SingularityNET, a decentralized marketplace for AI algorithms, is considering moving a “significant portion” of its protocol and platform from Ethereum to Cardano.
That switch could involve swapping some of the protocol’s ERC-20 AGI tokens into Cardano-based ones, according to Ibby Benali, SingularityNET’s manager and data protection officer.
“The IOHK and SingularityNET platform teams have been seriously discussing what it would take to port a significant portion of the SingularityNET decentralized protocol and platform from Ethereum to Cardano…
Final decisions and details regarding porting of a portion of the SingularityNET network to Cardano have not yet been made and will be discussed in-depth with the SingularityNET community when the time is right. At the moment joint planning and exploration are proceeding very positively.”
SingularityNET was launched by Hanson Robotics, the company known for developing the famous robot “Sophia.” The AI firm announced a collaboration with IOHK, the technology company behind Cardano.
Benali cites speed and cost issues with the Ethereum blockchain, as well as general uncertainty about the timeline and particulars of its next-generation blockchain “Ethereum 2.0.”
[adinserter block="1"]While Benali notes that a final decision regarding porting part of SingularityNET’s network to Cardano has not yet been made, she praises IOHK’s focus on academic rigor and says the joint planning between the two companies is “proceeding very positively.”
“Cardano’s consensus mechanisms and associated algorithms and structures comprise a unique mix of rigorous theoretical grounding and practical scalability and have now reached a level of maturity that makes it possible to port a complex blockchain application like SingularityNET to Cardano…
Cardano’s thoroughly formalized functional programming foundations have potential to provide a rich and flexible basis for implementing advanced aspects of the SingularityNET design – but just as critically, they have strong promise to provide a secure and reliable basis for the network’s operations basic and advanced alike.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
