SingularityNet ICO Review

Summary
SingularityNet is a decentralized AI marketplace, that will enable everyone to go and “rent” some AI capability for specific tasks. Much like GNT and RLC is a marketplace for computing power, and MAID and SC is marketplaces for storage.

Website: https://sinularitynet.io
Token symbol: AGI
Token type:
Non tech whitepaper:
Whitepaper: https://public.singularitynet.io/whitepaper.pdf
Hard cap: US$ 36 million
Total possible tokens: 1,000,000,000​ ​AGI
Token distribution:
ICO and presale: 50 %
Reward pool: 20 %
Core team members: 18 %
Future development: 8 %
Bounty: 4 %

Token distribution timeline
Tokens will be distributed right after the ICO finished at the end of December.

The team will not work to get the AGI token on exchanges, but note this official statement from the team:

“Currently SingularityNET is one of the most pioneering and important projects in the blockchain world, so major exchanges know us and already contacted us. We have decide to make no formal arrangements with them and to not support or otherwise facilitate any secondary trading or external valuation of AGI tokens. However, some of those major exchanges have told us they will list AGI tokens after our initial token sale, just as they list many other tokens including some utility tokens, but in full independence from us.”

Roadmap

2016
Outline development & economic logic Assemble team of AI, blockchain & cogni@on experts

2017
Market test proof-of-concept

Early 2018
Beta test ini@al build with partners Finalize release candidate

Late 2018
Beta test ini@al build with partners Finalize release candidate

Product stage
The founders of this ICO already have a working OpenCog platform used by over 100 businesses already. One founder is the man behind Hanson robotics who made the world’s most advanced humanoid robot Sophia.

This is an ICO built on top of existing business in the industry, so arguably one of the most fully developed products we have seen among ICO’s.

Token usage

The AGI token is used as currency on the marketplace.

Team

This ICO is founded by a team of 50+ AI & Blockchain developers including 10 ph.d.’s. Behind the main founders are 2 of the leading businesses in the AI and robotics space.

Clearly one of the most scientifically solid teams in the ICO space.

Opportunities

This ICO has already attracted a lot of interest
Big institutional investors have scooped up a lot of the cap
Broad media coverage is among others ABC, Wired, Huffpost, CNBC, Daily Telegraph

The team is very solid and experienced. There is a good change they can succeed in creating the product they aim for.

There is existing business with existing enterprise clients, big industry partners. 30+ clients pledged to use the service, when it’s done.

Small hard cap of $36m makes room for big multiplication of the initial investment, when the coin reaches the exchanges.

ICO has been sold out very quickly. Most small investors have not been able to participate due to the massive interest from big early investors. This should create the scarcity for the coin to increase a lot in value when it reaches exchanges.

Concerns
The team has stated that they will not actively work to get the AGI token on exchanges. Therefore we cannot know with certainty how long it will take before an exchange decides to open a market for the AGI token.

For the success of the product, there is the threat of other big players going heavily into the AI services industry, including Google. They will however probably not be in direct competition with SingularityNet for an open marketplace, but instead offer their services on an enterprise level.

Conclusion

Overall this is one of the most promising ICO’s we have seen for a long time. And in the current market, where the good ICO’s are hard to come by, this definitely is one that we are positive towards.

Flipping potential

The low market cap and difficulty getting in at the ICO stage makes for a very good flipping opportunity, once the token reaches exchanges. This can however take time, as we don’t know how long we have to wait for the big exchanges to pick it up.

Long term potential

Because of the team and the potential of the AI space in these years, we are very positive towards holding this token as a long term investment of at least 1-2 years.

Links

Press stories

http://www.wired.co.uk/article/singularitynet-is-an-ico-for-artificial-intelligence

https://cointelegraph.com/news/singularitynet-ico-cap-dwarfed-by-150-mln-pledges