Bitvavo makes SingularityNET as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
What is SingularityNET?
SingularityNET (AGIX) is an AI-focused project looking to leverage blockchain technology to create a decentralized AI marketplace with a long-term vision of open-sourcing Artificial General Intelligence (AGI). AGI, the vision of how AI will become in the future, can be used to solve any problem. It is the improved version of the current narrow AI, which can solve only a single problem.
Co-founded in 2017 by chief scientist and visionary Dr. Ben Goertzel, and CEO and founder of Hanson Robotics Dr. David Hanson, SingularityNET aims to provide a commercial launchpad for AI-based decentralized applications (DApps) through increased interoperability among networks. It aims to build a scalable and functional system that’s less reliant on its current host blockchain, Ethereum, and also has a long-term vision of being chain-agnostic.
SingularityNET is a platform that makes it simple for developers to sell their AI tools and libraries. It also allows buyers to try out AI services on the marketplace before paying for them, ensuring they meet their requirements. Moreover, if someone needs specific AI services, they can access SingularityNET's community of AI specialists through the Request for AI portal. This portal makes it easy for customers to request a new AI tool, while developers can earn AGIX tokens by fulfilling these requests.
The AGIX token has different uses within the SingularityNET ecosystem. For example, AGIX holders can vote on changes to the network's operations through the SingularityNET Enhancement Proposal (SNEP) feature, introduced in October 2020. Additionally, users can stake their tokens, a feature added in March 2020.
How to buy SingularityNET?
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store SingularityNET. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
How to store SingularityNET?
Storing SingularityNET and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store SingularityNET without any technical knowledge. Here is a brief overview of the existing wallet options to store your SingularityNET:
Hosted wallets are wallets where the private keys to your SingularityNET are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your SingularityNET online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your SingularityNET. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your SingularityNET, and if malicious parties have access to your device, your private keys (and therefore your SingularityNET) can be stolen.
A hardware wallet is a physical device on which you can store your SingularityNET offline. It is one of the safest ways to store your SingularityNET, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your SingularityNET is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive SingularityNET. Once you have purchased SingularityNET on Bitvavo, you can choose to send your SingularityNET from your Bitvavo wallet to your own software or hardware wallet.
Direct Euro Transfers
Buying digital assets with Euros has never been easier. Bitvavo supports 8 payment methods, including SEPA for instant transfers.