SingularityNET

  • Cryptoasset Report
  • October 22, 2018

SingularityNet intends to offer a distributed marketplace for machine learning datasets and related computational services.

Overview

The SingularityNet team’s grand aim is to facilitate a distributed Artificial General Intelligence. Organizations currently control the requisite data in a highly centralized manner, resulting in inefficiencies. Singularity hopes to eliminate these inefficiencies, as well as expand the availability and impact of machine learning expertise and AI algorithms. Other factors add to the challenge of developing a distributed AI. Academics face difficulties monetizing AI research, and much publically available AI and ML code requires significant technical competency to configure and install, making it narrowly-out-of-reach to would be developers. SingularityNET hopes to address these factors as well. A DApp designed to act as a portal into the AI services marketplace is currently in Alpha testing. A reputation system, curation markets, and a liquid democracy governance structure are all slated for later phases of development. The SingularityNET’s CEO and chief scientist, Ben Goertzel, also holds the post of chief scientist at Hanson Robotics, whom supports SingularityNET’s development team.

Project Details

SingularityNET’s open source platform aims to lower development costs by improving the means for trading developers machine learning algorithms and any associated dataseeking. The platform marketplace aims to enable better collaboration amongst the global community of Machine Learning algorithm utilisers and AI researchers, and to decrease redundant developments. Algorithms contributed to the SingularityNET platform can be re-deployed in other user’s programs, for a fee. AGI pricing oracles, which determine the appropriate price for the AGI token and AI services generally, will play a crucial role in this system.

On the peer-to-peer SingularityNET network, nodes are known as Agents. Agents are equipped with blockchain clients and the software to run processes supporting AI services. AI technology is separable from smart contract operation in this configuration, thereby making the network more scalable since computationally dense ML/AI type processing is not repeated by every node comprising a global computer. Developers working with SingularityNET onboard by connecting APIs, which facilitate interoperability among agents within the network, and between an individual Agent and the blockchain. In recognition of Ethereum’s limitations, especially pertaining to scalability SingularityNET has begun to explore integration with the TODA network, having released an initial prototype in the event that upgrades to Ethereum that are necessary for the iteration of SingularityNET do not materialize in time.

The project released its initial beta platform in February 2019 with two subsequent beta releases later in the year as well as initiating its fiat-to-crypto gateway service, highlighted by the integration of PayPal in November, something which SingularityNET sees as crucial to mainstream adoption of the platform. In an attempt to develop and decentralize its governance system, the project witnessed the election by AGI token holders of its Supervisory Council that is intended to work alongside the Board of Directors and Foundation’s Board of Governors.

Asset Details

The AGI token, an ERC20 token on the Ethereum blockchain, is used to buy and sell AI services through the SinglarityNET dApp. Data, including pre-processed datasets, can be accessed by the exchange of the AGI token. AGI tokens also contribute to a user’s reputation score in two ways; first, a basic reputation score is assigned per-task based on the amount of AGI exchanged; second, the network plans to support staking based reputation whereby, independently of any specific task, users lock tokens up, thus bolstering the agent’s reputation. Users will be rewarded in proportion to the improved reputation of the agent on which they stake AGI. Beyond this, the project is also in the process of implementing liquidity staking designed to augment the already and still-to-be integrated crypto and fiat gateways. To ensure that there is sufficient AGI liquidity to which fiat currency can be converted, the new staking model attempts to incentivize AGI holders to lock-up their tokens and receive proportional rewards paid in AGI so that gateway operators can convert fiat to AGI seamlessly. The genesis contract for SingularityNET will see one billion tokens minted. Inflation based rewards will be distributed in proportion to reputation. Initially, in the first two years of the project, minor decisions will be put to a vote amongst token holders, where a gross majority will hold decision making power. Further down the line, major decisions will also require approval from 51% of the AGI in circulation, in addition to approval from the foundation.