SingularityNET, the decentralized AI network, announced today that it will move a significant portion of its network from Ethereum to the Cardano blockchain. According to the press release shared with Altcoin Buzz, SingularityNET Foundation and IOHK are working together to port the decentralized protocol.
As per the press release, SingularityNET Foundation decided to move away from the Ethereum blockchain because of the looming speed and cost issues. Moreover, as there is no clarity around the 2.0 rollout, the full-stack decentralized AI solution platform decided to explore Cardano.
Furthermore, the porting would involve providing a swap mechanism of ERC-20 AGI tokens, based on Ethereum, to Cardano-based AGI tokens. Additionally, it will also require the creation of Solidity smart contracts using Cardano’s new Plutus smart contract language.
We're extremely excited to announce our collaboration with #IOHK @InputOutputHK, a company led by @Cardano founder Charles Hoskinson @IOHK_Charles. Review some of the motivations, synergies and possibilities underlying this collaboration here: https://t.co/v1Kf449JCn pic.twitter.com/ME1H3z1hJs
— SingularityNET (@singularity_net) September 30, 2020
Currently, SingularityNET hosts simple AI agents and provides the services developed by these agents to end-users. The agents handle projects in the areas of image processing, genomics data analysis, natural language processing, and more.
However, in the future, SingularityNET will use the platform to host more complex AI projects. According to Dr. Ben Goertzel, Cardano and SingularityNET share deep technical synergies. Furthermore, the Ethereum competitor has a very strong functional programming foundation and this will help SingularityNET design its advanced aspects. He adds that this can help SingularityNET accelerate its vision to become a commercial marketplace for advanced AI solutions across vertical markets.
Additionally, Cardano’s blockchain offers a mature consensus mechanism and practical scalability. This makes it suitable enough to handle the functionalities of a complex blockchain application like SingularityNET.
Shelley, Goguen, and more
A few months back, Cardano successfully delivered Shelley and is now slowly rolling out Goguen functionalities. Dr. Goertzel strongly believes that Cardano has the potential to provide a secure and reliable system to support basic and advanced functionalities well.
According to Cardano founder Charles Hoskinson, having a prominent organization like SingularityNET on their side echoes with the fact that Cardano is getting stronger.