Artificial Intelligence firm, Singularity announced a collaboration with IOHK, the blockchain research, and development company. According to the official blog post, the two platform teams were in talks of what it would migrate a significant portion of the SingularityNET decentralized protocol and platform from Ethereum to Cardano.
This initiative would involve providing mechanisms for swapping some of the current ERC-20 AGI tokens to Cardano blockchain-based AGI tokens, and also creating analogues of the Solidity smart contracts underlying aspects of the SingularityNET platform using Cardano’s new Plutus smart contract language.
The post further mentioned,
“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.”
Ethereum Network Woes
The DeFi explosion has triggered speed and cost issues in the Ethereum network. Citing the same, Singularity revealed that these shortcomings have increased the urgency of exploring alternatives for its blockchain. Despite the fact that the ambitious Ethereum 2.0 design holds promise, however, the fact that the timing of the rollout of different aspects of this next-generation Ethereum remains unclear still poses significant concerns to Singularity.
The platform further added,
“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.”
Singularity further believes that while deploying it on Cardano would not prevent exchanges from being hacked but it would give a much greater variety of responses and remedies to the kind of security breaches that has been happening such as the recent KuCoin hack.
SingularityNET in brief:
Singularity is a full-stack AI solution, with a major focus on decentralization. It is the company behind the world’s most expressive robot, which happens to be one of its first use cases.