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SingularityNET (AGI) rallies 1,000% as industries aim to merge AI with blockchain



The web has reshaped society over the previous 40 years, and specialists are predicting that digital applied sciences and synthetic intelligence will proceed to remodel how people work together with information for the foreseeable future.

One AI-focused cryptocurrency mission that has seen super progress for the reason that starting of 2021 is SingularityNET and its proficient humanoid robotic named Sophia.

AI builders can make the most of the SingularityNET platform to create, share and monetize their companies by way of its AI market, which permits customers to browse, check and buy these companies utilizing SingularityNET’s native AGI token.

Information from Cointelegraph Markets and TradingView reveals that the value of AGI rose by almost 1,000% in 2021, rising from a low of $0.046 on Jan. 1 to a excessive at $0.50 on April 6, its highest degree since February 2018.

AGI/USDT 4-hour chart. Supply: TradingView

Three causes for AGI’s spectacular rally over the previous few months are the expansion of its cross-chain collaboration with Cardano, its entrance into the decentralized finance area and the discharge of SingularityNET Layer 2 (SL2), which allows the creation of tokens on high of the SingularityNET platform.

DeFi and the SingularityDAO

DeFi has emerged as a potent supply of progress for the cryptocurrency ecosystem ever for the reason that sector exploded in June 2020 when tasks like Uniswap and started to reshape the business.

SingularityDAO was first revealed in November 2020 with the mission of facilitating the expansion and funding for early- and mid-stage blockchain tasks by “leveraging AI and well-designed tokenomics to create radically more liquidity for the corresponding tokens,” in accordance to the mission’s web site.

This DeFi-related exercise alongside with providing the flexibility for AGI holders to take part in platform governance, community safety and earn a yield by way of staking helped the token rally all through January and February.

The robotic Sophia additionally captured a number of the nonfungible token (NFT) hype for AGI in March after changing into the world’s first artificially clever being to create NFT-based artworks, and the merchandise generated greater than $1 million in gross sales throughout her debut drop on Nifty Gateway.

AGI ecosystem expands by way of Cardano

The second supply of progress for AGI and its ecosystem has been its partnership with Cardano and IOHK, the corporate backing the event and growth of the Cardano community.

Builders at SingularityNET not too long ago revealed plans to create a brand new AGI token on the Cardano platform, which informally has been known as AGI-ADA. This may enable tokens to be swapped forwards and backwards with their AGI ERC-20 counterpart whereas sustaining the identical worth.

The SingularityNET Market on Cardano will make the most of the protocol’s Plutus good contract language to introduce a number of recent options, together with the combination 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 maneuver forward with the section two growth and collaboration with Cardano, a majority of AGI tokenholders wanted to vote on and approve the growth, which included a movement for the creation and launch of 1 billion new AGI-ADA tokens in month-to-month increments over 91 years.

The voting interval lasted from Feb. 3 to Feb. 7, with the group in the end approving the implementation of section two.

Layer-two performance may drive AGI value larger

The introduction of SingularityNET Layer 2 is the third issue behind AGI’s progress in 2021. Its integration allows the creation of secondary agent networks on high of the SingularityNET community.

One of many main challenges dealing with the Ethereum community and the tokens function on it are excessive transaction prices and community congestion that leads to prolonged affirmation occasions.

By constructing on SL2, networks may create their very own tokens, which would require a small price in AGI to conduct transactions at a fee that’s less expensive than Ethereum fuel charges.

A number of in style tasks on the community are already slated to turn out to be the primary SL2 tasks, such as SingularityDAO and NuNet, with newer tasks together with Awakening Well being nursing assistant robots and the SophiaDAO benevolent robotics AI community, which can be in line for integration.

In accordance to the SingularityNET Basis, these tasks are only a approach to get the SL2 “off to a operating begin,” with the group aiming to “stimulate the creation of a variety of amazing third-party SL2 projects” that develop their communities and construct software program that helps “drive AGI token utilization in the underlying SingularityNET network.”

SingularityNET’s deal with synthetic intelligence and large information has the mission well-positioned to see additional progress, particularly as cross-chain connectivity, DeFi integration and layer-two functionalities merge with the AGI ecosystem.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph. Each funding and buying and selling transfer includes danger, and you must conduct your individual analysis when making a choice.