SingularityNET is a blockchain project that aims big. In 2020, it’s ready to implement “Real traction.” The recent roadmap shows that the project is set to accomplish a number of milestones, including the introduction of AGI staking. This move will complete the end to end fiat-to-crypto gateway. The staking commences in March 2020.
Fiat-to-crypto gateway has always been the prime focus of SingularityNET’s leadership. The company is an avid proponent of blockchain. At the same time, it believes bridging the fiat-crypto gap is important for mass adoption. That is why it has come up with this unique economic model. To explain it further, the value exchange at the backend between AI providers and platform users will happen in AGI tokens. On the other hand, both users and AI providers can enjoy the convenience of using fiat for exchange of services.
The project created a lot of buzz during Blockshow 2019 as it announced the PayPal integration. The latter enabled SingularityNET users to pay for services in fiat instead of just AGI tokens. However, the project is still working on devising a way to pay the AI providers in fiat. It looks like things might change in Q2 2020.
How does staking bridge the fiat-to-crypto gap?
In an exclusive email to Altcoin Buzz, Marcello Mari, Head of Communications at SingularityNET, explained how staking completes the SingularityNET ecosystem.
According to Mari, it provides the necessary liquidity pool to make fiat payouts possible. The liquidity pool is crucial for supporting the internal Fiat-AGI exchange. The AI providers would be required to exchange the AGI they earned with fiat from the liquidity pool. And staking works best for the same.
Here the flowchart explains it better
The team expects the required pool to be ready by June. And that would complete the SingularityNET ecosystem. The platform will be capable of supporting a complete end to end crypto and fiat payments.
In April, the team will release staking smart contracts. These contracts will help users buy AI service subscriptions at a more flexible price.
What does the staker gain?
Someone who holds idle AGI can make short-term gains by staking tokens. To begin with, the staking rewards would come in the form of bonus AGI tokens. This is quite similar to the way our fiat earns interest when deposited in an account in financial institutions. The reward calculation will take into consideration the number of tokens staked and the staking duration.
Precise details about how to stake and the quantitative parameters will be revealed in the official February blog series.
Overall, Quarter 1 looks pretty busy for the team. Apart from commencing staking, the team will also launch Mobile SDKs for Java and Android. These will enable the execution of a SingularityNET node from an Android phone.
Besides, the team aims to release the AI Publisher Portal by the end of March. It will make publishing and engaging easier for both the users and the AI providers. CEO and Founder of SingularityNET Ben Goertzel believes this will spark the real traction.
Pretty soon, the platform will also integrate an Intelligent Reputation system. This will make it easy for the user to pick the right service provider.
Yet, all of this wouldn’t have been possible without deliberation. Thus, in a podcast with Crypto Lark, Ben made some confessions. He said the development team had to face unimaginably difficult design decisions. But it has overcome the hurdles, and SingularityNET looks pretty solid right now.
The team is aware that Paypal has some cost and jurisdiction restrictions. To address them, the SingularityNET team is exploring more liberal Fiat-to-AGI approaches.
Previously, we covered the visionary speech of SingularityNET CEO at Blockshow 2019.