SingularityNET (AGI) is up 1,000% as the industry seeks to merge AI with blockchain

The internet has changed society in the past 40 years, and experts predict that digital technologies and artificial intelligence will continue to transform the way people interact with data for the foreseeable future.

One AI-focused cryptocurrency project that has seen tremendous growth since early 2021 is SingularityNET and its talented humanoid robot named Sophia.

AI developers can use the SingularityNET platform to build, share, and monetize their services through the AI ​​marketplace. This allows users to browse, test, and purchase these services using SingularityNET’s native AGI token.

Data from Cointelegraph Markets and TradingView show that AGI’s price rose nearly 1,000% in 2021, rising from a low of $ 0.046 on Jan. 1 to a high of $ 0.50 on April 6, the highest As of February 2018.

AGI / USDT 4 hour chart. Source: TradingView

Three reasons for AGI’s impressive rally over the past few months are the growth in cross-chain collaboration with Cardano, entry into the decentralized financial industry, and the release of SingularityNET Layer 2 (SL2), which can also be used to create tokens on the SingularityNET platform .

DeFi and the SingularityDAO

DeFi has become a strong source of growth for the cryptocurrency ecosystem since the sector exploded in June 2020 when projects like Uniswap and began reshaping the industry.

SingularityDAO was first unveiled in November 2020 with the aim of fueling the growth and funding of early and mid-stage blockchain projects by leveraging AI and well-designed tokenomics to radically increase liquidity for the appropriate, according to the project’s website To create tokens ”.

This DeFi-related activity, as well as the ability for AGI holders to get involved in platform governance, network security and generate income through staking, contributed to the token rally in January and February.

The robot Sophia also captured some of the NFT (Nonfungible Token) hype for AGI in March after becoming the world’s first artificially intelligent being to create NFT-based works of art. The products made more than $ 1 million in sales when they debuted at Nifty Gateway.

The AGI ecosystem expands through Cardano

The second source of growth for AGI and its ecosystem was the partnership with Cardano and IOHK, the company that supports the development and expansion of the Cardano network.

The developers of SingularityNET recently announced plans to create a new AGI token on the Cardano platform, informally known as AGI-ADA. This allows tokens to be exchanged back and forth with their AGI ERC-20 counterpart while maintaining the same value.

The SingularityNET Marketplace on Cardano will use the protocol’s intelligent contract language Plutus to introduce a host of new features, including the integration of AI-DSL, a new domain-specific language that allows AI agents on the network to efficiently and formally describe their properties to each other. “

In order to advance the expansion of the second phase and the cooperation with Cardano, a majority of the AGI token holders had to vote on the expansion and approve it. This included an application to create and release 1 billion new AGI-ADA tokens in monthly increments over 91 years.

The voting period lasted from February 3rd to 7th, with the community finally approving the implementation of the second phase.

The layer two functionality could increase the AGI price

The introduction of SingularityNET Layer 2 is the third factor in AGI’s growth in 2021. The integration allows secondary agent networks to be created over the SingularityNET network.

One of the biggest challenges for the Ethereum network and the tokens operated on it are high transaction costs and network overloads, which lead to long confirmation times.

By building on top of SL2, networks could create their own tokens that require a small fee in AGI to conduct transactions at a price much cheaper than Ethereum’s gas fees.

Some popular projects in the network are said to be the first SL2 projects, such as SingularityDAO and NuNet. Recent projects include Awakening Health robots for nursing assistants and the benevolent robotic AI network SophiaDAO, which is also slated for integration.

According to the SingularityNET Foundation, these projects are just one way to get the SL2 “up and running”. The organization’s goal is to “encourage the creation of a variety of amazing third-party SL2 projects” who are expanding their community and building software to help advance the use of AGI tokens in the underlying SingularityNET network.

SingularityNET’s focus on artificial intelligence and big data has positioned the project well to see further growth, especially as cross-chain connectivity, DeFi integration and second-tier functionality merge with the AGI ecosystem.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every step of investing and trading involves risk and you should conduct your own research in making your decision.