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How to buy SingularityNET (AGI)
Read our guide to buying and selling SingularityNET AGI tokens in South Africa.
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.
This guide provides detailed instructions on how to buy, sell and store AGI tokens, as well as some of the factors you should consider before purchasing any tokens.
Where to buy and sell SingularityNET
You can find AGI tokens on the following crypto exchanges:
Quick guide to buying SingularityNET (AGI)
- Register for an account with Bitfinex.
- Enable 2-factor authentication.
- Verify your account.
- Transfer funds into your account (either digital or fiat currencies)
- Click “Buy/Sell” at top of screen.
- Search for “SingularityNET” and click on “Buy AGI”.
- Enter the amount of AGI you want to buy or the amount of digital or fiat currency you want to spend.
- Review transaction details.
- Click “Buy AGI”
A step-by-step guide to buying SingularityNET
Want to know how to buy SingularityNET AGI tokens? Read on for step-by-step instructions.
Step 1. Register for an account with an exchange that lists AGI
Review and compare the features of the crypto exchanges that list AGI in one or more trading pairs. Once you’ve decided on the right account for you, provide your email address and create a password to sign up for an account.
Depending on the platform you choose, you may also be asked to provide your full personal details and proof of ID before you can start trading. This may be required in order to satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) regulations.
Finally, don’t forget to enable 2-factor authentication on your account before proceeding any further.
Step 2. Deposit funds into your account
If you want to buy AGI tokens with fiat currencies (eg. USD or euro), Bitfinex allows you to do exactly that. If you’re using an exchange that doesn’t support fiat deposits, you’ll need to deposit a cryptocurrency listed in a trading pair alongside AGI, such as bitcoin (BTC) or ether (ETH).
For example, on Binance you can do this by clicking on “Funds” and selecting “Deposits”, and selecting the coin or token you want to deposit. You can then copy the wallet address or scan the QR code to ensure that you send your funds to the right place.
Step 3. Buy AGI
The final step requires that you navigate to your platform’s exchange page, search for the pair you want to trade and specify how many tokens you want to purchase.
For example, if you’re using Binance, click the “Exchange” tab and select either the “Basic” or “Advanced” trading view. Next, search for the pair you want to trade, such as “AGI/BTC” and select a Limit, Market or Stop-Limit Order. You can then enter the amount of AGI you want to buy and click “Buy AGI”.
Whichever platform you’re using, don’t forget to take a moment to review all the details of the transaction before finalising your purchase.
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:
- Supply. The total supply of AGI tokens is 1 billion. According to CoinMarketCap, the circulating supply as of June 2018 was 539,673,260 AGI.
- 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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