The value and power of Artificial Intelligence is growing dramatically every year, and will soon dominate the internet – and the economy as a whole. However, AI tools today are fragmented by a closed development environment; most are developed by one company to perform one task, and there is no way to plug two tools together. SingularityNET aims to become the key protocol for networking AI and machine learning tools to form a coordinated Artificial General Intelligence.
SingularityNET is an open-source protocol and collection of smart contracts for a decentralized market of coordinated AI services. Within this framework, the benefits of AI become a global commons infrastructure for the benefit of all; anyone can access AI tech or become a stakeholder in its development. Anyone can add an AI/machine learning service to SingularityNET for use by the network, and receive network payment tokens in exchange.
SingularityNET is backed by the SingularityNET Foundation, which operates on a belief that the benefits of AI should not be dominated by any small set of powerful institutions, but shared by all. A key goal of SingularityNET is to ensure the technology is benevolent according to human standards, and the network is designed to incentivize and reward beneficial players.
Attention. There is a risk that unverified members are not actually members of the team
Hundreds APIs get published every month; therefore, this market is highly competitive. There are both big players(Amazon, Google, Facebook, IBM, Microsoft), as well as small ones(Nara Logics, Clarifai, Algorithmia, Bonseyes) trying to capture the market of "AI for all".
Currently, the Alpha version of SingularityNET is engineered by team, it should be launched in December 2017 The proposed model does not yet have commercial viability. SingularityNet will not charge any transaction fees for the platform usage. This questions the commercial viability of the project. The main challenge for the company will be the creation of API’s that will be used by large audience. Also, SingularityNET will have to compete with Google, Amazon, etc solutions already available in the market. What is more, main focus on particular areas of AI application in the beginning (language processing, biomedical analytics, image processing, finance and robot dialogue) could make SingularityNet growth across other AI applicable areas weaker. SingularityNet aims to raise 36M USD hard cap during its token sale event. This is above the average round rasied among the projects of the same stage. The company will sale up to 500M tokens out of 1B. It gives the total token pool valuation around $70M which is above the average valuation of the same stage companies. SingularityNET plans to hold 18% of tokens as bonus for the core team which gives about $13M as the team bonus. This sum is not connected to any KPI's.
The team has solid background only in a few areas related to the core product. There are people who have strong track record in Artificial Intelligence, Machine Learning and related areas. SingularityNET has strong technologists but does not have people with high-level management experience. Currently, there are no people with previous management experience in large corporations at SingularityNet. Moreover, all of the technologists worked only in small- or mid-size companies before joining SingularityNET. This could lead to the difficulties with the scalability of the project.
SingularityNet is among the most fascinating companies to date, skillfully utilizing the hype surrounding AI technologies in general, and the creations of Hanson Robotics (the robot Sophia) in particular.The idea of creating a store (base API for API) is nothing new (just think back to Apple Store), but what’s definitely a new development is filling the store with “self-negotiating” AI-applications working based on an AI-as-a-Service model.SingularityNet documents site one AI-application’s ability to buy, sell and reuse knowledge, received by other AI-products, which is definitely something fresh and exciting. The AGI token economy also seems quite reasonable, unifying and simplifying interaction of all participants and allowing for rapid peer-to-peer payments.We consider SingularityNet to be worthy of attention. And we expect the coming ICO should demonstrate the interest of the community in this project.
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