The web has reshaped society over the last 40 years, and professionals are predicting that virtual applied sciences and synthetic intelligence will proceed to grow to be how people have interaction with information for the foreseeable long term.
One AI-focused cryptocurrency mission that has noticed super expansion for the reason that starting of 2021 is SingularityNET and its gifted humanoid robotic named Sophia.
AI builders can make the most of the SingularityNET platform to create, percentage and monetize their products and services via its AI market, which permits customers to browse, take a look at and buy the ones products and services the use of SingularityNET’s local AGI token.
Data from Cointelegraph Markets and TradingView presentations that the cost of AGI rose through just about 1,000% in 2021, expanding from a low of $0.046 on Jan. 1 to a prime at $0.50 on April 6, its very best stage since February 2018.
AGI/USDT 4-hour chart. Source: TradingView
Three causes for AGI’s spectacular rally over the last few months are the expansion of its cross-chain collaboration with Cardano, its front into the decentralized finance area and the discharge of SingularityNET Layer 2 (SL2), which allows the introduction of tokens on most sensible of the SingularityNET platform.
DeFi and the SingularityDAO
DeFi has emerged as a potent supply of expansion for the cryptocurrency ecosystem ever for the reason that sector exploded in June 2020 when initiatives like Uniswap and Yearn.finance started to reshape the trade.
SingularityDAO was once first published in November 2020 with the project of facilitating the expansion and investment for early- and mid-stage blockchain initiatives through “leveraging AI and well-designed tokenomics to create radically more liquidity for the corresponding tokens,” in accordance to the mission’s website online.
This DeFi-related job alongside with providing the facility for AGI holders to take part in platform governance, community safety and earn a yield via staking helped the token rally all the way through January and February.
The robotic Sophia additionally captured one of the nonfungible token (NFT) hype for AGI in March after turning into the arena’s first artificially clever being to create NFT-based artistic endeavors, and the goods generated greater than $1 million in gross sales all the way through her debut drop on Nifty Gateway.
AGI ecosystem expands by the use of Cardano
The 2d supply of expansion for AGI and its ecosystem has been its partnership with Cardano and IOHK, the corporate backing the improvement and growth of the Cardano community.
Developers at SingularityNET just lately published plans to create a brand new AGI token at the Cardano platform, which informally has been known as AGI-ADA. This will permit tokens to be swapped backward and forward with their AGI ERC-20 counterpart whilst keeping up the similar worth.
The SingularityNET Marketplace on Cardano will make the most of the protocol’s Plutus good contract language to introduce a bunch of latest options, together with the mixing of AI-DSL, “a new domain-specific language that lets AI agents on the network efficiently and formally describe their properties to each other.”
To transfer forward with the section two growth and collaboration with Cardano, a majority of AGI tokenholders wanted to vote on and approve the growth, which integrated a movement for the introduction and unencumber of one billion new AGI-ADA tokens in per month increments over 91 years.
The balloting duration lasted from Feb. 3 to Feb. 7, with the neighborhood in the end approving the implementation of section two.
Layer-two capability may just force AGI worth upper
The creation of SingularityNET Layer 2 is the 3rd issue at the back of AGI’s expansion in 2021. Its integration allows the introduction of secondary agent networks on most sensible of the SingularityNET community.
One of the foremost demanding situations going through the Ethereum community and the tokens perform on it are prime transaction prices and community congestion that leads to long affirmation instances.
By development on SL2, networks may just create their very own tokens, which would require a small charge in AGI to habits transactions at a charge this is a lot inexpensive than Ethereum fuel charges.
Several standard initiatives at the community are already slated to turn out to be the primary SL2 initiatives, such as SingularityDAO and NuNet, with more moderen initiatives together with Awakening Health nursing assistant robots and the SophiaDAO benevolent robotics AI community, which may be in line for integration.
According to the SingularityNET Foundation, those initiatives are only a approach to get the SL2 “off to a running start,” with the organization aiming to “stimulate the creation of a variety of amazing third-party SL2 projects” that grow their communities and build software that helps “drive AGI token utilization in the underlying SingularityNET network.”
SingularityNET’s focus on artificial intelligence and big data has the project well-positioned to see further growth, especially as cross-chain connectivity, DeFi integration and layer-two functionalities merge with the AGI ecosystem.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.