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Vandana Malik
Oct 1, 2020
by Vandana Malik

SingularityNET Discussing Migration From Ethereum to Cardano

SingularityNET
SingularityNET, a well-known AI company, is currently discussing migration from Ethereum to Cardano. These discussions are coming after announcing its collaboration with IOHK. Charles Hoskinson’s IOHK majorly focuses on the development of the blockchain platform. 

SingularityNET is concerned about the major effects on speed and cost caused due to huge demands from DeFi platforms as Ethereum’s current major focus is DeFi. along with this, the firm is quite skeptical about Ethereum 2.0 as the firm is not sure about its feasibility. 

SingularityNET is Facing Major Speed and Cost Issues With Ethereum

Dr. Ben Goertzel, CEO and Founder of SingularityNET, has mentioned that the firm is currently facing major speed and cost issues with Ethereum. That is the reason why the firm is looking for alternatives and considering Cardano for the same. He believed that through the partnership with Cardano, both the firms will move towards development. 

It is revealed that in case SingularityNET will move ahead with this plan, then they will directly swap its native AGI token to Cardano. However, Goertzel has mentioned that there are chances that the firm might not completely move away from Ethereum. This decision will be in the hands of the market and the community.

SingularityNET is Aiming Towards Artificial General Intelligence

SingularityNET is aiming for a big future as it is focusing on Artificial General Intelligence (AGI). AGI will be having the capability of understanding all the intellectual tasks that a normal human being can understand. The firm is aiming to create an ecosystem where different AIs will be able to collaborate with others. He said, “Cardano’s thoroughly formalized functional programming foundations have the potential to provide a rich and flexible basis for implementing advanced aspects of the SingularityNET design.” According to the firm, they are one of the AI firms that are allowing communication and collaboration between different AI. Along with this, the developments will also allow them to connect with different developers and users. 

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SingularityNET Discussing Migration From Ethereum to Cardano
Vandana Malik
Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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