SingularityNET ICO Reclaiming AI From Corporate World

SingularityNET ICO Reclaiming AI From Corporate World

Artificial Intelligence start-up SingularityNET are hosting an ICO to fund their vision of a democratised AI industry.

AI Currently a Tech Giant Monopoly

For founders Ben Goertzel and David Hanson, a major issue within the AI space is the expense of data. Naturally, this tends to favour tech giants who can throw streams of revenue at their research. As a result, smaller AI start-up models have been uncommon.

SingularityNET is setting out to create a platform where knowledge is distributed in a more decentralised fashion, using the Blockchain to facilitate data sharing, something they claim has the potential to disrupt the AI industry as a whole.

Currently, the biggest players in the industry either have access to the necessary data already or can readily afford to purchase raw data from appropriate sources. Likewise, generous budgets ensure that they are able to employ the best researchers in the field.

The end result is that Artificial Intelligence has been tending towards a de-facto oligopoly with AI developments being dictated by a small number of large companies. Commentators have generally observed that, as things stand, AI is not being leveraged for the range of interests that exist outside of corporate expediency.

As Goertzel explained to Wired: “I don’t think that what’s happening—with a few companies essentially owning AI, hiring every AI researcher, and buying every AI startup— is best for humanity… It means that eventually human-level AI will come from these big corporations.

Funding for the SingularityNet project will be conducted via ICO as was announced by SingularityNET’s “Chief Humanoid”, Sophia Hanson, at a recent Web Summit hosted in Lisbon.

Hanson has become the face of the robotics industry lately, having been featured on the cover of Elle Magazine, as well as several other news sources.

Investors in the project will receive AGI (Artificial General Intelligence) tokens which will grant token holders access to a range of Blockchain-based AI services. The coin offering is scheduled to start on December 8, at around 12pm EST. The total number of AGI tokens up for grabs is 500 million.