The model that is being used by blockchains such as Steem is not completely unique. We are seeing this idea spread throughout the entire space. It is a process that I believe will keep growing, thus providing humanity with more powerful tools.
Artificial intelligence is one of the most powerful technologies we have ever seen. For the sake of this article, I will keep the term (AI) general, having it encompass all forms.
Presently, the leading developers of AI are a handful of companies along with a few countries. Among the many things that the United States and China are in a race over, AI is at the top of the list. AI is the new space race it seems.
Whichever side of the spectrum one is on, this is not good news for humanity. Nor is it beneficial for a dozen or so corporations such as Facebook, Google, Amazon, and Alibaba to be the main holders of this technology.
The problem with the present state of AI is that it is mostly used for surveillance, killing or to try and sell people more stuff. This is what these powerful entities have decided is the best use case for AI.
SingularityNET is one project I followed since the beginning. This seeks to decentralize AI so that it is available to any individual or business that needs it. Using tokenization, it seeks to develop an entire community built around the development of artificial intelligence.
The essential premise enables developers of AI to have a marketplace where their projects can be utilized. Through the platform's token, individuals and companies will be able to reward the developers for their work. This will hopefully provide incentive to bring more people into the ecosystem, resulting in the development of more AI.
Their latest announcement brought a new feature which allows for the request of AI services. The idea here is to have any company, large or small, to be able to utilize the power of the global AI development community to solve their problems. One simply submit a request along with a specific figure of payment and it will be sent out to the community.
Requests will be “backed” by AGI tokens to incentivize their fulfilment.
Since the requests will be publicly visible, any party interested in the fulfilment of a specific request will be able to back the request with their AGI tokens.
What is interesting is that this not only taps into the global "hivemind" of AI developers, but different users can get together on a project without even knowing the other parties.
The proposer of an RFAI must then back their request. It makes sense for someone to propose an RFAI and offer what they suspect to be a fraction of the total amount of tokens needed to incentivize developers to solve the problem. This creates a clear opportunity for other parties also desiring the creation of the same AI to add some tokens to the total reward pool for the RFAI.
Here we see the financial burden can be spread over a number of different entities. It only makes sense that is one company has the need, others will also.
Of course, the value of the token comes down to the utility of it and the growth that is seen throughout the entire network.
From a tokenomic perspective, the RFAI portal is one more small step in manifesting the value of the native AGI token that is the lifeblood of the platform. The AGI token is designed to be utilized in a variety of ways, some of which are currently realized in the platform beta version, some not yet: paying for AI services, staking AI services, for settlements between AI Agents, and for democratic participation. The RFAI portal utilizes the AGI token as incentives for the fulfilment of AI requests. This backing of requests on the RFAI portal is a valuable entrant on the list of practical utilities of the AGI token.
SingularityNET is a project put together by Ben Goertzel, one of the leading AI minds in the world. I bring this point up to show there are some pretty heavy hitters embracing the idea of tokenization and decentralized platforms.
In reading through this article, it struck me that a lot of this sounded familiar. We are already seeing similar things being constructed on Steem. The idea of people performing tasks for tokens is exactly what we see each day on here. Tokenization provide allows for individuals to get together and for entirely new economies around individuals concepts. In this situation, it is artificial intelligence that is the product.
The project is built on Ethereum which is no surprise. I do not think that blockchain was chosen for any other reason but that it was known. The ERC20 made token creation easy. This is not going to be the case moving forward as other viable alternatives enter the marketplace.
Ultimately, we are going to see thousands of different projects bring people into the world of tokenization. It really does not matter where one enters the pool, just that they do. Once they are exposed to it, coming across it again makes it much easier to embrace.
This is why I believe we will see massive acceleration in the usage of tokens over the next couple years. As more projects are found, even if they are stumbled upon, people will start to be familiar with the concept. That is the only thing that is needed. Expansion from there will take place with the spread of more applications.
It truly is akin to the Internet. Once someone is on it, they can go to all the different sites that exist. What brought them to the Internet is not really material, only that they are online.
Projects like SingularityNet adds a great deal of validity to the entire cryptocurrency sphere. There are a lot of smart people involved in that project dealing with a technology that is having serious impact on humanity.
In my view, this is all part of a larger process.
This is not financial advice and, for full disclosure, I do not own any AGI tokens.
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