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SingularityNET wants to migrate from Ethereum to Cardano
SingularityNET wants to migrate from Ethereum to Cardano
Blockchain

SingularityNET wants to migrate from Ethereum to Cardano

By Marco Cavicchioli - 1 Oct 2020

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SingularityNET Foundation is working with IOHK to bring a significant part of its decentralized network to the Cardano blockchain

SingularityNET‘s Artificial Intelligence platform is currently based on the Ethereum blockchain, but its costs and lack of clarity regarding the development of Ethereum 2.0, in addition to recent updates to Cardano, are prompting the team to seriously consider a migration. 

According to the same team, recent developments, such as the Shelley update and the release of some of Goguen’s features, as well as an increasing decentralization, render the Cardano blockchain sufficiently developed to be able to accommodate a complex blockchain application such as SingularityNET

The plan would be to start introducing the mechanisms for the exchange of some of the current AGI tokens, i.e. ERC-20 tokens based on Ethereum, thanks to new AGI tokens based on Cardano, together with some Solidity smart contracts that are the basis of their platform, using Cardano’s new Plutus programming language. 

Why is SingularityNET choosing Cardano?

Currently, the SingularityNET platform is mainly used to host relatively simple AI agents providing practical services directly to end-users in areas such as image processing, natural language processing, time series analysis, genomic data analysis and more. 

The goal, however, would be to host a rich variety of AI agents that outsource work and collaborate dynamically with other agents to solve problems. 

According to the team, the deep technical synergies between the SingularityNET and Cardano projects have the potential to accelerate the realization of this vision.

The CEO and founder of the SingularityNET Foundation, Ben Goertzel, 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 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”.

The CEO of IOHK and founder of Cardano, Charles Hoskinson, added: 

“Cardano has gone from strength to strength this year, and having the backing of such a prominent organisation only reaffirms this. SingularityNET is a project we’ve followed for a long time, and we’re excited to see how the Cardano blockchain can help SingularityNET realise its ambitious goals”.

 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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