Gone in 60 Seconds: SingularityNET Raises $36 Million in a Minute

SingularityNET, a blockchain venture led by Artificial Intelligence and robotics experts, has recently completed their ICO, which raised a whopping $36 million in only a minute. In a time when ICOs are taking place with increased frequency and rising fundraising, this particular ICO still manages to stand out.  

The ICO was launched on December 19, 2017, with the company’s tokens (AGI) receiving a lot of enthusiasm from the public – every one of its 500 million tokens was sold. SingularityNET has been funded both privately and publicly, with big names in and out of the industry showing support.

What is SingularityNET?

SingularityNET bills itself as an AI marketplace for the future. The AI industry has only very recently emerged, but it has already seeped its way into our phones, workplaces and entertainment platforms. The AI industry is currently valued at somewhere around $200 billion but it is expected to grow to trillions by the mid 2020s. The value of mature AI technology is undeniable and SingularityNET wishes to provide equal access to that value through its AI marketplace.

AI is such a new field that the creation and distribution of services is limited to very few individuals and organizations. It’s similar to the very early years of computer programs and mobile applications. It’s difficult to find new AI services, especially those tailored for very specific problems, and it is a relatively expensive process.

With its SingularityNET protocol, the company aims to solve all of these problems by offering an AI-as-a-Platform service. The platform will offer a communications system for AI services to communicate and coordinate with each other, as well as automation solutions and a one-stop shop for AI services that can be bought with the AGI token.

What this means for the general public is that they will have an easier time integrating different AI services. More complex AI systems can be designed with more efficiency and at a lower cost. SingularityNET will function as a database of AI services and provide a channel for these services to work in tandem.

The AGI token will keep the network running. Users will be incentivized to participate by being rewarded for helping discover the best AI services. It will also allow for a micro-industry between AI companies, which can buy processing power from each other through the network.

The SingularityNET Team

Dr. Ben Goertzel, the CEO and founder of SingularityNET, leads the team. He is also the Chief Scientist of financial prediction firm Aidyia Holding and robotics company Hanson Robotics. He has held numerous academic and professional positions related to AI. It is clear that he certainly possesses the knowledge and experience required for launching an ambitious venture such as SingularityNET. He believes that, in a few decades, AI will surpass humans in intelligence.

Dr. David Hanson is the robotics lead and oversees all robotics-related endeavours. He is the brain behind the famous robot Sophia. Dr. Hanson is also the CEO and founder of Hanson Robotics.

Other members of the team include CTO Cassio Pennachin and advisors such as Tal Ball, Jim Rutt and Eberhad Schoeneburg.

Does SingularityNET Have the Potential to Succeed?

There’s a great deal of hope in SingularityNET’s effort to decentralize AI. If the community enthusiasm shown during the ICO is anything to go by, they’ve already succeeded. The truth is that there is a need for the kind of services they are offering.

Unlike many other coins, this one will serve an important practical purpose. We know that there is going to be a tidal wave of AI services in the coming years, but we are less sure about how these services will work together and their distribution. SingularityNET’s platform could remedy that problem, should all go as planned. The AI industry is a trillion dollar one, so there’s monetary incentive for such a platform to exist.

The fact that they are also led by a solid team with multiple years of experience in AI and robotics is another encouraging sign that this company could succeed. They have spotted a gap in the AI industry well in advance and seem to have designed a way to bridge it. All that remains is successful execution.

The company’s efforts to decentralize AI is an extremely lucrative endeavor. AI is a world-changing technology that is under frenzied development and, like blockchain, it too can transform numerous industries for the better. There is also a significant concern that the power of AI will be concentrated in the hands of a select few organizations, so the need for decentralized AI services is vital.

SingularityNET shows a lot of potential in merging these two industries, while simultaneously remaining true to the principle of democracy.

Have you heard of other interesting ICOs that were organized recently that you would like us to cover? Let us know in the comments below.