SingularityNET to Move ‘A Significant Portion’ Of Operations To Cardano From Ethereum
In an announcement on Sept. 30, SingularityNET, the AI firm developing the human-like Sophia robot, announced its partnership with IOHK, the development team behind Cardano, led by founder, Charles Hoskinson. The strategic partnership between the two firms has been on the table for several months as Ethereum blockchain gas fees spiked to all-time highs – at an average tx cost of $15.
The move between the two will see IOHK transfer Ethereum (ERC-20) based AGI tokens to Cardano-based AGI tokens, similar to the wrapped tokens. Moreover, the statement says there will be significant advantages to switching to Cardano, mainly the new updates coming to the Plutus smart contract language – moving away from Ethereum’s Solidity coding language.
However, the statement did not state the portion of SingularityNET that will move from the Ethereum network,
“Final decisions and details regarding porting of a portion of the SingularityNET network to Cardano have not yet been made and will be discussed in-depth with the SingularityNET community when the time is right.”
The move to Cardano aims to increase the speeds of the transaction while lowering the network fees. The announcement states Ethereum high gas fees and high latency times as the main reason they are looking at other options. Additionally, the never-ending postponement of the ETH 2.0 launch, which will introduce a proof-of-stake (PoS) consensus mechanism, has been a barrier to the growth of SingularityNET.
“The ambitious Ethereum 2.0 design holds promise, but the timing of the rollout of different aspects of this next-generation Ethereum remains unclear, along with many of the practical particulars.”
In a 90-minute video chat with Hoskinson, SingularityNET CEO, Ben Goertzel, stated the company still aims at having a multi-chain approach when building blockchain-agnostic solutions to AI. This means that the company, more than likely, will not fully move the blockchain operations from Ethereum, Goertzel stated.
He states it will be left to the community to decide which blockchain offers the best properties, given Cardano has its own flaws. He stated:
“If it turns out the Ethereum portion is more powerful and useful for some purposes, and the Cardano portion is useful for other purposes, then so be it, right?”