SingularityNET token price has increased more than 700% in the past one month and more than 130% in past one week. Moreover, the cryptocurrency’s trading volumes have more than doubled in the past 24 hours.
The cryptocurrency enjoys over $850 Billion in market cap. It has a net circulating supply of 2 Billion tokens and a current circulation of 1.2 Billion tokens.
What is SingularityNET?
SingularityNET is an decentralized AI marketplace. It wants to opensource the Artificial General Intelligence, the common application of AI to help build a foundation for an advanced human-level AI.
Currently the project is building a Library of AI algorithms and a Decentralized Marketplace. Anyone can use those libraries to integrate them into their own systems. They also provide tools for creating, editing and managing AI services.
The project is currently on Ethereum and Cardano Blockchains. The smart contract addresses are:
- Ethereum: 0x5B7533812759B45C2B44C19e320ba2cD2681b542
- Cardano: f43a62fdc3965df486de8a0d32fe800963589c41b38946602a0dc53541474958
Why is it Booming?
It is booming because of recent corporate interest in AI projects.
The project benefits from the response that everyone gave for ChatGPT which is now being valued at $20 Billion+ with Microsoft in advanced talks to acquire a 49.5% stake (for $10 Billion) in the platform. Google similarly has invested $300 Million in an AI platform called Anthropic to boost its search engine capabilities.
However, these investments also show that you need big money to venture into AI technologies much akin to traditionally Govt-controlled fiat currencies. However, that monopoly broke with the advent of cryptocurrencies, especially Bitcoin.
SingularityNET aims to bring decentralization in AI. Rather than working in silos, small developers and businesses can join hands to develop advanced AI algorithms that can challenge bit corporate AI platforms like ChatGPT. This will create an ecosystem much like Wikipedia and Bitcoin.
Since many projects that were once promising turned out to be large scams. A certain exchange which was in Global Top 5 Crypto exchanges went bankrupt with billions of investor assets gone.
We want to check SingularityNET based a few checks such as,
- Team Details
- Genuinity of Community
- Blog Activity
- Social Media Activity
- Genuinity of Platform
- Token History
- Token Holder Wallets
- GitHub Activity
The team is led by CEO Ben Goertzel who is also the chief scientist for the platform. Ben started his career first as a professor in various universities and colleges and later got involved in Artificial Intelligence.
David Hanson is the co-founder. He is also the CEO of Hanson Robotics which is involved in creating humanoid robots powered by AI.
Ben has been a chief scientist from 2015-2019 at Hanson Robotics.
Mario Casiraghi, is a co-founder and also the Head of Crypto at SingularityNET. He is also a founder in SingularityDAO labs. He has worked as strategic advisor and also has worked with Bank of America Merril Lynch.
Janet Adams is the Chief Operating Officer. She comes from a financial background and has worked with the HSBC Bank as the Global Head of Conduct.
Matthew Ikle is the Chief AI Officer. He has been a professor at Adams State University from 1996 to 2020. He has earlier worked with Ben in Aidyia Limited, a now defunct company.
Sridhar Kolapalli was the Chief Blockchain Officer. However, he has now left the firm in Dec 2022. He has worked 17 years with Honeywell Automation. There is no update as who is the current Chief Blockchain Officer.
Genuinity of Social Media
SingularityNET has been constantly active on Twitter since October 2017. They also have active accounts on Facebook, LinkedIn, Instagram and YouTube.
The blog has been active since October 2, 2020 and has been consistent in posting with an average of 2 to 5 posts monthly. The first post was done by Ben Goertzel himself.
The blog also checks out as genuine.
Genuinity of Platform
The platform is genuine with active staking portals and bridges available to get your Ethereum and convert it into AGIX Token.
The token has been trading since Jan 20, 2018. The introductory price was $1.49, however the price crashed down to 1 cent in March 23, 2020 during the onset of COVID. It recovered in 2021 but could not cross $0.63 (June 2021).
The token price began surging on Jan 9, 2023 when it was trading at $0.04. Since then it has increased to more than 10x within a month.
On Chain Analysis
The token has 40,647 unique addresses at the time of writing this article(Feb 02, 2023).
Three addresses control about 40% of the active token supply. These addresses, if they belong to SingularityNET, might sell because the Token has appreciated by about 1000%.
SingularityNET GitHub account has been active over the past few years with 144 repositories and 5 active contributors. Here are 3 active respositories.
Result of Analysis
Overall SingularityNET seems to be a genuine project with verified team, verified GitHub repositories, active social medias and blogs, etc. Invest at own risk.