SingularityNET adds to reputation with listing on Kucoin

Rhys Muter 23 January 2018 NEWS

shutterstock_601694150SingularityNET CEO Ben Goertzel strings successes together with exchange listings after recent ICO worth US$36 million.

SingularityNET continues towards realising its goals of a blockchain servicing the artificial intelligence industry. The latest step in developing the protocol has been the native token of SingularityNET (AGI) being listed on the major Asian cryptocurrency exchange KuCoin.

In two days of trade the value of AGI has already peaked at US$1.85 and with the addition of KuCoin’s market access, AGI’s 24-hour trading price has reached a solid high of US$24 million, according to CoinMarketCap data.

Market valuations have since been restrained with AGI falling to a low of US$0.69. AGI has rebounded since then post US$0.86, a whole US$1 below its all-time high.

The KuCoin listing comes hot on the heels of a 28 November 2017 AGI token sale. The token sale was capped at US$36 million dollars which was raised in only a minute, according to Ben Goertzel, CEO and founder of SingularityNET.

SingularityNET aims to be a blockchain-based protocol which will create a deeper level of connectivity within the US$3.1 trillion artificial intelligence (AI) industry. The idea is that SingularityNET will allow AI creators and AI consumers to develop a secure avenue in which to trade AI services. Naturally, AGI tokens will be used as money in those trades.

There is a cap of 1 billion tokens. As part of the recent token sale over half of those 1 billion units of AGI was sold. The other half has been held in reserve for development and to provide a bounty as a way to incentivise contributing AI projects on the SingularityNET blockchain.

The AGI token is an ERC20-compliant token, meaning that the token is traded using the Ethereum blockchain. However, Goertzel said in an interview that the open source protocol, the actual blockchain, would be based on OpenCog software.

This means it is unclear whether the AGI token is really the native token of the SingularityNET blockchain or whether it exists as something separate. At this stage, the way AGI is traded on the KuCoin exchange means that AGI is traded against another token of value, in this case, bitcoin and Ethereum. Essentially, there is no AGI token being traded on a blockchain, as at the time of writing.

Consistent with ERC20 tokens, AGI is a pre-mined token. However, according to the SingularityNET white paper, it is not yet known whether a proof-of-stake consensus or a proof-of-work consensus will be used.

Reports have surfaced of previous failed ventures of Goertzel, including Webmind Inc., Novamente and Biomind. With Webmind, Goertzel sought to mould the entire internet into one big AI project.

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