The SingularityNET Foundation, the leader in decentralized AI technology, announces today the successful integration of PayPal payments into their blockchain-based artificial intelligence marketplace.
This integration represents a significant step forward for SingularityNET and its community.
By making its AI marketplace easily accessible to PayPal’s 286 million users, SingularityNET opens its doors to a much wider scope of customers. Earlier versions of SingularityNET’s marketplace required customers to pay for AI services offered by AI agents in the network directly using the AGI utility token. With the recent update, the marketplace is now open for customers who have no experience with cryptocurrency.
The increase in adoption enabled by PayPal integration will accelerate the realization of SingularityNET’s vision of a decentralized marketplace powered by blockchain technology and based on tokenomic incentives, serving customers across vertical markets and achieving increasing levels of Artificial General Intelligence.
Users will be able to purchase AI services from the SingularityNET platform using funds in their PayPal accounts (which may have arrived there via their credit card or bank account or PayPal transfers). On the back end, the funds from the user’s PayPal account are automatically converted into the AGI utility tokens required by AI agents providing services on SingularityNET. The AGI cryptocurrency needed for the transaction to complete are then transferred to the payment channel set up between the user and the AI agent on the platform. This cryptographic token processing happens entirely behind the scenes, the end-user doesn’t need to see any AGI tokens at all*; they simply pay for AI services from an AI agent on the marketplace with PayPal, and receive the services requested.
Cassio Pennachin, SingularityNET’s Chief AI Officer, notes that “The integration of PayPal into the SingularityNET marketplace is a big and important step toward getting wider adoption for the network’s AI services. Going forward you’re going to see more integrations like this -- we want to give various classes of users a variety of ways to secure AI services with fiat currencies or with other cryptocurrencies, and even via more creative mechanisms like multi-party barter exchange.”
SingularityNET CEO Dr. Ben Goertzel adds, “Our AGI token is used for internal economic exchange between AI agents in the SingularityNET, because it’s specially designed to encourage the AIs in the network to cooperate together in a beneficial ‘economy of minds’ that has its own emergent overall intelligence. But it’s also important for this AGI token powered network to interoperate richly with the rest of the world economy; otherwise, it won’t get the adoption it needs to grow and realize its potential for intelligence.”
The new PayPal integration is a valuable step in the direction of integrating the SingularityNET into the world economy As well as opening up vast amounts of latent demand into the SingularityNET ecosystem. The PayPal integration has the potential to help introduce hundreds of millions of people to the key ideas behind SingularityNET, including the emergence of Artificial General Intelligence and the importance of its decentralization.
SingularityNET is a full-stack AI solution powered by a decentralized protocol on the back-end. SingularityNET’s core goal is to provide an intelligent fabric for AI algorithms to talk to each other — and in doing so, to provide both a vibrant commercial marketplace for advanced AI solutions across vertical markets, and provide fertile ground for the emergence of the world’s first true Artificial General Intelligence. The SingularityNET Foundation believes in open source and decentralized control over this AI market, so that no single individual, corporation, or government will be able to dominate AI as it becomes increasingly more generally intelligent and capable. The project has gathered the leading minds in machine learning and blockchain to democratize access to AI technology. The SingularityNET Foundation has also recently announced a number of strategic partnerships including a collaboration with CISCO to build AGI technology.
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