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First Project Migrates From Ethereum Blockchain To Cardano With SingularityNET

01 October 2020 18:00, UTC
First Project Migrates From Ethereum Blockchain To Cardano With SingularityNET
By Anna Martynova

The SingularityNET Foundation and IOHK have announced that they are planning to move a significant part of the SingularityNET protocol and platform from Ethereum to Cardano. The transition process will include providing mechanisms to replace some of the current AGI ERC-20 tokens with AGI tokens based on Cardano, as well as creating analogs of Solidity smart contracts that underpin aspects of the SingularityNET platform using the new Cardano Plutus smart contract language.

Dr. Ben GOERTZEL CEO and Founder of the SinguarityNET Foundation, said:

«Current speed and cost issues with the Ethereum blockchain have increased the urgency of exploring alternatives for SingluarityNET’s blockchain underpinning. The ambitious Ethereum 2.0 design holds promise but the timing of rollout of different aspects of this next-generation Ethereum remains unclear, along with many of the practical particulars».

Cardano's consensus mechanisms and their associated algorithms and structures are a unique combination of rigorous theoretical rationale and practical scalability. The required level of maturity has been reached, which allows moving a complex blockchain application to Cardano.

Currently, the SingularityNET platform is primarily used to host relatively simple AI agents that provide hands-on services directly to end users. However, SingularityNET's broader vision is based on using the platform to host a variety of AIs that outsource and dynamically interact with other AIs to solve problems. The deep technical synergy between the SingularityNET and Cardano projects will help accelerate this vision.

Image: Coincentral



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