The internet has changed society over the past 40 years, and experts predict that digital technology and artificial intelligence will continue to change the way people interact with data for the foreseeable future.
An AI-driven cryptocurrency project that has grown significantly since early 2021 is SingularityNET and a gifted humanoid robot called Sophia.
AI developers can use the SingularityNET platform to create, share, and monetize their services across the AI marketplace, allowing users to view, test and purchase those services using the original SingularityNET AGI token.
Data from Cointelegraph Markets and TradingView shows that the price of AGI rose nearly 1,000% in 2021, rising from a low of $ 0.046 on Jan.1 to $ 0.50 on April 6, the highest level since February 2018.
4 hour AGI / USDT chart. Source: TradingView
Three reasons for the astonishing growth of AGI in recent months are the growth of cross-network collaboration with Cardano, its entry into the decentralized financial arena, and the release of SingularityNET Layer 2 (SL2), which allows the creation of tokens on top of SingularityNET. a program.
DeFi and SingularityDAO
DeFi has been a strong source of growth for the cryptocurrency ecosystem since the sector grew sharply in June 2020 when projects like Uniswap and Yearn.finance began to reshape the industry.
SingularityDAO was first introduced in November 2020 with the mission of promoting early and mid-stage blockchain enterprise growth and financing by “leveraging artificial intelligence and well-designed tokens to radically create more liquidity for eligible tokens,” according to the project’s website.
These DeFi-related activities, combined with giving AGI holders the opportunity to participate in platform management, network security, and profit-taking from betting, contributed to the token’s surge in January and February.
Sophia’s robot also captured some non-replaceable (NFT) hype for AGI in March after it became the world’s first AI creature to create NFT-based artwork, and the products generated more than $ 1 million in sales during the first fall. At Nifty Gateway.
AGI Ecosystem expands with Cardano
Another source of growth for AGI and its ecosystem has come from partnerships with Cardano and IOHK, the company that supports the development and expansion of the Cardano network.
SingularityNET developers recently revealed plans to create a new AGI token on the Cardano platform, informally dubbed AGI-ADA. This allows the token to be exchanged back and forth with its AGI ERC-20 counterpart while maintaining the same value.
Cardano’s SingularityNET Marketplace will use the protocol smart contract language to implement a number of new features, including AI-DSL integration, “a new domain language that allows AI network agents to effectively and graphically describe their properties to each other.”
To advance the Phase 2 expansion and collaborate with Cardano, the majority of AGI token holders needed to vote and approve the expansion, which included a proposal to create and issue 1 billion AGI-ADA tokens in monthly increments of 91 years. …
The voting period ran from February 3 to 7, and the community finally agreed to implement the second phase.
Multilayer functionality could drive up the price of general AI.
SingularityNET Layer 2 is the third driver of AGI growth in 2021. Integration allows secondary agent networks to be created on top of the SingularityNET.
One of the biggest challenges for the Ethereum network, which the tokens are working on, is the high transaction costs and load on the network, which leads to long confirmation times.
Based on SL2, networks can create their own tokens, which require a small fee in AGI to complete transactions at a much cheaper rate than Ethereum’s gas fee.
Several of the popular projects on the network are set to be the first SL2 projects, such as SingularityDAO and NuNet, with newer projects including Awakening Health Nursing Assistant Robots and SophiaDAO Benevolent Robotics AI Network, which are also on the integration waiting list.
According to the SingularityNET Foundation, these projects are just a way to “get SL2 up and running,” as the organization aims to “foster the creation of a number of great third-party SL2 projects” that expand their communities and create programs that help “get started with the use of the AGI code on the backbone.” SingularityNET. ”
SingularityNET’s focus on artificial intelligence and big data allowed the project to see further growth, particularly with the integration of interconnection, DeFi integration, and tier two functions with the AGI ecosystem.