In the largest democratic exercise in the history of decentralized AI, the SingularityNET community has voted to proceed with SingularityNET Phase 2.
· 1 Billion new AGI tokens will be created on the Cardano blockchain.
· ADA-based AGI tokens will be the first major token release on the Cardano Native Assets platform.
· 30% of the tokens will be put into a “Decentralized Ecosystem Projects Funding” (DEEP Funding) pool
On the 7th of Feb. the SingularityNET Foundation – the organization responsible for the AGI utility token – reported the results of a token-holder vote held during the previous 4 days. The community voted by a margin of 187M tokens to 20M tokens to approve the “SingularityNET Phase Two” proposal which had been put to them by the SingularityNET Foundation.
The voting result was based on a broad base of support — nearly 20x as many token-holders voted affirmatively compared to negatively; and votes associated with project co-founders, the Foundation and its staff accounted for a minority of the affirmative votes.
The Phase Two proposal represents a major new step for the decentralized AI project, and a dramatic intensification of its partnership with the Cardano ecosystem. The flagship aspect of Phase Two is the creation of 1 Billion new AGI tokens on the Cardano blockchain — an amount equal to the 1 Billion AGI tokens issued on the Ethereum blockchain in the original SingularityNET Token Generation Event in late 2017.
The new tokens will be released in stages, with 15 Million tokens released in the first month of Phase Two, and then for each month after that a token release decreasing by 1.5% per month. The new ADA-based AGI tokens will be freely swappable with Ethereum-based AGI tokens, so the two flavors of AGI token will have equal exchange value.
These new ADA-based AGI tokens will be the first major token release on the Cardano Native Assets platform, which will come as part of Cardano’s new Goguen release.
SingularityNET CEO, Dr. Ben Goertzel, notes, “Cardano Native Assets addresses some of the same needs as Ethereum’s ERC-20 token framework, but with dramatically lower cost and greater scalability, as well as added functionality due to the power of Cardano’s functional programming based Plutus smart contract language.”
SingularityNET also plans to launch a series of additional Cardano Native Asset tokens corresponding to spinoffs operating as Layer 2 networks on top of the core SingularityNET AI network, including the Rejuve token for incentivizing contribution of personal medical data to an AI Data Commons, and the NuNet token to reward contribution of processing power to decentralized AI networks.
As Cardano founder Charles Hoskinson noted on the SingularityNET Telegram discussion group, while participating in discussions on the Phase Two initiative leading up to the vote, “This is why we built Cardano. We wanted to have a safe home for great projects….
[T]his project clearly has a focus on artificial general intelligence in a socially beneficial framework. It’s not simply just about return on investment but mission-oriented.”
The newly released tokens will be used to incentivize development on the SingularityNET platform, with the five-year goal of realizing trillions of API calls to the AI agents running on the SingularityNET network. 30% of the tokens will be put into a “Decentralized Ecosystem Projects Funding” (DEEP Funding) pool, which will operate similarly to Cardano’s Voltaire program, allocating tokens to development projects proposed by community members according to a democratic vote of token-holders.
As Dr. Goertzel notes: “We ultimately want SingularityNET to be a pure DAO controlled by its participants in a totally decentralized way. But we feel the network and community need to be a little more mature before this can really work effectively. What we’re doing on Phase Two is taking one more step along the progressive decentralization path, putting significantly more power in the hands of the token holders. In a few more years, quite possibly there will be a new vote on a new proposal moving further in the direction of fully decentralized operations.”
The SingularityNET Phase Two token issuance is a first in the blockchain world, and represents a novel approach to ensuring ongoing growth and development in a cryptocurrency-based project. Equity-based technology startups typical pursue repeated funding rounds, but utility tokens like the AGI token are fundamentally different in nature, and the tradition in the blockchain space has been that projects stick with the tokenomics specified by their founders at project launch.
By approving the Phase Two proposal and by such a wide margin, the SingularityNET community has proved itself quite open-minded and visionary, and capable of understanding the flexibility of smart contracts and tokenomics to help decentralized networks achieve complex goals.
Founder Dinis Guarda
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