Alapt

Cryptocurrency news

The SingularityNET project plans to switch from Ethereum to the Cardano blockchain

The SingularityNET project plans to switch from Ethereum to the Cardano blockchain

Developers of the platform using artificial intelligence SingularityNET based on Ethereum are discussing with IOHK the possibility of switching to the Cardano blockchain.

SingularityNET allows you to create, host, and monetize services using artificial intelligence, with the ability to scale. In recent months, the load on the Ethereum blockchain has increased significantly, which has led to an increase in fees. Therefore, the platform developers are seriously considering switching to the Cardano network. Especially since, according to the creators of SingularityNET, they do not believe too much in the prospects of Ethereum 2.0 for solving problems.

“The current problems with speed and fees in the Ethereum network have made it an urgent task to find alternatives to support SingularityNET. Switching to modern blockchains such as Cardano is a clear way to achieve speed and scalability. Launching a gateway for exchanging cryptocurrencies for Fiat money will allow end users not to work with cryptocurrencies,” said Ben Goertzel, CEO and founder of the SingularityNET Foundation.

If the transition to Cardano is approved, SingularityNET will have to exchange AGI tokens of the ERC20 standard for Cardano network tokens. In addition, developers will have to abandon the popular programming language for decentralized applications Solidity — the Cardano network supports smart contracts in the Plutus language. However, the Solidity language has its drawbacks.

The CEO of the SingularityNET Foundation believes that the ideal option for the project is to use multiple blockchains, so the rejection of Ethereum may not be complete.

“If it turns out that everything works much better on the Cardano network, then everyone should use this particular blockchain. If Ethereum is more suitable for some part of the tasks, then so be it, right?”,- said
the founder of Cardano, Charles Hoskinson (Charles Hoskinson).

Last year, Cisco and SingularityNET joined forces to develop a “strong artificial intelligence” (AGI) based on the blockchain.