SingularityNET eyes a shift from Ethereum to Cardano

Hong Kong-based blockchain platform SingularityNET announced a partnership with technology company IOHK. Representatives of the project have not ruled out that, as a result, they will abandon Ethereum in favour of the Cardano blockchain.

SingularityNET specialises in artificial intelligence-based solutions. The search for an alternative blockchain, the platform explains, is driven by concerns about speed and transaction costs on Ethereum. The team also harbours doubts about the new ETH 2.0 solution.

According to representatives of SingularityNET, Cardano’s functional programming foundations could provide a flexible base for implementing the platform’s innovative ideas.

“Provably secure protocols and smart contracts are another important part of the story of decentralised security. Cardano’s close attention to this issue becomes part of the value it offers to projects like SingularityNET,” the statement said.

In the event of a switch to Cardano, SingularityNET would abandon the Solidity programming language for creating smart contracts in favour of Plutus. The platform’s ERC-20-based AGI tokens would migrate to the Cardano standard.

The final decision and migration details have not yet been disclosed. The platform’s team pledged to discuss the matter with the community in detail, “when the time comes”.

In 2017, SingularityNET raised $32.8 million in its ICO.

In March 2019, the platform announced a collaboration with the Chinese insurer Ping An for work in the field of artificial intelligence.

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