Utilizing the OpenCog Foundation’s cryptocurrency framework and its recently-launched DAO, Singularity is creating a decentralized network that allows users to set-up, operate, and manage their own AI-driven investment funds in a variety of major cryptocurrencies, including ETH, BTC, and AGI. With the help of AlphaBit, Singularity will be providing seed funding to entrepreneurs who are creating innovative projects that will expand the network and help spread the adoption of AI-driven DeFi.
SingularityDAO is a decentralized autonomous organization (DAO) that uses artificial intelligence (AI) to create a decentralized, automated and democratic fund management system using blockchain technology. SingularityDAO hopes to provide a new financial system that is more equitable and efficient than the current one. This new system will be built on blockchain technology, which is a decentralized ledger of transactions that allows for transparent accounting.
Amsterdam, Netherlands, 28. April 2021,
SingularityDAO, an independent DeFi project incubated by SingularityNET, has raised $2.7 million in a private sale from some of the leading investors in the crypto-currency space.
The round was led by AlphaBit, with participation from GBV (Genesis Block Ventures), SMO Capital, QCP Capital, AU21, Jun Capital, Magnus Capital and Moonwhale Ventures.
SingularityDAO is a DeFi-focused project incubated by SingularityNET, a blockchain-based AI marketplace founded by Dr. Ben Gertzel, a renowned researcher in the field of artificial intelligence. SingularityDAO aims to bring the benefits of AI to the world of decentralized finance, which is one of the most natural applications of AI-based algorithms.
SingularityDAO is DeFi’s two-tiered, no-deposit solution for diversified cryptocurrency exposure and performance via automated asset baskets. SingularityDAO is a decentralized autonomous organization, a multi-tiered ecosystem built around DynaSets, diversified baskets of crypto-currency assets dynamically managed by artificial intelligence and curated by a protocol.
SingularityDAO uses sophisticated artificial intelligence to dynamically manage portfolios, efficiently allocate assets and perform market-making functions to provide liquidity for high-value tokens on DEX and predictive modeling of asset management strategies.
Thus, the architecture of the blockchain consists of three layers:
- The DynaSets layer, the basic element. These are dynamically managed collections of useful tokens, similar to hedge funds in traditional finance. Each DynaSet is managed by a DynaSet Asset Manager (DAM). It can be a human, but more often it is an artificial intelligence or a combination of both.
- Liquidity pools linked to DynaSets. They are used to improve agricultural yields through DynaSets loans.
- DAO level, decentralized management thanks to SingDAO tokens. These tokens are used to vote on proposed changes to the platform. Users can earn SingDAO tokens by offering DynaSets on DEX liquidity.
This creates a democratically managed DeFi portfolio infrastructure that is managed and optimized by SingularityNET’s artificial intelligence.
We are proud and humbled by the overwhelming support we have received from some of the world’s leading blockchain venture capitalists, who suggest that AI-DeFi will be the next big thing in crypto-currencies, bringing the financial sophistication of DeFi through AI-driven funds based on SingularityNet’s superior artificial intelligence technology, said Marcello Mari, CEO of SingularityDAO. SingularityDAOs will help thousands of users participate in the crypto economy in these critical times.
SingularityDAO has the potential to use AI technology to address the low liquidity and price volatility of small and medium token purchases in the DeFi ecosystem, says Leslie Tam, co-founder and partner at GBV. GBV is excited to support Marcello and the SingularityDAO team with a fundraiser.
With SingularityDAO set to open in November 2020, the project is busy delivering on its promise of an AI-driven DeFi. The investment round is key to accelerating SingularityDAO’s development and growth as the company prepares to launch a main network.
To support the decentralization of the ecosystem, the SingularityDAO team today announced the first governance generation event, where 8,000,000 governance tokens will be distributed.
About the SingularityDAO
SingularityDAO is a unique dual DeFi solution without trusteeship. It is a fully decentralized, democratically governed, autonomous organization that enables its members to create, manage and trade dynamic cryptographic indices called DynaSets. DynaSets represent diversified portfolios of crypto assets, including high-quality small- and mid-cap tokens, and enable yield enhancement and hedging solutions for target assets. SingularityDAO is an incubated project of SingularityNET.
Contacts
- Marcello Marie
- marcello@singularitydao.ai
