– SingularityNET’s Chief AI Officer, Cassio Pennachin
Native AGI Token Usage
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 is 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.
“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.”
– SingularityNET CEO, Dr. Ben Goertzel
