USDT 4-hour chart. Supply: TradingView

Three causes for AGI’s spectacular rally over the previous few months are the expansion of its cross-chain collaboration with Cardano, its entrance into the decentralized finance enviornment and the discharge of SingularityNET Layer 2 (SL2), which allows the creation of tokens on prime of the SingularityNET platform.

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DeFi and the SingularityDAO

DeFi has emerged as a potent supply of progress for the cryptocurrency ecosystem ever for the reason that sector exploded in June 2020 when initiatives like Uniswap and Yearn.finance started to reshape the trade.

SingularityDAO was first revealed in November 2020 with the mission of facilitating the expansion and funding for early- and mid-stage blockchain initiatives by “leveraging AI and well-designed tokenomics to create radically extra liquidity for the corresponding tokens,” in line with the challenge’s web site.

This DeFi-related exercise together with providing the flexibility for AGI holders to take part in platform governance, community safety and earn a yield via staking helped the token rally all through January and February.

The robotic Sophia additionally captured a few of the nonfungible token (NFT) hype for AGI in March after turning into the world’s first artificially clever being to create NFT-based artworks, and the merchandise generated greater than $1 million in gross sales throughout her debut drop on Nifty Gateway.

AGI ecosystem expands through Cardano

The second supply of progress for AGI and its ecosystem has been its partnership with Cardano and IOHK, the corporate backing the event and enlargement of the Cardano community.

Builders at SingularityNET not too long ago revealed plans to create a brand new AGI token on the Cardano platform, which informally has been known as AGI-ADA. This can permit tokens to be swapped forwards and backwards with their AGI ERC-20 counterpart whereas sustaining the identical worth.

The SingularityNET Market on Cardano will make the most of the protocol’s Plutus sensible contract language to introduce a number of recent options, together with the combination of AI-DSL, “a brand new domain-specific language that lets AI brokers on the community effectively and formally describe their properties to one another.”

To maneuver forward with the section two enlargement and collaboration with Cardano, a majority of AGI tokenholders wanted to vote on and approve the enlargement, which included a movement for the creation and launch of 1 billion new AGI-ADA tokens in month-to-month increments over 91 years.

The voting interval lasted from Feb. 3 to Feb. 7, with the group finally approving the implementation of section two.

Layer-two performance may drive AGI worth larger

The introduction of SingularityNET Layer 2 is the third issue behind AGI’s progress in 2021. Its integration allows the creation of secondary agent networks on prime of the SingularityNET community.

One of many main challenges dealing with the Ethereum community and the tokens function on it are excessive transaction prices and community congestion that results in prolonged affirmation instances.

By constructing on SL2, networks may create their very own tokens, which would require a small price in AGI to conduct transactions at a fee that’s less expensive than Ethereum fuel charges.

A number of widespread initiatives on the community are already slated to develop into the primary SL2 initiatives, akin to SingularityDAO and NuNet, with newer initiatives together with Awakening Well being nursing assistant robots and the SophiaDAO benevolent robotics AI community, which can be in line for integration.

In accordance with the SingularityNET Basis, these initiatives are only a option to get the SL2 “off to a operating begin,” with the group aiming to “stimulate the creation of quite a lot of superb third-party SL2 initiatives” that develop their communities and construct software program that helps “drive AGI token utilization within the underlying SingularityNET community.”

SingularityNET’s give attention to synthetic intelligence and massive knowledge has the challenge well-positioned to see additional progress, particularly as cross-chain connectivity, DeFi integration and layer-two functionalities merge with the AGI ecosystem.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph. Each funding and buying and selling transfer includes danger, and it’s best to conduct your personal analysis when making a call.