SingularityNET, the first decentralized AI network, will be launching a new decentralized ecosystem project funding program — Deep Funding. The program will allocate $1m USD in AGIX tokens to projects that use the SNET AI platform to publish and monetize their AI applications. The goal is to grow the SNET platform and related AGIX economy, while operating as a community-driven program.
The Deep Funding pool will be available to AI and app developers working on cutting-edge AI projects that contribute to expanding the SNET platform. Applicants will be able to submit a development proposal from the second half of March, 2022, which will be reviewed and evaluated by SNET’s community of token holders. Voting will be done based on the one token = one vote principle, and the projects that receive the highest number of votes will be selected for funding.
Each successful project can win up to $150K in this first funding round. Funding will be made available in the form of newly minted AGIX tokens, minted as Native Assets in the Cardano ecosystem.
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Detailed submission guidelines are available on the Deep Funding website, but eligible applications should meet two core requirements: help the SNET AI platform grow, and support the mission and vision of SNET to work towards the development of a benevolent, democratic and inclusive artificial general intelligence (AGI). In this sense, projects aimed at social good might be favored by the community during the evaluation process.
Proposals need to include details about the project idea, the funding required and use of proceeds, as well as a timeline and milestones to track progress. Milestones tracking is a crucial element, because the funds will be distributed in tranches once each milestone is met.
“At SingularityNET, we envision a broad community working together to make decentralized AI a powerful force that benefits humanity at large,” commented Dr Ben Goertzel, CEO of SingularityNET. “We are aiming to shift the AI industry off centralized Big Tech and onto decentralized, blockchain-based networks, with the final goal of using this decentralized AI engine in the transition from narrow AI to AGI. This is a big effort that requires the participation of a large and industrious community.
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“The goal of the Deep Funding program is to catalyze the process of expanding our active community of developers and entrepreneurs. Deep Funding will also facilitate AI product development on the platform and gather people with different skill sets to work towards our ecosystem’s goals,” he concluded.
“The Deep Funding program will support the mainstream adoption of the SNET AI platform and incentivize our community to collaborate and co-create,” added Jan Horlings, director of the Deep Funding program. “The program is not just an incubator of AI projects, but an opportunity to drive community engagement and a testing ground for governance where, over time, we will be able to experiment with concepts like liquid democracy and weighted liquid reputation. This will allow us to support the most proactive community members with rewards. I’m looking forward to discussing with the community what features and processes work best, what to change and how to collaborate to reach our common goals.”
In future rounds, to facilitate innovation and focus on crucial ecosystem areas, the SNET team might offer suggestions and recommendations for project proposals. However, the community of token holders will ultimately decide which projects should receive funding.
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