SingularityNET Will Switch From Ethereum To Cardano Due To High Costs

SingularityNET will move to Cardano from Ethereum because of the speed and costs issues with the ETH network as we are going to find out more in the Cardano coin news today.

SingularityNET the AI company behind the expressive Robot Sophia, is discussing migration plans from Ethereum to Cardano after announcing a collaboration with IOHK. IOHK is run by Charles Hoskinson, the founder of Cardano, who also drives the development of the blockchain platform. The AI company is a full-stack platform that lets anyone share, create, and monetize AI services at scale. The move to Ethereum is driven by the concerns around the speed and costs which have occurred because of the increase in demand from DeFi platforms. The gas costs even hit $17 per transaction so the team has any doubts about the feasibility of Ethereum 2 which has been in development over the past few years but has room for a practical solution. Ben Goertzel, the CEO of SingularityNET Foundation said:

“Current speed and cost issues with the Ethereum blockchain have increased the urgency of exploring alternatives for SingluarityNET’s blockchain underpinning.

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 will swap the native AGI Token from ERC20 to Cardano and will move from the Solidity programming language in favor of Plutus. They will be able to create smart contracts as Dr. Goertzel commented:

“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.”

He believes that the future is multi-chain so there’s a strong chance that the team could not move away from ETH entirely. In an interview with Charles Hoskinson, he said that being a decentralized project means that the community will have to decide:

“If the Cardano portion works much much better.. then everything should migrate there,” he said. “If it turns out that the Ethereum portion is more useful for some purposes, the Cardano portion is useful for some purposes, then so be it, right?”