Want to jump straight to how to buy AGIX? You can buy SingularityNet on Kucoin.
SingularityNET is a revolutionary blockchain-based platform that is set to redefine how society thinks about artificial intelligence (AI). It enables developers to share, create and monetize AI services while providing a decentralized marketplace for individuals to access the latest technology.
By leveraging the power of blockchain technology, SingularityNET ensures that AI services are transparent and accessible to everyone without sacrificing data security and privacy. From improving the efficiency of industries to advancing the field of AI research, the opportunities of SingularityNET are boundless.
The following discussion will explain how you can buy SingularityNET and establish a position within the growing AI sector.
What is SingularityNet?
SingularityNET is the world’s premier decentralized AI marketplace, powered by blockchain technology. The purpose of the platform is to build a protocol that combines AI and machine learning tools to create more effective applications.
Through the SingularityNET platform, users can test, browse and purchase a wide range of AI services using the platform’s native utility token – AGIX. Additionally, the marketplace serves as an outlet for AI developers to publish and sell their AI tools and easily track their performance.
The team behind SingularityNet pioneered the creation of an AI known as Sophia – widely regarded as the world’s most expressive robot. The core mission of SingularityNET is to enable Sophia to understand human language and continue developing OpenCog – a cutting-edge AI framework with the ultimate goal of attaining “advanced general intelligence” (AGI), which is a level of intelligence akin to or surpassing that of human beings.
The project consists of four essential components working in conjunction:
- AGIX: The native token, AGIX, is used to purchase AI services, participate in SingularityNET governance and secure the network through staking.
- AI marketplace: The AI marketplace provides a wide range of AI-powered services that users can purchase.
- AI publisher: A portal that enables AI developers to monetize and publish their products on the platform.
- Developer portal: A collection of developer tools to help developers build in the SingularityNet ecosystem.
Brief History of SingularityNet
SingularityNET is a multifaceted team made up of AI scientists, researchers, engineers and developers. It was founded by Dr. Ben Goertzel, the CEO and chief scientist, in addition to Dr. David Hanson and Simone Giacomelli.
In 2017, SingularityNet made its debut and subsequently conducted a successful Initial Coin Offering (ICO) in December of that year, raising $36 million in one minute. The max supply of AGIX tokens is 2 million with over 1.1 million in circulation in January 2023.
SingularityNet Market Position
AGIX’s market capitalization is roughly $223 million. This value is determined by multiplying the total circulating supply of coins by the current market price of a single coin. It measures the total value of a cryptocurrency on the open market and can be useful for determining growth potential.
In terms of the AI sector of the market, SingularityNET is the second-largest project, trailing Fetch.ai, which has a market cap of $300 million. Together, Fetch.ai and SingularityNET take up 60% of the total market share of the AI sector of the cryptocurrency market. However, in terms of the broader crypto market, SingularityNET is quite small – only a top 200 cryptocurrency by market capitalization.
How to Buy AGIX
AGIX can be purchased on major exchanges such as Kucoin and Binance. Here are the steps that you need to take to buy AGIX online.
Step 1: Open an online account
To buy AGIX, the first step is to sign up for an exchange account on platforms such as Kucoin and Binance, which offer secure systems, a diverse set of supported altcoins and user-friendly interfaces.
Creating an account on both platforms is simple. All you need to do is comply with the U.S. Securities and Exchange Commission’s (SEC’s) know-your-customer (KYC) guidelines, which require verification of your identity for tax purposes through your driver’s license, SSN and a selfie.
Alternatively, users can purchase AGIX through a decentralized exchange (DEX) such as Uniswap by connecting their crypto wallet. This option eliminates the need for KYC and other requirements imposed by KYC. However, it is important to note that DEXs are far more complex to use for those new to the space.
Step 2: Buy a wallet (optional)
Investing in a self-custody crypto wallet, while not mandatory, is a wise move when protecting your newly acquired AGIX. These types of wallets provide you with absolute control and autonomy over your digital assets, eliminating the risk of large-scale hack attacks and mismanagement of assets that are associated with third-party platforms such as centralized exchanges.
There are two broad types of wallets: hardware and software wallets. Hardware wallets, which store private keys offline, are considered the most secure option for storing crypto. They add an additional layer of protection from cyberattacks. Conversely, software wallets, which are connected to the internet, offer increased accessibility and convenience at the expense of reduced security.
Best Hardware Wallet: Tangem
The Tangem wallet is an innovative hardware wallet that removes the vulnerability of a seed phrase, making it a safer and easier option than traditional crypto wallets. It supports over 2,000 altcoins and is compatible with 100+ decentralized applications (dApps).
Tangem Wallet combines the use of a physical card and mobile application, providing users with unparalleled levels of security and convenience. The physical card, which stores the private key to your cryptocurrency, is secure and reliable – employing the same biometric security as a passport. The user-friendly interface, coupled with its extensive cryptocurrency and dApp support, makes it an excellent choice for users of all levels.
Step 3: Make your purchase
The last step in investing in AGIX is to execute a buy order on the trading platform of your chosen exchange. There are many different types of buy orders, and each exchange has its own set of instructions to follow when you carry out your trade.
Trade, Sell or Convert your SingularityNet
When it comes to exchanging AGIX for other assets, there are two options: swapping and trading. Swapping involves exchanging one currency for another while trading involves using orders to buy or sell an asset to make a profit. Here is a quick rundown of the common types of orders.
- Market order: An order to buy or sell an asset at the best available price in the market. This type of order is executed immediately.
- Limit order: An order to buy or sell an asset at a specific limited price. The trade will only execute when the target price is reached.
- Stop order: A type of order that is used to limit losses in trading. When the market price reaches the stop price, the stop order becomes a market order and is executed at the current market price.
Current Crypto Prices
The cryptocurrency market is notorious for its extreme volatility, with prices rising and falling significantly over a short period of time. The innate volatility of cryptocurrencies is largely caused by the speculative nature of the industry – the market is heavily influenced by the emotions of investors. To make informed investment decisions, prudent investors will keep a close eye on crypto prices and stay up-to-date with the latest news. Below is a table displaying the most recent crypto prices.
Is SingularityNET a Good Investment?
SingularityNET is an exciting and innovative crypto project that has the potential to transform the way businesses and consumers leverage technology to solve real-world problems. It is the first platform that makes it easy for developers to sell their AI tools and enables buyers to test any AI service provided on the marketplace to see if it meets their needs.
It’s worth noting that investment in crypto carries a significant degree of risk from the speculative nature of cryptocurrency and its uncertain regulatory future. As a result, it is essential that you do your own research and consider your risk tolerance before investing. If you’re up for an exciting journey, SingularityNET may be a suitable investment option during the bear market.