Ethereum
$369.94 -2.40%
ADA · 2w

SingularityNET set to ditch Ethereum for Cardano citing speed and cost issues

SingularityNET, the AI company behind the expressive robot Sophia, is “seriously discussing” a migration from Ethereum to Cardano, after announcing a collaboration with IOHK.

IOHK is run by the founder of Cardano, Charles Hoskinson, and drives the development of the blockchain platform.

SingularityNET is a full-stack AI platform that lets anyone create, share, and monetize AI services at scale. The potential move to Ethereum is driven by concerns around speed and costs that have been badly affected lately by demand from DeFi platforms, with gas cost peaking as high as $17 per transaction. The team also has doubts about the feasibility of Ethereum 2, which has been in development for the past few years but is still some way off being a practical solution.

“Current speed and cost issues with the Ethereum blockchain have increased the urgency of exploring alternatives for SingluarityNET’s blockchain underpinning,” said Dr. Ben Goertzel, CEO and Founder of the SingularityNET Foundation. He said the partnership will help drive Caradano's development and  scale SingularityNET-based services:

“The transition of SingularityNET onto modern blockchains such as Cardano is a clear route to achieving scale and speed, and the completion of the fiat-to-crypto gateway will remove the requirement for end-users of SingularityNET-based services to deal with cryptocurrency infrastructure”

If SingularityNET goes ahead with the plan, it would swap its native AGI token from ERC20 to Cardano and completely ditch the Solidity programming language in favor of Plutus to create smart contracts. Dr. Goertzel took a swipe at Solidity's shortcomings saying:

“As a Turing-complete language without simple dedicated mechanisms for creating more limited Domain-Specific Languages (DSLs), Solidity presents significant challenges to the formal program verification and the analysis methods that are critical to safety and security on today’s Internet.”

Dr. Goe...

Continue on cointelegraph.com
Recent news