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How to buy SingularityNET (AGI)
Read our guide to buying and selling SingularityNET AGI tokens.
SingularityNET is a decentralised artificial intelligence (AI) marketplace. Designed to let anyone create, share and monetise AI services, it allows users to access a global network of AI algorithms and services. AGI tokens are the native currency of the SingularityNET platform and can be used to pay for AI services. They also entitle holders to voting rights on the platform.
Where to buy, sell and trade AGI
Comparing exchanges can help you find the right fit for your needs. We’ve looked at more than 20 exchanges, and you can sort our comparison table by deposit method, fiat currency support and crypto support. You can find AGI tokens on the following crypto exchanges:
A step-by-step guide to buying SingularityNET
Set up an account with an exchange that supports AGI in three steps.
Step 1. Create an account on an exchange that supports AGI
Look for an exchange that lists AGI in one or more currency pairings, and sign up with your email address and a password. Compare exchanges when buying AGI to find the lowest fees and freshest exchange rates.
- Note: Many exchanges also require your full name, contact information and proof of ID before allowing you to trade.
Step 2. Deposit funds into your account
If your exchange supports SingularityNET you’ll be able to buy AGI directly with euro (EUR). Some exchanges charge varying fees depending on the amount of AGI you’re buying, so pay attention to the cost of your transaction.
- Note: Some payment methods have higher fees, with credit card payments usually being the most expensive.
Step 3. Buy AGI
Navigate to the markets section on your chosen exchange to find your desired AGI pairing. Look for the section on buying AGI, and type in the amount of the paired cryptocurrency you want to spend or the amount of AGI you want to buy.
- Note: Carefully review your transaction details — including the amount of AGI you’re buying and the total cost of the purchase — before completing the transaction.
How to sell SingularityNET
If you want to sell your AGI tokens, the process you’ll need to follow is more or less the same as in Step 3. However, after navigating to the exchange page, make sure you enter your transaction details in the “Sell AGI” field rather than the “Buy” box.
Remember, too, that AGI is not paired with every possible digital currency available, so you might not be able to directly exchange your tokens for the currency you desire.
Which wallets can I use to hold AGI tokens?
Keeping coins and tokens in an exchange wallet exposes you to security risks and is not recommended by most users. It’s generally considered much safer to move your holdings into a separate wallet that allows you to retain full control of your private keys.
As AGI is an ERC20 token on the Ethereum blockchain, you’ll need to find an ERC20-compliant wallet. For example, you might want to store your AGI in MyEtherWallet, access your holdings through the MetaMask browser add-on, or use a hardware wallet like the Ledger Nano S.
How SingularityNET works
The AI industry is booming at the moment and could be worth as much as US$14.2 billion by 2023. However, because it’s such a new field, there’s a sizeable disconnect between the scientists and researchers developing AI tools and the myriad businesses that want to use them. Not only is it difficult to find an AI solution customised to suit the specific needs of a business, it’s also an expensive process.
This is the problem that SingularityNET hopes to overcome. The aim of the project is summed up in this extract from its whitepaper:
“SingularityNET is an open-source protocol and collection of smart contracts for a decentralised 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.”
Over time, the network will evolve into a fully decentralised and autonomous marketplace.
The CEO and Chief Scientist of SingularityNET is Dr Ben Goertzel, a key figure in the world of AI who is perhaps best known for his role of Chief Scientist at Hanson Robotics. Dr Goertzel played a key role in the development of Sophia, the first robot to be granted citizenship of a country.
SingularityNET’s December 2017 ICO also made headlines when it raised US$36 million in the space of a minute.
What to consider if buying SingularityNET
Digital currencies are volatile and complex, so buying any crypto comes with a high level of risk attached. With this in mind, it’s essential that you do your own research and carefully assess any factors that could influence the value of a particular token.
If you’re thinking of buying any AGI tokens, remember to consider the following:
- Distribution. The 1 billion tokens minted during the ICO were distributed as follows:
- 50% to token sale participants
- 20% to a reward pool (released over a period of 10 years to AI agents participating in the network)
- 18% to founders
- 8% to the SingularityNET Foundation
- 4% to campaign supporters
- Use. AGI tokens are needed to access SingularityNET. Token holders can use AGI to purchase goods and services in the marketplace and may one day be able to vote on specific governance issues concerning the network.
- SingularityNET Foundation. As the network is being established and developed, SingularityNET will be regulated by a nonprofit foundation, whose activities are advised and monitored by a supervisory board.
- Competitors. It’s worth comparing SingularityNET with other projects that aim to combine AI and blockchain technology to see how it stacks up. Some of the other crypto projects worth a look include Cortex and DeepBrain Chain.
Make sure you consider these and a wide range of other factors before making a final decision on whether or not to purchase any AGI tokens.
Disclosure: At the time of writing the author holds ADA, IOTA and XLM.
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