Artificial Intelligence (AI) is one of the most fascinating (and terrifying) industries to have skyrocketed in recent years – and it is only getting started with its growth. Not only have a ton of new AI-related organizations launched, the entire market for this type of technology is currently valued at $200 billion. That number is estimated to grow to a staggering $3.1 trillion over the next seven years, according to SingularityNET (AGI). They should know, because this company is currently working to bring AI into the blockchain era.
What is SingularityNET (AGI)?
These days, it seems like there is a cryptocurrency-based solution for every possible issue you can possibly imagine – from coins inspired by bacon to digital currencies based on Donald Trump or Vladimir Putin. There is even a Whoppercoin from Burger King in Russia.
So, of course that means there must be an AI-focused blockchain platform out there – and that’s SingularityNET (AGI). This cryptocurrency is working on a global, decentralized marketplace for AI (but not the scary kind, at least that’s what they say).
BLOG: How Humanity Can Build Benevolent Artificial Intelligence.
We don’t need to follow Hollywood’s depictions of killer robots. #AI #ArtificialIntelligence #Blockchain #Throwback #Future https://t.co/aZt89rkvGx pic.twitter.com/yqYgaffWBT
— SingularityNET (@singularity_net) February 24, 2018
This cryptocurrency only began trading about a month and a half ago, and it has already managed to put itself in the top 100 most valuable category – currently sitting in 94th place.
But it came onto the scene (behind the scenes) recently with a big, robotic media explosion. One of the biggest events in AI was the introduction of a humanoid robot called Sophia – who was famously granted citizenship by Saudi Arabia in October of 2017. It was the first robot to ever be granted citizenship by any country.
Two years ago @hansonrobotics unveiled @RealSophiaRobot at #SXSW So much has happened since then… https://t.co/XUVvW0TTXF #ArtificialIntelligence #AI #Robotics #Blockchain #Technology #Throwback pic.twitter.com/Y5LAJDDuUX
— SingularityNET (@singularity_net) February 22, 2018
Well, Sophia was actually created in part by SingularityNET – alongside Alphabet Inc (Google’s parent company) and Hanson Robotics. It flew under the radar, but this company’s participation in such a pivotal AI moment is a huge deal.
How does SingularityNET work with artificial intelligence?
You see, according to the team behind the AGI coin, there are major problems with the modern AI market: there is no way for AI to communicate with each other to coordinate processing, too much is manually completed, there is no method of finding AI services (or verify the quality of one), an it is way too expensive to use.
This makes it too complicated and pricey for regular businesses to take advantage of the technology.
What is SingularityNET’s solution? It’s a protocol that wants to solve all these complications while making AI accessible to the whole planet. It is an AI-as-a-service (have you heard that term before?) on a permissionless platform than any regular person can utilize.
This is how they say their platform will fix everything:
It’s a very innovative and futuristic project, and it seems to be getting legitimized by the AI sector (for now, at least).
This blockchain-based AI project is growing wildly
Not only was this company involved with Sophia, they have been making other big moves with new partners recently. According to SingularityNET, they have gotten “dozens” of integration opportunities with reputable blockchain organizations, research institutes, multi-national companies and leading AI developers:
“Our presentation at the 2018 World Economic Forum in Davos expanded those opportunities to some of the most influential leaders and organizations in the world. So far, we’ve been proud to announce collaborations with many impactful initiatives, including Ocean Protocol, SGInnovate, and NR Capital.”
They also just inked a deal with Nexus – the world’s first 3D-Chain.
Like IOTA (MIOTA), this coin is a long way from being attached to a functioning platform where the service is widely-used. But, we can expect that this project will keep pushing forward – and we will certainly keep our eyes on this coin’s price path.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.