SingularityNET has entered into a partnership with IOHK. IOHK is a firm led by Charles Hoskinson, Cardano founder and this partnership aims to further the development and engineering of Cardano blockchain.
Collaboration Between SingularityNET and IOHK
Both companies focus on decentralization and democratization. Also, they share a developmental and cultural style that is centered around advanced mathematics and science. Moreover, Cardano’s focus on developing blockchain technology through formal methods perfectly matches the AI team’s scientific background at SingularityNET.
Porting Platform and Protocol
Both platforms are examining the feasibility of porting a significant part of the decentralized platform and protocol of SingularityNET onto Cardano from Ethereum. The porting would involve the development of a mechanism for:
- Swapping a certain percentage of ERC-20 AGI token onto AGI tokens, which are Cardano based.
- Creating underlying aspects of the platform’s smart contracts through the new Plutus smart contract of Cardano.
SingularityNET is seriously exploring alternatives due to the present cost and speed issues in the Ethereum blockchain.
Porting to Cardano – Main Reasons
Reason 1: Cardano’s algorithms are a mix of practical scalability and strong theoretical grounding. Such maturity facilitates the porting of intricate blockchain applications such as SingularityNET onto Cardano.
Reason 2: Additionally, Plutus smart contract language from Cardano offers an efficient and flexible framework for carrying out secure transactions within the present SingularityNET framework and also for the advanced aspects that will be launched in the coming years.
Reason 3: Cardano also has a functional programming foundation that offers a flexible and rich basis for implementing advanced aspects available in the design of SingularityNET.
Reason #4: In Cardano, multiple abstraction layers strictly limit the kind of attacks or hacks that can happen and how the platform responds to any hacking attempts.