Artificial Intelligence platform SingularityNET is planning a partial move away from Ethereum citing speed and cost issues. Cardano has been chosen as the blockchain platform of choice for the project’s full-stack AI services platform.
SingularityNET has just announced a collaboration with IOHK, the firm run by Cardano founder Charles Hoskinson. The announcement added that IOHK and SingularityNET teams have been ‘seriously discussing’ what it would take to port a significant portion of the decentralized AI protocol from Ethereum to Cardano.
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
Ethereum Speed and Cost Issues
The move has been driven by escalating Ethereum network fees and scaling concerns. The DeFi boom this year has caused several spikes in gas fees with averages surging above $15 on a number of occasions.
CEO and founder of the SingularityNET Foundation, Dr. Ben Goertzel, stated;
“Current speed and cost issues with the Ethereum blockchain have increased the urgency of exploring alternatives for SingluarityNET’s blockchain underpinning,”
In an interview with IOHK’s Charles Hoskinson, Goertzel added that he believes in a multi-chain future and that there is a possibility that they might not completely move away from Ethereum.
If the migration proceeds, it would involve a transition of SingularityNET’s native AGI token from ERC-20 to Cardano and the adoption of Plutus to create smart contracts. Final decisions and details regarding porting of a portion of the network to Cardano have not yet been made and that more community discussion needs to take place.
The AI firm is also behind the most sophisticated and expressive AI robot ever made, Sophia.
Cardano (ADA) Sees Some Relief
Cardano (ADA) prices have reacted positively to the collaboration announcement. ADA is currently trading for $0.104, up 7% since from a low of $0.096 on Sept 30.
The move has taken ADA back to a $3.2 billion market cap, squeezing Crypto.com (CRO) out of the top-ten rankings.
Over the past week, ADA has made even more progress with a 37% increase from a three-month low of $0.075. Its highest level this year came in late July when ADA reached a two-year high of $0.15.
Like most altcoins though, it is still way down from its all-time high of over $1.15 during the January 2018 crypto bubble.