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SingularityNET: Decentralized Marketplace for Al Raised $36 million From ICO

Successful ICO for AI Marketplace

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The Al market is growing tremendously and experts believe that it could increase to around $3.1 trillion over the next seven years from the current figure of $200 billion. However, even with these estimates, there are serious roadblocks that pose a challenge to the industry. This is where SingularityNET comes in handy. It offers companies, organizations and developers a chance to monetize Al, giving them a chance to cash in as the industry grows.

Some of the problems experienced in the Al industry include:

  • Lack of Communication – There isn’t a clear method of communication or coordinated processing of data. Everything has to be handled manually, which makes it expensive.
  • Ni Al Discovery – Finding Al services and determining the quality of the service without necessarily using it is very difficult – something that creates unnecessary risks
  • Costly to Use – Only a few individuals are able to create Al, introduce it to the market and connect others. This makes it complicated, not to mention costly for most organizations.

SingularityNET: The Solution to Al’s Problems

In order to offer a long-lasting solution to challenges threatening the growth of Al, SingularityNET has stated its aim to enable people to use Al services easily. Here’s how the software is designed to solve the issues:

  • Enable Communication Through Al Wrapping –  By wrapping each Al algorithm, SingularityNET creates a simple protocol, allowing easy exchange of data as well as processes between Al. This solves the communication problem.
  • Better Global Economy – Al-to-Al economy takes a new shape on the SingularityNET market as anyone can discover Al services and purchase them.
  • Automation –SingularityNET makes it easy to link Al services together, offering automation at low costs.

The AGI (Artificial General Intelligence) Token

In order to power the idea of SingularityNET, the developers have come up with the idea of engaging investors to raise funds through the AGI token. It makes the decentralized venture possible, allowing the company to quantify the value Al agents bring to the market. According to the company blog, the ICO was sold out within 66 seconds of going public, raising $36 million for the company behind the ambitious project.

The token makes global payments possible, giving a chance to anyone interested in exchanging Al services on a global scale to make it happen without exclusion or censorship. The AGI token also incentivizes  network participation, allowing Al services to be discovered, as well as the general improvement of the network.

What do you think about the idea to disrupt the Al industry by SingularityNET? Will this help Al services become more discoverable, and help the industry reach its goal of $3.1 trillion by 2025? Let’s hear what you think.

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