Spent all week accumulating SingularityNET (AGI) tokens!
So two months ago I wrote about SingularityNET's Token Generation Event. I didn't manage to get into the TGE / ICO event, unfortunately. But on the day of token release on the markets with an almost instant 10x valuation, I went on a FUD campaign on Tidex Exchange's trollbox just to get weak hands to sell. It proved to be a tiring process so I bought some around $1.00-$1.80 for the FOMO, and just laddered down my buys from $1.00 and below.
It has since dropped to ~$0.63 and now on its way to ~$0.90, triggering some pending buys. With a total supply of 1 billion coins, SingularityNET is currently enjoying a network value of ~$1 billion dollars, which I think could only go higher in time. Just quite bullish on what looks like a good project.
Being someone who has been involved in artificial intelligence (computer vision) back in the late 2000s, SingularityNET is certainly looking like a project that's ticking all the check-boxes. Let's first dive into the abstract of the whitepaper:-
The value and power of Artificial Intelligence is growing dramatically every year, and will soon dominate the internet – and the economy as a whole. However, AI tools today are fragmented by a closed development environment; most are developed by one company to perform one task, and there is no way to plug two tools together. SingularityNET aims to become the key protocol for networking AI and machine learning tools to form a coordinated Artificial General Intelligence.
SingularityNET is an open-source protocol and collection of smart contracts for a decentralized market of coordinated AI services. Within this framework, the benefits of AI become a global commons infrastructure for the benefit of all; anyone can access AI tech or become a stakeholder in its development. Anyone can add an AI/machine learning service to SingularityNET for use by the network, and receive network payment
tokens in exchange.
SingularityNET is backed by the SingularityNET Foundation, which operates on a belief that the benefits of AI should not be dominated by any small set of powerful institutions, but shared by all. A key goal of SingularityNET is to ensure the technology is benevolent according to human standards, and the network is designed to incentivize and reward beneficial players.
I'm not going into the technicalities, but I would like to lay out, in point-form, some of the reasons why I've been accumulating SingularityNET's AGI tokens:-
Back when I got into Ethereum, I had the rough idea that anyone would be able to deploy economic agents in form of autonomous smart contracts, paying for their own bills and working to bring value to their owners. Well, SingularityNET's decentralized, open market and inter-network for AIs seems to fit that vision perfectly.
The free market for AGIs could accelerate the speed of progress much faster than the history of mankind, unrestrained by physical limitations. Just like human beings, AGI agents could interact and learn from each other in their own economy.
SingularityNET spans both technical and influential communities, including Sophia, the humanoid built by Hanson Robotics. Personally, I think the manifestation of AGI in the form of a humanoid like Sophia could make her an important figure in the world stage as time goes on.
Access into complex AI services in the future. The value of AGI might follow suit as Artificial General Intelligence matures over the years, becoming better problem-solving agents.
AI designers / programmers are incentivised to share their agents on the network.
You might've seen Weiss Ratings giving a maximum of B rating for the likes of Steem, EOS, Ethereum, NEO, and Cardano, in which three of them are at the top of my portfolio. Good validation.. but where are the A ratings? It doesn't really matter, but they might have missed the likes of SingularityNET and Idni Agoras. After studying these projects over the past month, I frankly think they're fundamental game-changers just like Steem.
One thing's for sure, I'll continue buying on the way down if the market decides the tokens are too expensive at the moment. Definitely risky because the project is a huge undertaking, but I'm expecting it to fly like all exponential technologies do once it starts working.